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Table of Contents
36
Selected Quarterly Financial Data
Selected financial data for 2015 and 2014 is summarized as follows and highlights certain items that impacted
our quarterly results (in millions except per share amounts, unaudited):
2015 2014
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Net revenue $ 12,217 $ 15,923 $ 16,331 $ 18,585 $ 12,623 $ 16,894 $ 17,218 $ 19,948
Gross profit $ 6,775 $ 8,756 $ 8,936 $ 10,205 $ 6,876 $ 9,116 $ 9,223 $ 10,584
Mark-to-market net losses/
(gains) (a) $ 1 $ (39) $ 28 $ (1)$(34)$ (31) $ 33 $ 100
Restructuring and impairment
charges (b) $ 36 $ 25 $ 52 $ 117 $ 98 $ 92 $ 68 $ 160
Pension-related settlement
(benefits)/charge (c), (d) — —$ (37)$ (30)— — — $ 141
Charge related to the transaction
with Tingyi (e) ——$73—————
Venezuela impairment charges (f) — — $ 1,359 — ————
Venezuela remeasurement
charge (g) ————— — — $ 105
Tax benefit (h) ———$
(230)————
MQD impairment (i) $ 65 — — $ 11 ————
Gain on beverage refranchising (j) $ (39) — — — ————
Other productivity initiatives (k) — — $ 44 $ 46 ———$67
Gain on sale of agricultural
assets (l) ————
$(31)———
Net income attributable to PepsiCo $ 1,221 $ 1,980 $ 533 $ 1,718 $ 1,216 $ 1,978 $ 2,008 $ 1,311
Net income attributable to PepsiCo
per common share
Basic $ 0.82 $ 1.34 $ 0.36 $ 1.18 $ 0.80 $ 1.30 $ 1.33 $ 0.87
Diluted $ 0.81 $ 1.33 $ 0.36 $ 1.17 $ 0.79 $ 1.29 $ 1.32 $ 0.87
Cash dividends declared per
common share $ 0.655 $ 0.7025 $ 0.7025 $ 0.7025 $ 0.5675 $ 0.655 $ 0.655 $ 0.655
Stock price per share (m)
High $ 100.76 $ 98.44 $ 100.61 $ 103.44 $ 83.99 $ 88.72 $ 93.51 $ 100.70
Low $ 92.24 $ 92.72 $ 76.48 $ 90.43 $ 77.01 $ 81.53 $ 86.71 $ 89.82
(a) In 2015 and 2014, we recognized $11 million ($8 million after-tax with a nominal amount per share) of mark-to-market net gains and $68
million ($44 million after-tax or $0.03 per share) of mark-to-market net losses, respectively, on commodity hedges in corporate unallocated
expenses.
(b) In 2015 and 2014, restructuring and impairment charges related to the 2014 and 2012 Multi-Year Productivity Plans were $230 million
($184 million after-tax or $0.12 per share) and $418 million ($316 million after-tax or $0.21 per share), respectively. See Note 3 to our
consolidated financial statements.
(c) In 2015, we recorded pre-tax gains of $67 million ($42 million after-tax or $0.03 per share) in the NAB segment associated with the settlement
of pension-related liabilities from previous acquisitions.
(d) In 2014, we recorded a pension lump sum settlement charge of $141 million ($88 million after-tax or $0.06 per share) related to payments
for pension liabilities to certain former employees who had vested benefits. See Note 7 to our consolidated financial statements.
(e) In 2015, we recorded a pre- and after-tax charge of $73 million ($0.05 per share) in the AMENA segment related to a write-off of the value
of a call option to increase our holding in TAB to 20%. See Note 10 to our consolidated financial statements.
(f) In 2015, we recorded pre- and after-tax charges of $1.4 billion ($0.91 per share) in the Latin America segment related to the impairment of
investments in our wholly-owned Venezuelan subsidiaries and beverage joint venture. See Note 1 to our consolidated financial statements.
(g) In 2014, we recorded a $105 million net charge related to our remeasurement of the bolivar for certain net monetary assets of our Venezuelan
businesses. $126 million of this charge was recorded in corporate unallocated expenses, with the balance (equity income of $21 million)
recorded in our Latin America segment. In total, this net charge had an after-tax impact of $105 million or $0.07 per share.