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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.