Pepsi 2011 Annual Report Download - page 88

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Reconciliation of GAAP and Non- GAAP Information
(continued)
Net Income Attributable to PepsiCo Reconciliation
Year Ended
12/31/11 12/25/10 Grow th
Reported Net Income Attributable to PepsiCo $ 6,443 $ 6,320 2%
53rd Week (64) –
Mark- to-Market Net Losses/(Gains) 71 (58)
Merger and Integration Charges 271 648
Restructuring Charges 286 –
Gain on Previously Held Equity Interests – (958)
Inventory Fair Value Adjustments 28 333
Venezuela Currency Devaluation – 120
Asset Write- O – 92
Foundation Contribution – 64
Debt Repurchase – 114
Core Net Income Attributable to PepsiCo $ 7,035 $ 6,675 5%
Net Cash Provided by Operating Activities Reconciliation
Year Ended
12/31/11 12/25/10 Grow th
Net Cash Provided by Operating Activities $ 8,944 $ 8,448 6%
Capital Spending (3,339) (3,253)
Sales of Property, Plant and Equipment 84 81
Management Operating Cash Flow 5,689 5,276
Discretionary Pension and Retiree Medical
Contributions (after- tax) 44 983
Payments Related to Restructuring Charges
(after- tax) 21 20
Merger and Integration Payments (after- tax) 283 299
Foundation Contribution (after- tax) – 64
Debt Repurchase (after- tax) – 112
Capital Investments Related to the PBG/PAS
Integration 108 138
Management Operating Cash Flow Excluding
above Items $ 6,145 $ 6,892 (11)%
Global Nutrition Group (GNG) Net Revenue Reconciliation
Year
Ended
12/31/11
Reported GNG Net Revenue Growth 38%
53rd Week (1)
Impact of Acquisitions and Divestitures (28)
Core GNG Net Revenue Growth Excluding Acquisitions and
Divestitures 9%
Return on Invested Capital (ROIC) Reconciliation
Year
Ended
12/31/11
Reported ROIC 14%
Impact of Cash, Cash Equivalents and Short- Term Investments 1
Restructuring Charges 1
Merger and Integration Charges 1
Core Net ROIC 17%
Note: All other reconciling items to reported ROIC round to zero.
Return on Equity (ROE) Reconciliation
Year
Ended
12/31/11
Reported ROE 29%
Restructuring Charges 1
Merger and Integration Charges 1
Core ROE 31%
Note: All other reconciling items to reported ROE round to zero.
* The S&P Average of Industry Groups is derived by weighting the returns of two applicable
S&P Industry Groups (Non-Alcoholic Beverages and Food) by PepsiCo’s sales in its beverages
and foods businesses. The returns for PepsiCo, the S&P 500 and the S&P Average indices are
calculated through December 31, 2011.
12/06 12/07 12/08 12/09 12/10 12/11
PepsiCo, Inc. $100 $124 $92 $105 $116 $122
S&P 500® $100 $105 $66 $ 84 $ 97 $ 99
S&P ® Av g. o f In dus t r y G roup s* $10 0 $111 $91 $111 $13 0 $14 6
50
100
150
201120102009200820072006
Cumulative Total Shareholder Return
Return on PepsiCo stock investment (including dividends), the S&P 500
and the S&P Average of Industry Groups*
in U.S. dollars PepsiCo, Inc. S&P 500® S&P® Avg. of Industry Groups*
PepsiCo, Inc.  Annual Report
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