Document Information
Document Information (USD $) | |
12 Months Ended
Dec. 27, 2008 | |
Document Information [Line Items] | |
Document Type | 10-K |
Amendment Flag | false |
Document Period End Date | 2008-12-27 |
Document Fiscal Year Focus | 2,008 |
Document Fiscal Period Focus | FY |
Entity Information
Entity Information (USD $) | |
12 Months Ended
Dec. 27, 2008 | |
Entity Information [Line Items] | |
Entity Registrant Name | PepsiCo, Inc. |
Entity Central Index Key | 0000077476 |
Current Fiscal Year End Date | --12-27 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Public Float | $106,221,728,237 |
Entity Common Stock, Shares Outstanding | 1,556,291,773 |
Entity Listings [Line Items] | |
Trading Symbol | PEP |
Statement Of Cash Flows Indirec
Statement Of Cash Flows Indirect (USD $) | |||
In Millions | 12 Months Ended
Dec. 27, 2008 | 12 Months Ended
Dec. 29, 2007 | 12 Months Ended
Dec. 30, 2006 |
Operating Activities | |||
Net income | $5,142 | $5,658 | $5,642 |
Depreciation and amortization | 1,543 | 1,426 | 1,406 |
Stock-based compensation expense | 238 | 260 | 270 |
Restructuring and impairment charges | 543 | 102 | 67 |
Excess tax benefits from share-based payment arrangements | (107) | (208) | (134) |
Cash payments for restructuring charges | (180) | (22) | (56) |
Pension and retiree medical plan contributions | (219) | (310) | (131) |
Pension and retiree medical plan expenses | 459 | 535 | 544 |
Bottling equity income, net of dividends | (202) | (441) | (442) |
Deferred income taxes and other tax charges and credits | 573 | 118 | (510) |
Change in accounts and notes receivable | (549) | (405) | (330) |
Change in inventories | (345) | (204) | (186) |
Change in prepaid expenses and other current assets | (68) | (16) | (37) |
Change in accounts payable and other current liabilities | 718 | 522 | 279 |
Change in income taxes payable | (180) | 128 | (295) |
Other, net | (367) | (209) | (3) |
Net Cash Provided by Operating Activities | 6,999 | 6,934 | 6,084 |
Investing Activities | |||
Capital spending | (2,446) | (2,430) | (2,068) |
Sales of property, plant and equipment | 98 | 47 | 49 |
Proceeds from (Investment in) finance assets | 0 | 27 | (25) |
Acquisitions and investments in noncontrolled affiliates | (1,925) | (1,320) | (522) |
Cash restricted for pending acquisitions | (40) | 0 | 0 |
Cash proceeds from sale of PBG and PAS stock | 358 | 315 | 318 |
Divestitures | 6 | 0 | 37 |
Short-term investments, by original maturity | |||
More than three months - purchases | (156) | (83) | (29) |
More than three months - maturities | 62 | 113 | 25 |
Three months or less, net | 1,376 | (413) | 2,021 |
Net Cash Used for Investing Activities | (2,667) | (3,744) | (194) |
Financing Activities | |||
Proceeds from issuances of long-term debt | 3,719 | 2,168 | 51 |
Payments of long-term debt | (649) | (579) | (157) |
Short-term borrowings, by original maturity | |||
More than three months - proceeds | 89 | 83 | 185 |
More than three months - payments | (269) | (133) | (358) |
Three months or less, net | 625 | (345) | (2,168) |
Cash dividends paid | (2,541) | (2,204) | (1,854) |
Share repurchases - common | (4,720) | (4,300) | (3,000) |
Share repurchases - preferred | (6) | (12) | (10) |
Proceeds from exercises of stock options | 620 | 1,108 | 1,194 |
Excess tax benefits from share-based payment arrangements | 107 | 208 | 134 |
Net Cash Used for Financing Activities | (3,025) | (4,006) | (5,983) |
Effect of exchange rate changes on cash and cash equivalents | (153) | 75 | 28 |
Net Increase/(Decrease) in Cash and Cash Equivalents | 1,154 | (741) | (65) |
Cash and Cash Equivalents, Beginning of Year | 910 | 1,651 | 1,716 |
Cash and Cash Equivalents, End of Year | $2,064 | $910 | $1,651 |
Statement Of Financial Position
Statement Of Financial Position Classified (USD $) | ||
In Millions | Dec. 27, 2008
| Dec. 29, 2007
|
Current Assets | ||
Cash and cash equivalents | $2,064 | $910 |
Short-term investments | 213 | 1,571 |
Accounts and notes receivable, net | 4,683 | 4,389 |
Inventories | 2,522 | 2,290 |
