Pepsi 2011 Annual Report Download - page 85

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2011 2010 2009 2008 2007
Net revenue $ 66,504 $ 57,838 $ 43,232 $ 43,251 $ 39,474
Net income attributable to PepsiCo $ 6,443 $ 6,320 $ 5,946 $ 5,142 $ 5,658
Net income attributable to PepsiCo per common share — basic $ 4.08 $ 3.97 $ 3.81 $ 3.26 $ 3.48
Net income attributable to PepsiCo per common share — diluted $ 4.03 $ 3.91 $ 3.77 $ 3.21 $ 3.41
Cash dividends declared per common share $ 2.025 $ 1.89 $ 1.775 $ 1.65 $ 1.425
Total assets $ 72,882 $ 68,153 $ 39,848 $ 35,994 $ 34,628
Long- term debt $ 20,568 $ 19,999 $ 7,400 $ 7,858 $ 4,203
Return on invested capital(a) 14.3% 17.0% 27.5% 24.0% 29.9%
(a) Return on invested capital is dened as adjusted net income attributable to PepsiCo divided by the sum of average common shareholders’ equity and average total debt. Adjusted net
income attributable to PepsiCo is dened as net income attributable to PepsiCo plus interest expense after- tax. Interest expense after- tax was $548million in 2011, $578million in 2010,
$254million in 2009, $210million in 2008 and $143million in 2007.
t *ODMVEFTSFTUSVDUVSJOHBOEJNQBJSNFOUDIBSHFTPG
2011 2009 2008 2007
Pre- tax $ 383 $ 36 $ 543 $ 102
After- tax $ 286 $ 29 $ 408 $ 70
Per share $ 0.18 $ 0.02 $ 0.25 $ 0.04
t *ODMVEFTNBSLUPNBSLFUOFUMPTTFTHBJOTPG
2011 2010 2009 2008 2007
Pre- tax $ 102 $ (91) $ (274) $ 346 $ (19)
After- tax $ 71 $ (58) $ (173) $ 223 $ (12)
Per share $ 0.04 $ (0.04) $ (0.11) $ 0.14 $ (0.01)
t 5IFöTDBMZFBSDPOTJTUFEPGöGUZUISFFXFFLTDPNQBSFEUPöGUZUXPXFFLTJOPVSOPSNBMöTDBMZFBS5IFSEXFFLJODSFBTFEOFUSFWFOVFCZ̓NJMMJPOBOEOFUJODPNF
attributable to PepsiCo by $64million or $0.04 per share.
t *OXFJODVSSFENFSHFSBOEJOUFHSBUJPODIBSHFTPG̓NJMMJPOSFMBUFEUPPVSBDRVJTJUJPOTPG1#(1"4BOE8#%*OUPUBMUIFTFDPTUTIBEBOBGUFSUBYJNQBDUPG̓NJMMJPOPS
$0.17per share.
t *OXFSFDPSEFE̓NJMMJPO̓NJMMJPOBGUFSUBYPSQFSTIBSFPGJODSFNFOUBMDPTUTSFMBUFEUPGBJSWBMVFBEKVTUNFOUTUPUIFBDRVJSFEJOWFOUPSZJODMVEFEJO8#%TCBMBODFTIFFU
at the acquisition date and hedging contracts included in PBG’s and PAS’s balance sheets at the acquisition date.
t *OXFJODVSSFENFSHFSBOEJOUFHSBUJPODIBSHFTPG̓NJMMJPOSFMBUFEUPPVSBDRVJTJUJPOTPG1#(BOE1"4BTXFMMBTBEWJTPSZGFFTJODPOOFDUJPOXJUIPVSBDRVJTJUJPOPG8#%
In addition, we recorded $9million of merger- related charges, representing our share of the respective merger costs of PBG and PAS. In total, these costs had an after- tax impact of
$648million or $0.40 per share.
t *OJODPOOFDUJPOXJUIPVSBDRVJTJUJPOTPG1#(BOE1"4XFSFDPSEFEBHBJOPOPVSQSFWJPVTMZIFMEFRVJUZJOUFSFTUTPG̓NJMMJPOQFSTIBSFDPNQSJTJOH̓NJMMJPOXIJDIXBT
non- taxable and recorded in bottling equity income and $223million related to the reversal of deferred tax liabilities associated with these previously held equity interests.
t *OXFSFDPSEFE̓NJMMJPO̓NJMMJPOBGUFSUBYPSQFSTIBSFPGJODSFNFOUBMDPTUTSFMBUFEUPGBJSWBMVFBEKVTUNFOUTUPUIFBDRVJSFEJOWFOUPSZBOEPUIFSSFMBUFEIFEHJOH
contracts included in PBG’s and PAS’s balance sheets at the acquisition date.
t *OXFSFDPSEFEBPOFUJNF̓NJMMJPOOFUDIBSHF̓NJMMJPOBGUFSUBYPSQFSTIBSFSFMBUFEUPPVSDIBOHFUPIZQFSJOøBUJPOBSZBDDPVOUJOHGPSPVS7FOF[VFMBOCVTJOFTTFTBOE
the related devaluation of the bolivar.
t *OXFSFDPSEFEB̓NJMMJPODIBSHF̓NJMMJPOBGUFSUBYPSQFSTIBSFSFMBUFEUPBDIBOHFJOTDPQFPGPOFSFMFBTFJOPVSPOHPJOHNJHSBUJPOUP4"1TPGUXBSF
t *OXFNBEFB̓NJMMJPO̓NJMMJPOBGUFSUBYPSQFSTIBSFDPOUSJCVUJPOUP5IF1FQTJ$P'PVOEBUJPO*ODJOPSEFSUPGVOEDIBSJUBCMFBOETPDJBMQSPHSBNTPWFSUIFOFYU
several years.
t *OXFQBJE̓NJMMJPOJOBDBTIUFOEFSPòFSUPSFQVSDIBTF̓NJMMJPOBHHSFHBUFQSJODJQBMBNPVOUPGPVSTFOJPSVOTFDVSFEOPUFTNBUVSJOHJO"TBSFTVMUPGUIJTEFCU
repurchase, we recorded a $178million charge to interest expense ($114million after- tax or $0.07 per share), primarily representing the premium paid in the tender oer.
t *OXFSFDPHOJ[FE̓NJMMJPOPGNFSHFSSFMBUFEDIBSHFTSFMBUFEUPPVSBDRVJTJUJPOTPG1#(BOE1"4BTXFMMBTBOBEEJUJPOBM̓NJMMJPOPGDPTUTJOCPUUMJOHFRVJUZJODPNFSFQSFTFOUJOH
our share of the respective merger costs of PBG and PAS. In total, these costs had an after- tax impact of $44million or $0.03 per share.
t *OXFSFDPHOJ[FE̓NJMMJPO̓NJMMJPOBGUFSUBYPSQFSTIBSFPGPVSTIBSFPG1#(TSFTUSVDUVSJOHBOEJNQBJSNFOUDIBSHFT
t *OXFSFDPHOJ[FE̓NJMMJPOQFSTIBSFPGOPODBTIUBYCFOFöUTSFMBUFEUPUIFGBWPSBCMFSFTPMVUJPOPGDFSUBJOGPSFJHOUBYNBUUFST
Five- Year Summary (unaudited)
PepsiCo, Inc.  Annual Report
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