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67PepsiCo, Inc. 2008 Annual Report
Consolidated Statement of Cash Flows
PepsiCo, Inc. and Subsidiaries
(in millions)
Fiscal years ended December 27, 2008, December 29, 2007 and December 30, 2006 2008 2007 2006
Operating Activities
Net income $«5,142 $«5,658 $«5,642
Depreciation and amortization 1,543 1,426 1,406
Stock-based compensation expense 238 260 270
Restructuring and impairment charges 543 102 67
Excess tax benets from share-based payment arrangements (107) (208) (134)
Cash payments for restructuring charges (180) (22) (56)
Pension and retiree medical plan contributions (219) (310) (131)
Pension and retiree medical plan expenses 459 535 544
Bottling equity income, net of dividends (202) (441) (442)
Deferred income taxes and other tax charges and credits 573 118 (510)
Change in accounts and notes receivable (549) (405) (330)
Change in inventories (345) (204) (186)
Change in prepaid expenses and other current assets (68) (16) (37)
Change in accounts payable and other current liabilities 718 522 279
Change in income taxes payable (180) 128 (295)
Other, net (367) (209) (3)
Net Cash Provided by Operating Activities 6,999 6,934 6,084
Investing Activities
Capital spending (2,446) (2,430) (2,068)
Sales of property, plant and equipment 98 47 49
Proceeds from (Investment in) nance assets –27 (25)
Acquisitions and investments in noncontrolled afliates (1,925) (1,320) (522)
Cash restricted for pending acquisitions (40) – –
Cash proceeds from sale of PBG and PAS stock 358 315 318
Divestitures 6– 37
Short-term investments, by original maturity
More than three months – purchases (156) (83) (29)
More than three months – maturities 62 113 25
Three months or less, net 1,376 (413) 2,021
Net Cash Used for Investing Activities (2,667) (3,744) (194)
Financing Activities
Proceeds from issuances of long-term debt 3,719 2,168 51
Payments of long-term debt (649) (579) (157)
Short-term borrowings, by original maturity
More than three months – proceeds 89 83 185
More than three months – payments (269) (133) (358)
Three months or less, net 625 (345) (2,168)
Cash dividends paid (2,541) (2,204) (1,854)
Share repurchases – common (4,720) (4,300) (3,000)
Share repurchases – preferred (6) (12) (10)
Proceeds from exercises of stock options 620 1,108 1,194
Excess tax benets from share-based payment arrangements 107 208 134
Net Cash Used for Financing Activities (3,025) (4,006) (5,983)
Effect of exchange rate changes on cash and cash equivalents (153) 75 28
Net Increase/(Decrease) in Cash and Cash Equivalents 1,154 (741) (65)
Cash and Cash Equivalents, Beginning of Year 910 1,651 1,716
Cash and Cash Equivalents, End of Year $«2,064 $÷«910 $«1,651
See accompanying notes to consolidated nancial statements.