Pepsi 2014 Annual Report Download - page 92
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72
Consolidated Statement of Equity
PepsiCo, Inc. and Subsidiaries
Fiscal years ended December 27, 2014, December 28, 2013 and December 29, 2012
(in millions)
2014 2013 2012
Shares Amount Shares Amount Shares Amount
Preferred Stock 0.8 $ 41 0.8 $ 41 0.8 $ 41
Repurchased Preferred Stock
Balance, beginning of year (0.6) (171) (0.6) (164) (0.6) (157)
Redemptions (0.1) (10) — (7) — (7)
Balance, end of year (0.7) (181) (0.6) (171) (0.6) (164)
Common Stock
Balance, beginning of year 1,529 25 1,544 26 1,565 26
Repurchased common stock (41) — (15) (1) (21) —
Balance, end of year 1,488 25 1,529 25 1,544 26
Capital in Excess of Par Value
Balance, beginning of year 4,095 4,178 4,461
Stock-based compensation expense 297 303 278
Stock option exercises, RSUs, PSUs and PEPunits
converted (a) (200) (287) (431)
Withholding tax on RSUs and PSUs converted (91) (87) (70)
Other 14 (12) (60)
Balance, end of year 4,115 4,095 4,178
Retained Earnings
Balance, beginning of year 46,420 43,158 40,316
Net income attributable to PepsiCo 6,513 6,740 6,178
Cash dividends declared – common (3,814) (3,451) (3,312)
Cash dividends declared – preferred (1) (1) (1)
Cash dividends declared – RSUs and PSUs (26) (26) (23)
Balance, end of year 49,092 46,420 43,158
Accumulated Other Comprehensive Loss
Balance, beginning of year (5,127) (5,487) (6,229)
Currency translation adjustment (5,008) (1,301) 742
Cash flow hedges, net of tax:
Reclassification of net losses to net income 154 28 58
Net derivative losses (44) (10) (40)
Pension and retiree medical, net of tax:
Reclassification of net losses to net income 247 230 421
Remeasurement of net liabilities and translation (886) 1,400 (493)
Unrealized (losses)/gains on securities, net of tax (6) 29 18
Other 1(16) 36
Balance, end of year (10,669) (5,127) (5,487)
Repurchased Common Stock
Balance, beginning of year (337) (21,004) (322) (19,458) (301) (17,870)
Share repurchases (57) (5,012) (37) (3,000) (47) (3,219)
Stock option exercises 13 866 20 1,301 24 1,488
Other 3 165 2 153 2 143
Balance, end of year (378) (24,985) (337) (21,004) (322) (19,458)
Total PepsiCo Common Shareholders’ Equity 17,578 24,409 22,417
Noncontrolling Interests
Balance, beginning of year 110 105 311
Net income attributable to noncontrolling interests 45 47 36
Distributions to noncontrolling interests (41) (34) (37)
Currency translation adjustment (2) (2) (5)
Acquisitions and divestitures —(6) (200)
Other, net (2) — —
Balance, end of year 110 110 105
Total Equity $ 17,548 $ 24,389 $ 22,399
(a) Includes total tax benefits of $74 million in 2014, $45 million in 2013 and $84 million in 2012.
See accompanying notes to the consolidated financial statements.
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