Pepsi 2014 Annual Report Download - page 107

Download and view the complete annual report

Please find page 107 of the 2014 Pepsi annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 166

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166

87
Note 5 — Income Taxes
The components of income before income taxes are as follows:
2014 2013 2012
U.S. $ 2,557 $ 3,078 $ 3,234
Foreign 6,200 5,813 5,070
$ 8,757 $ 8,891 $ 8,304
The provision for income taxes consisted of the following:
2014 2013 2012
Current: U.S. Federal $ 1,364 $ 1,092 $ 911
Foreign 851 807 940
State 210 124 153
2,425 2,023 2,004
Deferred: U.S. Federal (33) 87 154
Foreign (60) 11 (95)
State (133) (17) 27
(226) 81 86
$ 2,199 $ 2,104 $ 2,090
A reconciliation of the U.S. Federal statutory tax rate to our annual tax rate is as follows:
2014 2013 2012
U.S. Federal statutory tax rate 35.0% 35.0% 35.0%
State income tax, net of U.S. Federal tax benefit 0.6 1.2 1.4
Lower taxes on foreign results (8.6) (8.8) (6.9)
Tax benefits —(2.4) (2.6)
Other, net (1.9) (1.3) (1.7)
Annual tax rate 25.1% 23.7% 25.2%