Pepsi 2006 Annual Report Download - page 57

Download and view the complete annual report

Please find page 57 of the 2006 Pepsi annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 86

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86

Consolidated Statement of Cash Flows
PepsiCo, Inc. and Subsidiaries
Fiscal years ended December 30, 2006, December 31, 2005 and December 25, 2004
(in millions) 2006 2005 2004
Operating Activities
Net income .................................................................................................................... $ 5,642 $ 4,078 $ 4,212
Depreciation and amortization.................................................................................... 1,406 1,308 1,264
Stock-based compensation expense ............................................................................ 270 311 368
Excess tax benefits from share-based payment arrangements.................................. (134) ––
Restructuring and impairment charges ....................................................................... –– 150
Cash payments for merger-related costs and restructuring charges ......................... –(22) (92)
Tax benefit from discontinued operations.................................................................. –– (38)
Pension and retiree medical plan contributions ......................................................... (131) (877) (534)
Pension and retiree medical plan expenses ................................................................ 544 464 395
Bottling equity income, net of dividends.................................................................... (479) (411) (297)
Deferred income taxes and other tax charges and credits......................................... (510) 440 (203)
Other non-cash charges and credits, net..................................................................... 32 145 166
Change in accounts and notes receivable ................................................................... (330) (272) (130)
Change in inventories................................................................................................... (186) (132) (100)
Change in prepaid expenses and other current assets............................................... (37) (56) (31)
Change in accounts payable and other current liabilities.......................................... 223 188 216
Change in income taxes payable ................................................................................. (295) 609 (268)
Other, net ..................................................................................................................... 69 79 (24)
Net Cash Provided by Operating Activities ................................................................ 6,084 5,852 5,054
Investing Activities
Snack Ventures Europe (SVE) minority interest acquisition ....................................... –(750) –
Capital spending ........................................................................................................... (2,068) (1,736) (1,387)
Sales of property, plant and equipment...................................................................... 49 88 38
Investment in finance assets......................................................................................... (25) ––
Other acquisitions and investments in noncontrolled affiliates ................................ (522) (345) (64)
Cash proceeds from sale of PBG stock......................................................................... 318 214 –
Divestitures.................................................................................................................... 37 352
Short-term investments, by original maturity
More than three months — purchases ................................................................... (29) (83) (44)
More than three months — maturities................................................................... 25 84 38
Three months or less, net......................................................................................... 2,021 (992) (963)
Net Cash Used for Investing Activities........................................................................ (194) (3,517) (2,330)
Financing Activities
Proceeds from issuances of long-term debt ................................................................ 51 25 504
Payments of long-term debt ........................................................................................ (157) (177) (512)
Short-term borrowings, by original maturity
More than three months — proceeds..................................................................... 185 332 153
More than three months — payments.................................................................... (358) (85) (160)
Three months or less, net......................................................................................... (2,168) 1,601 1,119
Cash dividends paid ...................................................................................................... (1,854) (1,642) (1,329)
Share repurchases — common..................................................................................... (3,000) (3,012) (3,028)
Share repurchases — preferred.................................................................................... (10) (19) (27)
Proceeds from exercises of stock options.................................................................... 1,194 1,099 965
Excess tax benefits from share-based payment arrangements.................................. 134 ––
Net Cash Used for Financing Activities ....................................................................... (5,983) (1,878) (2,315)
Effect of exchange rate changes on cash and cash equivalents ................................ 28 (21) 51
Net (Decrease)/Increase in Cash and Cash Equivalents.............................................. (65) 436 460
Cash and Cash Equivalents, Beginning of Year .......................................................... 1,716 1,280 820
Cash and Cash Equivalents, End of Year ..................................................................... $ 1,651 $ 1,716 $ 1,280
See accompanying notes to consolidated financial statements.
55
267419_L01_P27_81.v4.qxd 3/6/07 9:18 AM Page 55