Pepsi 2012 Annual Report Download - page 72

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Consolidated Statement of Cash Flows PepsiCo, Inc. and Subsidiaries
Fiscal years ended December29, 2012, December31, 2011 and December25, 2010
(in millions) 2012 2011 2010
Operating Activities
Net income $ 6,214 $ 6,462 $ 6,338
Depreciation and amortization 2,689 2,737 2,327
Stock-based compensation expense 278 326 299
Merger and integration costs 16 329 808
Cash payments for merger and integration costs (83) (377) (385)
Restructuring and impairment charges 279 383 –
Cash payments for restructuring charges (343) (31) (31)
Restructuring and other charges related to the transaction with Tingyi 176 – –
Cash payments for restructuring and other charges related to the transaction with Tingyi (109) – –
Gain on previously held equity interests in PBG and PAS – – (958)
Asset write-off – – 145
Non-cash foreign exchange loss related to Venezuela devaluation – – 120
Excess tax benefits from share-based payment arrangements (124) (70) (107)
Pension and retiree medical plan contributions (1,865) (349) (1,734)
Pension and retiree medical plan expenses 796 571 453
Bottling equity income, net of dividends – – 42
Deferred income taxes and other tax charges and credits 321 495 500
Change in accounts and notes receivable (250) (666) (268)
Change in inventories 144 (331) 276
Change in prepaid expenses and other current assets 89 (27) 144
Change in accounts payable and other current liabilities 548 520 488
Change in income taxes payable (97) (340) 123
Other, net (200) (688) (132)
Net Cash Provided by Operating Activities 8,479 8,944 8,448
Investing Activities
Capital spending (2,714) (3,339) (3,253)
Sales of property, plant and equipment 95 84 81
Acquisitions of PBG and PAS, net of cash and cash equivalents acquired – – (2,833)
Acquisition of manufacturing and distribution rights from DPSG – – (900)
Acquisition of WBD, net of cash and cash equivalents acquired – (2,428) –
Investment in WBD – (164) (463)
Cash payments related to the transaction with Tingyi (306) – –
Other acquisitions and investments in noncontrolled affiliates (121) (601) (83)
Divestitures (32) 780 12
Short-term investments, by original maturity
More than three months —  purchases – – (12)
More than three months —  maturities – 21 29
Three months or less, net 61 45 (229)
Other investing, net 12 (16) (17)
Net Cash Used for Investing Activities (3,005) (5,618) (7,668)
(Continued on following page)
2012 PEPSICO ANNUAL REPORT70