Pepsi 2015 Annual Report Download - page 73
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Table of Contents
56
Volume
Our beverage volume in the NAB, Latin America, ESSA and AMENA segments reflects sales to authorized
bottlers, independent distributors and retailers, as well as the sale of beverages bearing Company-owned or
licensed trademarks that have been sold through our authorized independent bottlers. Bottler case sales (BCS)
and concentrate shipments and equivalents (CSE) are not necessarily equal during any given period due to
seasonality, timing of product launches, product mix, bottler inventory practices and other factors. While our
beverage revenues are not entirely based on BCS volume, as there are independent bottlers in the supply
chain, we believe that BCS is a valuable measure as it quantifies the sell-through of our beverage products
at the consumer level. Sales of products from our unconsolidated joint ventures are reflected in our reported
volume. NAB, Latin America, ESSA and AMENA, either independently or in conjunction with third parties,
make, market, distribute and sell ready-to-drink tea products through a joint venture with Unilever (under
the Lipton brand name), and NAB further, either independently or in conjunction with third parties, makes,
markets, distributes and sells ready-to-drink coffee products through a joint venture with Starbucks. In
addition, AMENA licenses the Tropicana brand for use in China on co-branded juice products in connection
with a strategic alliance with Tingyi.
Our food and snacks volume in the FLNA, QFNA, Latin America, ESSA and AMENA segments is reported
on a system-wide basis, which includes our own sales and the sales by our noncontrolled affiliates of snacks
bearing Company-owned or licensed trademarks.
Servings
Since our divisions each use different measures of physical unit volume (i.e., kilos, gallons, pounds and case
sales), a common servings metric is necessary to reflect our consolidated physical unit volume. Our divisions’
physical volume measures are converted into servings based on U.S. Food and Drug Administration guidelines
for single-serving sizes of our products.
In 2015 and 2014, total servings increased 1% compared to 2014 and 2013, respectively. Servings growth
in 2015 excludes the fourth quarter 2014 results of our Venezuelan businesses, which were deconsolidated
effective as of the end of the third quarter of 2015.