Pepsi 2015 Annual Report Download - page 12

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2015 Financial Highlights
(a) Percentage changes are based on unrounded amounts.
(b) Excludes the net mark-to-market impact of our commodity hedges, restructuring and impairment charges and pension-related settlements in both
years. In 2015, also excludes a charge related to Tingyi and the Venezuela impairment charges. In2014, also excludes a charge related to the Venezuela
remeasurement. See page 143 “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, restructuring and impairment charges and pension-related settlements in both
years. In 2015, also excludes a charge related to Tingyi, Venezuela impairment charges and a non-cash tax bene t. In 2014, also excludes a charge related
to the Venezuela remeasurement. See page 58 “Results of Operations — Consolidated Review — Other Consolidated Results” in Management’s Discussion
and Analysis, and page 143 “Reconciliation of GAAP and Non-GAAP Information” for a reconciliation to the most directly comparable  nancial measure in
accordance with GAAP.
(d) Includes the impact of net capital spending, and excludes payments related to restructuring charges (after-tax) in both years. In 2015, also excludes
pension-related settlements (after-tax). In 2014, also excludes discretionary pension and retiree medical contributions (after-tax) and net capital
investments related to restructuring plan. See pages 70–71 “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.
PepsiCo, Inc. and Subsidiaries
(in millions except per share data; all per share amounts assume dilution)
Summary of Operations 2015 2014 % Chg (a)
Net revenue $63,056 $66,683 −5%Net revenue $63,056 $66,683 −5%
Core total operating profit Core total operating profit (b)(b) $ 9,937 $10,313 −4% $ 9,937 $10,313 −4%
Core earnings per share attributable to PepsiCo Core earnings per share attributable to PepsiCo (c)(c) $ 4.57 $ 4.63 −1% $ 4.57 $ 4.63 −1%
Free cash flow, excluding certain items Free cash flow, excluding certain items (d)(d) $ 8,128 $ 8,259 −2% $ 8,128 $ 8,259 −2%
Capital spending $ 2,758 $ 2,859 −3.5%Capital spending $ 2,758 $ 2,859 −3.5%
Common share repurchases $ 5,000 $ 5,012 —%Common share repurchases $ 5,000 $ 5,012 —%
Dividends paid $ 4,040 $ 3,730 8%Dividends paid $ 4,040 $ 3,730 8%
Net Revenues
Latin America 13%
Asia, Middle East & North Africa 10%
North America Beverages 33%
Frito-Lay North America 23%
Europe Sub-Saharan Africa 17%
Quaker Foods North America 4%
Division Operating Profi t
Asia, Middle East & North Africa 10%
Quaker Foods North America 6%
Frito-Lay North America 46%
North America Beverages 29%
Europe Sub-Saharan Africa 11%
Latin America −2%
Mix of Net Revenue
Food 53%
Beverage 47%
U.S. 56%
Outside U.S. 44%
10  PEPSICO