Pepsi 2011 Annual Report Download - page 8

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on our strengths, while anticipating and planning
for challenges.
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and culture — one that can continually renew
itself and thrive on change. As a company,
webegan that journey of renewal in 2007. Aswe
gear up for the next decade, 2012 will be a year
in which PepsiCo takes the next step in our
transformation by reinvesting in our brands,
ourregions, our products and our people, to
ensure that we continue to deliver great results
forour shareholders.
Financial Highlights
PepsiCo, Inc. and subsidiaries
(in millions except per share data; all per share amounts assume dilution)
(a) Percentage changes are based on unrounded amounts.
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accordance with GAAP.
(c) Excludes corporate unallocated expenses and merger and integration charges in both years. In 2011, also excludes restructuring charges, certain
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excludes certain inventory fair value adjustments in connection with our bottling acquisitions and a one-time net charge related to the currency
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(d) Excludes merger and integration charges and the net mark-to-market impact of our commodity hedges in both years. In 2011, also excludes
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reporting week. In 2010, also excludes certain inventory fair value adjustments in connection with our bottling acquisitions, a one-time net charge
related to the currency devaluation in Venezuela, an asset write-o charge for SAP software and a contribution to The PepsiCo Foundation, Inc.
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(e) Excludes merger and integration charges and the net mark-to-market impact of our commodity hedges in both years. In 2011, also excludes
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reporting week. In 2010, also excludes a gain on previously held equity interests and certain inventory fair value adjustments in connection with
ourbottling acquisitions, a one-time net charge related to the currency devaluation in Venezuela, an asset write-o charge for SAP software,
a contribution to The PepsiCo Foundation, Inc. and interest expense incurred in connection with our debt repurchase. See pages 41 and 86 for
reconciliations to the most directly comparable nancial measures in accordance with GAAP.
(f ) Includes the impact of net capital spending, and excludes merger and integration payments, restructuring payments and capital expenditures
relatedto the integration of our bottlers in both years. In 2011, also excludes discretionary pension payments. In 2010, also excludes discretionary
pension and retiree medical payments, a contribution to The PepsiCo Foundation, Inc. and interest paid related to our debt repurchase. See also
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nancial measure in accordance with GAAP.
Summary of Operations 2011 2010 Chg(a)
Core net revenue(b)     14%
Core division operating prot(c)   $ 10,626 7%
Core total operating prot(d)     6%
Core net income attributable to PepsiCo(e)       %
Core earnings per share attributable to PepsiCo(e) $ 4.40    7%
Other Data
.BOBHFNFOUPQFSBUJOHDBTIøPXFYDMVEJOHDFSUBJOJUFNT(f)   $ 6,892 (11)%
Net cash provided by operating activities $ 8,944 $ 8,448 6%
Capital spending       %
Common share repurchases $ 2,489 $ 4,978   )%
Dividends paid   $ 2,978 6%
Long-term debt   $ 19,999  %
PepsiCo is performing today while transforming
for tomorrow. We are made for this moment,
changing with the times and building for the
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yetto come.
Indra K. Nooyi
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PepsiCo, Inc.  Annual Report