Pepsi 2014 Annual Report Download - page 122
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In addition, our joint ventures with Unilever (under the Lipton brand name) and Starbucks sell finished goods
(ready-to-drink teas and coffees, respectively) to us and our noncontrolled bottling affiliates. Consistent with
accounting for equity method investments, our joint venture revenue is not included in our consolidated net
revenue.
Certain members of our Board of Directors also serve on the boards of certain vendors and customers. These
Board members do not participate in our vendor selection and negotiations nor in our customer negotiations.
Our transactions with these vendors and customers are in the normal course of business and are consistent
with terms negotiated with other vendors and customers. In addition, certain of our employees serve on the
boards of Pepsi Bottling Ventures LLC and other affiliated companies of PepsiCo and do not receive
incremental compensation for such services.
Note 9 — Debt Obligations and Commitments
The following table summarizes the Company’s debt obligations:
2014 2013
Short-term debt obligations
Current maturities of long-term debt $ 4,096 $ 2,224
Commercial paper (0.1% and 0.1%) 746 2,924
Other borrowings (17.7% and 12.4%) 234 158
$ 5,076 $ 5,306
Long-term debt obligations
Notes due 2014 (5.3%) $ — $ 2,219
Notes due 2015 (1.4% and 1.2%) 4,093 4,116
Notes due 2016 (2.6% and 2.5%) 3,099 3,106
Notes due 2017 (1.6% and 2.0%) 2,004 1,258
Notes due 2018 (4.4% and 4.3%) 3,410 3,439
Notes due 2019 (3.7% and 3.7%) 1,631 1,635
Notes due 2020-2044 (3.9% and 4.0%) 13,640 10,738
Other, due 2015-2019 (4.4% and 4.4%) 40 46
27,917 26,557
Less: current maturities of long-term debt obligations (4,096) (2,224)
Total $ 23,821 $ 24,333
The interest rates in the above table reflect weighted-average rates at year-end.
In 2014, we issued:
• $750 million of 0.950% senior notes maturing in February 2017;
• $1.250 billion of 3.600% senior notes maturing in March 2024;
• €500 million of 1.750% senior notes maturing in April 2021;
• €500 million of 2.625% senior notes maturing in April 2026; and
• $500 million of 4.250% senior notes maturing in October 2044.
The net proceeds from the issuances of the above notes were used for general corporate purposes, including
the repayment of commercial paper.
In 2014, $2.2 billion of senior notes matured and were paid.
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