Prepaid expenses and other current assets | 1,324 | 991 |
Total Current Assets | 10,806 | 10,151 |
Property, Plant and Equipment, net | 11,663 | 11,228 |
Amortizable Intangible Assets, net | 732 | 796 |
Goodwill | 5,124 | 5,169 |
Other nonamortizable intangible assets | 1,128 | 1,248 |
Nonamortizable Intangible Assets | 6,252 | 6,417 |
Investments in Noncontrolled Affiliates | 3,883 | 4,354 |
Other Assets | 2,658 | 1,682 |
Total Assets | 35,994 | 34,628 |
Current Liabilities | ||
Short-term obligations | 369 | 0 |
Accounts payable and other current liabilities | 8,273 | 7,602 |
Income taxes payable | 145 | 151 |
Total Current Liabilities | 8,787 | 7,753 |
Long-Term Debt Obligations | 7,858 | 4,203 |
Other Liabilities | 7,017 | 4,792 |
Deferred Income Taxes | 226 | 646 |
Total Liabilities | 23,888 | 17,394 |
Commitments and Contingencies | 0 | 0 |
Preferred Stock | 41 | 41 |
Par value | $0 | $0 |
Repurchased Preferred Stock | (138) | (132) |
Common Shareholders' Equity | ||
Common stock | 30 | 30 |
Par value | 0.016667 | 0.016667 |
Authorized | 3,600 | 3,600 |
Issued | 1,782 | 1,782 |
Capital in excess of par value | 351 | 450 |
Retained earnings | 30,638 | 28,184 |
Accumulated other comprehensive loss | (4,694) | (952) |
Repurchased common stock, at cost | (14,122) | (10,387) |
Shares | 229 | 177 |
Total Common Shareholders' Equity | 12,203 | 17,325 |
Total Liabilities and Shareholders' Equity | $35,994 | $34,628 |
Statement Of Income Alternative
Statement Of Income Alternative (USD $) | |||
In Millions, except Per Share data | 12 Months Ended
Dec. 27, 2008 | 12 Months Ended
Dec. 29, 2007 | 12 Months Ended
Dec. 30, 2006 |
Net Revenue | $43,251 | $39,474 | $35,137 |
Cost of sales | 20,351 | 18,038 | 15,762 |
Selling, general and administrative expenses | 15,901 | 14,208 | 12,711 |
Amortization of intangible assets | 64 | 58 | 162 |
Operating Profit | 6,935 | 7,170 | 6,502 |
Bottling equity income | 374 | 560 | 553 |
Interest expense | (329) | (224) | (239) |
Interest income | 41 | 125 | 173 |
Income before Income Taxes | 7,021 | 7,631 | 6,989 |
Provision for Income Taxes | 1,879 | 1,973 | 1,347 |
Net Income | $5,142 | $5,658 | $5,642 |
Net Income per Common Share | |||
Basic | 3.26 | 3.48 | 3.42 |
Diluted | 3.21 | 3.41 | 3.34 |
Statement Of Shareholders Equit
Statement Of Shareholders Equity And Other Comprehensive Income (USD $) | |||||||||||||||||||
In Millions | Common Stock Amount
| Capital in Excess of Par Value
| Retained Earnings
| Accumulated Other Comprehensive Loss
| Repurchased Common Stock
| Total
| |||||||||||||
Balance, beginning of year at Dec. 31, 2005 | (126) | ||||||||||||||||||
Balance, beginning of year at Dec. 31, 2005 | $614 | $21,116 | ($1,053) | ($6,387) | |||||||||||||||
Share repurchases | (3,000) | ||||||||||||||||||
Stock-based compensation expense | 270 | 270 | |||||||||||||||||
Share repurchases | (49) | ||||||||||||||||||
Stock option exercises | 1,619 | ||||||||||||||||||
Stock option exercises/RSUs converted | (300) | [1] | |||||||||||||||||
Stock option exercises | 31 | ||||||||||||||||||
Other, primarily RSUs converted | 10 | ||||||||||||||||||
Withholding tax on RSUs converted | 0 | ||||||||||||||||||
Other, primarily RSUs converted | 0 | ||||||||||||||||||
Net income | 5,642 | 5,642 | |||||||||||||||||
Cash dividends declared - common | (1,912) | ||||||||||||||||||
Currency translation adjustment | 465 | ||||||||||||||||||
Cash dividends declared - preferred | (1) | ||||||||||||||||||
Cash flow hedges, net of tax: | |||||||||||||||||||
Net derivative gains/(losses) | (18) | ||||||||||||||||||
Reclassification of losses/(gains) to net income | (5) | ||||||||||||||||||
Adoption of SFAS 158 | (1,782) | ||||||||||||||||||
Cash dividends declared - RSUs | (8) | ||||||||||||||||||
Minimum pension liability adjustment, net of tax | 138 | ||||||||||||||||||
Pension and retiree medical, net of tax | |||||||||||||||||||
Net (losses)/gains | 0 | ||||||||||||||||||
Reclassification of net losses to net income | 0 | ||||||||||||||||||
