Pepsi 2009 Annual Report Download - page 75

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Consolidated Statement of Equity
PepsiCo, Inc. and Subsidiaries
(in millions)
2009 2008 2007
Fiscal years ended December 26, 2009, December 27, 2008 and December 29, 2007 Shares Amount Shares Amount Shares Amount
Preferred Stock 0.8 $÷÷÷÷41 0.8 $÷÷÷÷41 0.8 $÷÷÷÷41
Repurchased Preferred Stock
Balance, beginning of year (0.5) (138) (0.5) (132) (0.5) (120)
Redemptions (0.1) (7) (−) (6) (−) (12)
Balance, end of period (0.6) (145) (0.5) (138) (0.5) (132)
Common Stock 1,782 30 1,782 30 1,782 30
Capital in Excess of Par Value
Balance, beginning of year 351 450 584
Stock-based compensation expense 227 238 260
Stock option exercises/RSUs converted(a) (292) (280) (347)
Withholding tax on RSUs converted (36) (57) (47)
Balance, end of year 250 351 450
Retained Earnings
Balance, beginning of year 30,638 28,184 24,837
Adoption of guidance on accounting for uncertainty in income taxes −− 7
Measurement date change −(89) −
Adjusted balance, beginning of year 30,638 28,095 24,844
Net income attributable to PepsiCo 5,946 5,142 5,658
Cash dividends declared—common (2,768) (2,589) (2,306)
Cash dividends declared—preferred (2) (2) (2)
Cash dividends declared—RSUs (9) (8) (10)
Balance, end of year 33,805 30,638 28,184
Accumulated Other Comprehensive Loss
Balance, beginning of year (4,694) (952) (2,246)
Measurement date change −51 −
Adjusted balance, beginning of year (4,694) (901) (2,246)
Currency translation adjustment 800 (2,484) 719
Cash flow hedges, net of tax:
Net derivative (losses)/gains (55) 16 (60)
Reclassification of losses to net income 28 5 21
Pension and retiree medical, net of tax:
Net pension and retiree medical gains/(losses) 86 (1,376) 464
Reclassification of net losses to net income 21 73 135
Unrealized gains/(losses) on securities, net of tax 20 (21) 9
Other −(6) 6
Balance, end of year (3,794) (4,694) (952)
Repurchased Common Stock
Balance, beginning of year (229) (14,122) (177) (10,387) (144) (7,758)
Share repurchases −−(68) (4,720) (64) (4,300)
Stock option exercises 11 649 15 883 28 1,582
Other, primarily RSUs converted 1 90 1 102 3 89
Balance, end of year (217) (13,383) (229) (14,122) (177) (10,387)
Total Common Shareholders’ Equity 16,908 12,203 17,325
Noncontrolling Interests
Balance, beginning of year 476 62 45
Net income attributable to noncontrolling interests 33 24 12
Purchase of subsidiary shares from noncontrolling interests, net 150 450 9
Currency translation adjustment (12) (48) 2
Other (9) (12) (6)
Balance, end of year 638 476 62
Total Equity $«17,442 $«12,582 $«17,296
Comprehensive Income
Net income $÷«5,979 $÷«5,166 $÷«5,670
Other Comprehensive Income/(Loss)
Currency translation adjustment 788 (2,532) 721
Cash flow hedges, net of tax (27) 21 (39)
Pension and retiree medical, net of tax
Net prior service (cost)/credit (3) 55 (105)
Net gains/(losses) 110 (1,358) 704
Unrealized gains/(losses) on securities, net of tax 20 (21) 9
Other −(6) 6
888 (3,841) 1,296
Comprehensive Income 6,867 1,325 6,966
Comprehensive (income)/loss attributable to noncontrolling interests (21) 24 (14)
Comprehensive Income Attributable to PepsiCo $÷«6,846 $÷«1,349 $÷«6,952
(a) Includes total tax benefits of $31 million in 2009, $95 million in 2008 and $216 million in 2007.
See accompanying notes to consolidated financial statements.
63PepsiCo, Inc. 2009 Annual Report
88045_pepsico-09ar_60-63_R3.indd 63 3/6/10 8:57 PM