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Consolidated Financial Statements
Consolidated Statement of Cash Flows
PepsiCo, Inc. and Subsidiaries
(in millions)
Fiscal years ended December 27, 2008, December 29, 2007 and December 30, 2006 |
2008 |
2007 |
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 |
– |
27 |
(25 |
) |
|||||
Acquisitions and investments in noncontrolled affiliates |
(1,925 |
) |
(1,320 |
) |
(522 |
) |
|||
Cash restricted for pending acquisitions |
(40 |
) |
– |
– |
|||||
Cash proceeds from sale of PBG and PAS stock |
358 |
315 |
318 |
||||||
Divestitures |
6 |
– |
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 |
