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69PepsiCo, Inc. 2008 Annual Report
Consolidated Statement of Common Shareholders’ Equity
PepsiCo, Inc. and Subsidiaries
(in millions)
2008 2007 2006
Fiscal years ended December 27, 2008, December 29, 2007 and December 30, 2006 Shares Amount Shares Amount Shares Amount
Common Stock 1,782 $«÷÷÷«30 1,782 $÷÷÷÷30 1,782 $÷÷÷«30
Capital in Excess of Par Value
Balance, beginning of year 450 584 614
Stock-based compensation expense 238 260 270
Stock option exercises/RSUs converted (a) (280) (347) (300)
Withholding tax on RSUs converted (57) (47) –
Balance, end of year 351 450 584
Retained Earnings
Balance, beginning of year 28,184 24,837 21,116
Adoption of FIN 48 7
SFAS 158 measurement date change (89)
Adjusted balance, beginning of year 28,095 24,844
Net income 5,142 5,658 5,642
Cash dividends declared – common (2,589) (2,306) (1,912)
Cash dividends declared – preferred (2) (2) (1)
Cash dividends declared – RSUs (8) (10) (8)
Balance, end of year 30,638 28,184 24,837
Accumulated Other Comprehensive Loss
Balance, beginning of year (952) (2,246) (1,053)
SFAS 158 measurement date change 51
Adjusted balance, beginning of year (901)
Currency translation adjustment (2,484) 719 465
Cashow hedges, net of tax:
Net derivative gains/(losses) 16 (60) (18)
Reclassication of losses/(gains) to net income 521 (5)
Adoption of SFAS 158 –– (1,782)
Pension and retiree medical, net of tax:
Net pension and retiree medical (losses)/gains (1,376) 464 –
Reclassication of net losses to net income 73 135 –
Minimum pension liability adjustment, net of tax –– 138
Unrealized (losses)/gains on securities, net of tax (21) 9 9
Other (6) 6 –
Balance, end of year (4,694) (952) (2,246)
Repurchased Common Stock
Balance, beginning of year (177) (10,387) (144) (7,758) (126) (6,387)
Share repurchases (68) (4,720) (64) (4,300) (49) (3,000)
Stock option exercises 15 883 28 1,582 31 1,619
Other, primarily RSUs converted 1 102 3 89 – 10
Balance, end of year (229) (14,122) (177) (10,387) (144) (7,758)
Total Common Shareholders’ Equity $«12,203 $«17,325 $15,447
2008 2007 2006
Comprehensive Income
Net income $÷«5,142 $÷«5,658 $÷5,642
Currency translation adjustment (2,484) 719 465
Cashow hedges, net of tax 21 (39) (23)
Minimum pension liability adjustment, net of tax –– 5
Pension and retiree medical, net of tax
Net prior service cost 55 (105) –
Net (losses)/gains (1,358) 704 –
Unrealized (losses)/gains on securities, net of tax (21) 9 9
Other (6) 6 –
Total Comprehensive Income $÷«1,349 $÷«6,952 $÷6,098
(a) Includestotaltaxbenetsof$95millionin2008,$216millionin2007and$130millionin2006.
See accompanying notes to consolidated nancial statements.