|
2011 |
2010 |
||||||||||||||||
|
(in millions except per share amounts, unaudited) |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
|||||||||
|
Net revenue |
$11,937 |
$16,827 |
$17,582 |
$20,158 |
$9,368 |
$14,801 |
$15,514 |
$18,155 |
|||||||||
|
Gross profit |
$6,490 |
$8,864 |
$9,130 |
$10,427 |
$4,905 |
$8,056 |
$8,506 |
$9,796 |
|||||||||
|
53rd week(a) |
— |
— |
— |
$(94 |
) |
— |
— |
— |
— |
||||||||
|
Mark-to-market net impact(b) |
$(31 |
) |
$9 |
$53 |
$71 |
$(46 |
) |
$4 |
$(16 |
) |
$(33 |
) |
|||||
|
Merger and integration charges(c) |
$55 |
$58 |
$61 |
$155 |
$321 |
$155 |
$69 |
$263 |
|||||||||
|
Restructuring and impairment charges(d) |
— |
— |
— |
$383 |
— |
— |
— |
— |
|||||||||
|
Gain on previously held equity interests(e) |
— |
— |
— |
— |
$(958 |
) |
— |
— |
— |
||||||||
|
Inventory fair value adjustments(f) |
$34 |
$4 |
$3 |
$5 |
$281 |
$76 |
$17 |
$24 |
|||||||||
|
Venezuela currency devaluation(g) |
— |
— |
— |
— |
$120 |
— |
— |
— |
|||||||||
|
Asset write-off(h) |
— |
— |
— |
— |
$145 |
— |
— |
— |
|||||||||
|
Foundation contribution(i) |
— |
— |
— |
— |
$100 |
— |
— |
— |
|||||||||
|
Debt repurchase(j) |
— |
— |
— |
— |
— |
— |
— |
$178 |
|||||||||
|
Net income attributable to PepsiCo |
$1,143 |
$1,885 |
$2,000 |
$1,415 |
$1,430 |
$1,603 |
$1,922 |
$1,365 |
|||||||||
|
Net income attributable to PepsiCo per common share — basic |
$0.72 |
$1.19 |
$1.27 |
$0.90 |
$0.90 |
$1.00 |
$1.21 |
$0.86 |
|||||||||
|
Net income attributable to PepsiCo per common share — diluted |
$0.71 |
$1.17 |
$1.25 |
$0.89 |
$0.89 |
$0.98 |
$1.19 |
$0.85 |
|||||||||
|
Cash dividends declared per common share |
$0.48 |
$0.515 |
$0.515 |
$0.515 |
$0.45 |
$0.48 |
$0.48 |
$0.48 |
|||||||||
|
Stock price per share(k) |
|||||||||||||||||
|
High |
$67.46 |
$71.89 |
$70.75 |
$66.78 |
$66.98 |
$67.61 |
$66.83 |
$68.11 |
|||||||||
|
Low |
$62.05 |
$63.50 |
$60.10 |
$58.50 |
$58.75 |
$61.04 |
$60.32 |
$63.43 |
|||||||||
|
Close |
$63.24 |
$68.69 |
$63.30 |
$66.35 |
$66.56 |
$63.56 |
$65.57 |
$65.69 |
|||||||||
(a) The 2011 fiscal year consisted of fifty-three weeks compared to fifty-two weeks in our normal fiscal year. The 53rd week increased 2011 net revenue by $623 million, gross profit by $358 million, pre-tax income by $94 million and net income attributable to PepsiCo by $64 million or $0.04 per share.
(b) In 2011, we recognized $102 million ($71 million after-tax or $0.04 per share) of mark-to-market net losses on commodity hedges in corporate unallocated expenses. In 2010, we recognized $91 million ($58 million after-tax or $0.04 per share) of mark-to-market net gains on commodity hedges in corporate unallocated expenses.
(c) In 2011, we incurred merger and integration charges of $329 million related to our acquisitions of PBG, PAS and WBD. In total, these charges had an after-tax impact of $271 million or $0.17 per share. In 2010, we incurred merger and integration charges of $799 million related to our acquisitions of PBG and PAS, as well as advisory fees in connection with our acquisition of WBD. In addition, we recorded $9 million of merger-related charges, representing our share of the respective merger costs of PBG and PAS. In total, these charges had an after-tax impact of $648 million or $0.40 per share. See Note 3.
(d) Restructuring and impairment charges in 2011 were $383 million ($286 million after-tax or $0.18 per share). See Note 3.
(e) In 2010, in connection with our acquisitions of PBG and PAS, we recorded a gain on our previously held equity interests of $958 million ($0.60 per share), comprising $735 million which was non-taxable and recorded in bottling equity income and $223 million related to the reversal of deferred tax liabilities associated with these previously held equity interests. See Note 15.
(f) In 2011, we recorded $46 million ($28 million after-tax or $0.02 per share) of incremental costs related to fair value adjustments to the acquired inventory included in WBD's balance sheet at the acquisition date and hedging contracts included in PBG's and PAS's balance sheets at the acquisition date. In 2010, we recorded $398 million ($333 million after-tax or $0.21 per share) of incremental costs related to fair value adjustments to the acquired inventory and other related hedging contracts included in PBG's and PAS's balance sheets at the acquisition date.
(g) In 2010, we recorded a one-time $120 million net charge ($120 million after-tax or $0.07 per share) related to our change to hyperinflationary accounting for our Venezuelan businesses and the related devaluation of the bolivar.
(h) In 2010, we recorded a $145 million charge ($92 million after-tax or $0.06 per share) related to a change in scope of one release in our ongoing migration to SAP software.
(i) In 2010, we made a $100 million ($64 million after-tax or $0.04 per share) contribution to The PepsiCo Foundation Inc., in order to fund charitable and social programs over the next several years.
(j) In 2010, we paid $672 million in a cash tender offer to repurchase $500 million (aggregate principal amount) of our 7.90% senior unsecured notes maturing in 2018. As a result of this debt repurchase, we recorded a $178 million charge to interest expense ($114 million after-tax or $0.07 per share), primarily representing the premium paid in the tender offer.
(k) Represents the composite high and low sales price and quarterly closing prices for one share of PepsiCo common stock.