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Consolidated Financial Statements
Consolidated Statement of Common Shareholders' Equity
PepsiCo, Inc. and Subsidiaries
(in millions)
2008 |
2007 |
2006 |
||||||||||||||||
Fiscal years ended December 27, 2008, December 29, 2007 and December 30, 2006 |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
||||||||||||
Common Stock |
1,782 |
$ |
30 |
1,782 |
$ |
30 |
1,782 |
$ |
30 |
|||||||||
Capital in Excess of Par Value |
||||||||||||||||||
Balance, beginning of year |
450 |
584 |
614 |
|||||||||||||||
Stock-based compensation expense |
238 |
260 |
270 |
|||||||||||||||
Stock option exercises/RSUs converted(a) |
(280 |
) |
(347 |
) |
(300 |
) |
||||||||||||
Withholding tax on RSUs converted |
(57 |
) |
(47 |
) |
– |
|||||||||||||
Balance, end of year |
351 |
450 |
584 |
|||||||||||||||
Retained Earnings |
||||||||||||||||||
Balance, beginning of year |
28,184 |
24,837 |
21,116 |
|||||||||||||||
Adoption of FIN 48 |
7 |
|||||||||||||||||
SFAS 158 measurement date change |
(89 |
) |
||||||||||||||||
Adjusted balance, beginning of year |
28,095 |
24,844 |
||||||||||||||||
Net income |
5,142 |
5,658 |
5,642 |
|||||||||||||||
Cash dividends declared – common |
(2,589 |
) |
(2,306 |
) |
(1,912 |
) |
||||||||||||
Cash dividends declared – preferred |
(2 |
) |
(2 |
) |
(1 |
) |
||||||||||||
Cash dividends declared – RSUs |
(8 |
(10 |
) |
(8 |
) |
|||||||||||||
Balance, end of year |
30,638 |
28,184 |
24,837 |
|||||||||||||||
Accumulated Other Comprehensive Loss |
||||||||||||||||||
Balance, beginning of year |
(952 |
) |
(2,246 |
) |
(1,053 |
) |
||||||||||||
SFAS 158 measurement date change |
51 |
|||||||||||||||||
Adjusted balance, beginning of year |
(901 |
) |
||||||||||||||||
Currency translation adjustment |
(2,484 |
) |
719 |
465 |
||||||||||||||
Cash flow hedges, net of tax: |
||||||||||||||||||
Net derivative gains/(losses) |
16 |
(60 |
) |
(18 |
) |
|||||||||||||
Reclassification of losses/(gains) to net income |
5 |
21 |
(5 |
) |
||||||||||||||
Adoption of SFAS 158 |
– |
– |
(1,782 |
) |
||||||||||||||
Pension and retiree medical, net of tax: |
||||||||||||||||||
Net pension and retiree medical (losses)/gains |
(1,376 |
) |
464 |
– |
||||||||||||||
Reclassification of net losses to net income |
73 |
135 |
– |
|||||||||||||||
Minimum pension liability adjustment, net of tax |
– |
– |
138 |
|||||||||||||||
Unrealized (losses)/gains on securities, net of tax |
(21 |
) |
9 |
9 |
||||||||||||||
Other |
(6 |
) |
6 |
– |
||||||||||||||
Balance, end of year |
(4,694 |
) |
(952 |
) |
(2,246 |
) |
||||||||||||
Repurchased Common Stock |
||||||||||||||||||
Balance, beginning of year |
(177 |
) |
(10,387 |
) |
(144 |
) |
(7,758 |
) |
(126 |
) |
(6,387 |
) |
||||||
Share repurchases |
(68 |
) |
(4,720 |
) |
(64 |
) |
(4,300 |
) |
(49 |
) |
(3,000 |
) |
||||||
Stock option exercises |
15 |
883 |
28 |
1,582 |
31 |
1,619 |
||||||||||||
Other, primarily RSUs converted |
1 |
102 |
3 |
89 |
– |
10 |
||||||||||||
Balance, end of year |
(229 |
) |
(14,122 |
) |
(177 |
) |
(10,387 |
) |
(144 |
) |
(7,758 |
) |
||||||
Total Common Shareholders’ Equity |
$ |
12,203 |
17,325 |
$ |
15,447 |
|||||||||||||
2008 |
2007 |
2006 |
||||||||||||||||
Comprehensive Income |
||||||||||||||||||
Net income |
$ |
5,142 |
$ |
5,658 |
$ |
5,642 |
||||||||||||
Currency translation adjustment |
(2,484 |
) |
719 |
465 |
||||||||||||||
Cash flow hedges, net of tax |
21 |
(39 |
) |
(23 |
) |
|||||||||||||
Minimum pension liability adjustment, net of tax |
– |
– |
5 |
|||||||||||||||
Pension and retiree medical, net of tax |
||||||||||||||||||
Net prior service cost |
55 |
(105 |
) |
– |
||||||||||||||
Net (losses)/gains |
(1,358 |
) |
704 |
– |
||||||||||||||
Unrealized (losses)/gains on securities, net of tax |
(21 |
) |
9 |
9 |
||||||||||||||
Other |
(6 |
) |
6 |
– |
||||||||||||||
Total Comprehensive Income |
$ |
1,349 |
$ |
6,952 |
$ |
6,098 |
||||||||||||
(a) Includes total tax benefits of $95 million in 2008, $216 million in 2007 and $130 million in 2006. |
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