Pepsi 2014 Annual Report Download - page 14

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12  PEPSICO
2014 Financial Highlights
PepsiCo, Inc. and Subsidiaries
(in millions except per share data; all per share amounts assume dilution)
(a) Percentage changes are based on unrounded amounts.
(b) Excludes the net mark-to-market impact of our commodity hedges and restructuring and impairment charges in
both years. In 2014, also excludes a pension lump sum settlement charge and a charge related to the 2014 Venezuela
remeasurement. In 2013, also excludes merger and integration charges and a charge related to the 2013 Venezuela
currency devaluation. See page 142 of the “Reconciliation of GAAP and Non-GAAP Information” for a reconciliation to
themost directly comparable nancial measure in accordance with GAAP.
(c) Excludes the net mark-to-market impact of our commodity hedges and restructuring and impairment charges in
both years. In 2014, also excludes a pension lump sum settlement charge and a charge related to the 2014 Venezuela
remeasurement. In 2013, also excludes merger and integration charges, a charge related to the 2013 Venezuela currency
devaluation and a tax benet. See page 54 “Results of Operations — Consolidated Review — Other Consolidated Results”
in Management’s Discussion and Analysis for a reconciliation to the most directly comparable nancial measure in
accordance with GAAP.
(d) Includes the impact of net capital spending, and excludes discretionary pension and retiree medical contributions
(after tax), payments related to restructuring charges (after-tax) and net capital investments related to restructuring plan
in both years. In 2013, also excludes merger and integration payments (after tax), net payments related to income tax
settlements, net capital investments related to merger and integration and payments for restructuring and other charges
related to the transaction with Tingyi (after tax). See page66 “Our Liquidity and Capital Resources” in Management’s
Discussion and Analysis for a reconciliation to the most directly comparable nancial measure in accordance with GAAP.
Summary of Operations 2014 2013 % Chg (a)
Net revenue $66,683 $66,415 –%
Core total operating prot (b) $10,313 $10,061 2.5%
Core earnings per share attributable to PepsiCo (c) $ 4.63 $ 4.37 6%
Free cash ow, excluding certain items (d) $ 8,259 $ 8,162 1%
Capital spending $ 2,859 $ 2,795 2%
Common share repurchases $ 5,012 $ 3,001 67%
Dividends paid $ 3,730 $ 3,434 9%
Mix of Net Revenue Net Revenues
Division Operating Profit
Latin America Foods 12%
PepsiCo AMEA 10%
PepsiCo Americas Beverages 32%
Frito-Lay North America 22%
PepsiCo Europe 20%
Quaker Foods North America 4%
Latin America Foods 11%
PepsiCo AMEA 9%
Frito-Lay North America 36%
PepsiCo Americas Beverages 26%
PepsiCo Europe 12%
Quaker Foods North America 6%
Food 53%
Beverage 47%
U.S. 51%
Outside U.S. 49%