Minimum pension liability adjustment, net of tax | 138 | ||||||||||||||||||
Unrealized (losses)/gain on securities, net of tax | 9 | ||||||||||||||||||
Other | 0 | ||||||||||||||||||
Balance, end of year at Dec. 30, 2006 | 1,782 | (144) | |||||||||||||||||
Balance, end of year at Dec. 30, 2006 | 30 | 584 | 24,837 | (2,246) | (7,758) | 15,447 | |||||||||||||
Adoption of FIN 48 | 7 | ||||||||||||||||||
Share repurchases | (4,300) | ||||||||||||||||||
Stock-based compensation expense | 260 | 260 | |||||||||||||||||
Share repurchases | (64) | ||||||||||||||||||
Stock option exercises | 1,582 | ||||||||||||||||||
Stock option exercises/RSUs converted | (347) | [1] | |||||||||||||||||
Stock option exercises | 28 | ||||||||||||||||||
Other, primarily RSUs converted | 89 | ||||||||||||||||||
Withholding tax on RSUs converted | (47) | ||||||||||||||||||
Other, primarily RSUs converted | 3 | ||||||||||||||||||
Adjusted balance, beginning of year | 24,844 | ||||||||||||||||||
Net income | 5,658 | 5,658 | |||||||||||||||||
Cash dividends declared - common | (2,306) | ||||||||||||||||||
Currency translation adjustment | 719 | ||||||||||||||||||
Cash dividends declared - preferred | (2) | ||||||||||||||||||
Cash flow hedges, net of tax: | |||||||||||||||||||
Net derivative gains/(losses) | (60) | ||||||||||||||||||
Reclassification of losses/(gains) to net income | 21 | ||||||||||||||||||
Adoption of SFAS 158 | 0 | ||||||||||||||||||
Cash dividends declared - RSUs | (10) | ||||||||||||||||||
Minimum pension liability adjustment, net of tax | 0 | ||||||||||||||||||
Pension and retiree medical, net of tax | |||||||||||||||||||
Net (losses)/gains | 464 | ||||||||||||||||||
Reclassification of net losses to net income | 135 | ||||||||||||||||||
Minimum pension liability adjustment, net of tax | 0 | ||||||||||||||||||
Unrealized (losses)/gain on securities, net of tax | 9 | ||||||||||||||||||
Other | 6 | ||||||||||||||||||
Balance, end of year at Dec. 29, 2007 | 1,782 | (177) | |||||||||||||||||
Balance, end of year at Dec. 29, 2007 | 30 | 450 | 28,184 | (952) | (10,387) | 17,325 | |||||||||||||
SFAS 158 measurement date change | 51 | ||||||||||||||||||
Share repurchases | (4,720) | ||||||||||||||||||
Stock-based compensation expense | 238 | 238 | |||||||||||||||||
Share repurchases | (68) | ||||||||||||||||||
SFAS 158 measurement date change | (89) | ||||||||||||||||||
Stock option exercises | 883 | ||||||||||||||||||
Stock option exercises/RSUs converted | (280) | [1] | |||||||||||||||||
Stock option exercises | 15 | ||||||||||||||||||
Other, primarily RSUs converted | 102 | ||||||||||||||||||
Withholding tax on RSUs converted | (57) | ||||||||||||||||||
Other, primarily RSUs converted | 1 | ||||||||||||||||||
Adjusted balance, beginning of year | 28,095 | (901) | |||||||||||||||||
Net income | 5,142 | 5,142 | |||||||||||||||||
Cash dividends declared - common | (2,589) | ||||||||||||||||||
Currency translation adjustment | (2,484) | ||||||||||||||||||
Cash dividends declared - preferred | (2) | ||||||||||||||||||
Cash flow hedges, net of tax: | |||||||||||||||||||
Net derivative gains/(losses) | 16 | ||||||||||||||||||
Reclassification of losses/(gains) to net income | 5 | ||||||||||||||||||
Adoption of SFAS 158 | 0 | ||||||||||||||||||
Cash dividends declared - RSUs | (8) | ||||||||||||||||||
Minimum pension liability adjustment, net of tax | 0 | ||||||||||||||||||
Pension and retiree medical, net of tax | |||||||||||||||||||
Net (losses)/gains | (1,376) | ||||||||||||||||||
Reclassification of net losses to net income | 73 | ||||||||||||||||||
Minimum pension liability adjustment, net of tax | 0 | ||||||||||||||||||
Unrealized (losses)/gain on securities, net of tax | (21) | ||||||||||||||||||
Other | (6) | ||||||||||||||||||
Balance, end of year at Dec. 27, 2008 | 1,782 | (229) | |||||||||||||||||
Balance, end of year at Dec. 27, 2008 | $30 | $351 | $30,638 | ($4,694) | ($14,122) | $12,203 | |||||||||||||
[1]Includes total tax benefits of $95 million in 2008, $216 million in 2007 and $130 million in 2006. |