Pepsi 2009 Annual Report Download - page 73

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Fiscal years ended December 26, 2009, December 27, 2008 and December 29, 2007 2009 2008 2007
Operating Activities
Net income $«5,979 $«5,166 $«5,670
Depreciation and amortization 1,635 1,543 1,426
Stock-based compensation expense 227 238 260
Restructuring and impairment charges 36 543 102
Cash payments for restructuring charges (196) (180) (22)
PBG/PAS merger costs 50 – –
Cash payments for PBG/PAS merger costs (49) – –
Excess tax benefits from share-based payment arrangements (42) (107) (208)
Pension and retiree medical plan contributions (1,299) (219) (310)
Pension and retiree medical plan expenses 423 459 535
Bottling equity income, net of dividends (235) (202) (441)
Deferred income taxes and other tax charges and credits 284 573 118
Change in accounts and notes receivable 188 (549) (405)
Change in inventories 17 (345) (204)
Change in prepaid expenses and other current assets (127) (68) (16)
Change in accounts payable and other current liabilities (133) 718 522
Change in income taxes payable 319 (180) 128
Other, net (281) (391) (221)
Net Cash Provided by Operating Activities 6,796 6,999 6,934
Investing Activities
Capital spending (2,128) (2,446) (2,430)
Sales of property, plant and equipment 58 98 47
Proceeds from finance assets –– 27
Acquisitions and investments in noncontrolled affiliates (500) (1,925) (1,320)
Divestitures 99 6 –
Cash restricted for pending acquisitions 15 (40) –
Cash proceeds from sale of PBG and PAS stock –358 315
Short-term investments, by original maturity
More than three months—purchases (29) (156) (83)
More than three months—maturities 71 62 113
Three months or less, net 13 1,376 (413)
Net Cash Used for Investing Activities (2,401) (2,667) (3,744)
Financing Activities
Proceeds from issuances of long-term debt 1,057 3,719 2,168
Payments of long-term debt (226) (649) (579)
Short-term borrowings, by original maturity
More than three months—proceeds 26 89 83
More than three months—payments (81) (269) (133)
Three months or less, net (963) 625 (345)
Cash dividends paid (2,732) (2,541) (2,204)
Share repurchases—common –(4,720) (4,300)
Share repurchases—preferred (7) (6) (12)
Proceeds from exercises of stock options 413 620 1,108
Excess tax benefits from share-based payment arrangements 42 107 208
Other financing (26) – –
Net Cash Used for Financing Activities (2,497) (3,025) (4,006)
Effect of exchange rate changes on cash and cash equivalents (19) (153) 75
Net Increase/(Decrease) in Cash and Cash Equivalents 1,879 1,154 (741)
Cash and Cash Equivalents, Beginning of Year 2,064 910 1,651
Cash and Cash Equivalents, End of Year $«3,943 $«2,064 $÷÷910
See accompanying notes to consolidated financial statements.
61PepsiCo, Inc. 2009 Annual Report
Consolidated Statement of Cash Flows
PepsiCo, Inc. and Subsidiaries
(in millions)
88045_pepsico-09ar_60-63_R1.indd 61 2/24/10 4:54 PM