PepsiCo is a $66 billion global powerhouse focused on two complementary businesses with attractive growth, margins and returns — global snacks and global beverages. In 2011, they delivered core net revenue growth¹ of 14 percent. Nestled within these two businesses is our global nutrition business, which in 2011 grew core net revenue 19 percent, excluding acquisitions.

Global Snacks

Our $32 billion global foods portfolio includes a snacks business that is one of the consumer packaged goods industry's best performing franchises of the last two decades. We've also expanded into adjacencies like bread snacks and refrigerated dips, in which we have built a market-leading presence.

Our brands include Lay's, the largest global food brand, with more than $9 billion in retail sales in 2011; Doritos, the world's leading corn snack; and Cheetos, the leader in its category. In 2011, all three of these snack mega brands delivered double-digit volume growth in markets around the world.

In 2011, global snacks volume² rose 8 percent.

Global Beverages

Our $34 billion global beverages business has a strong and diverse portfolio that enables us to move into emerging markets early and quickly, as shoppers new to consumer packaged goods seek out the simple pleasures of beverages. Our ­beverages business also helps us scale up our food brands in these markets.

Our beverages portfolio includes Pepsi, one of the world's leading consumer brands; Mountain Dew, the fastest-growing major carbonated soft drink trademark in North America as measured by 2011 retail sales; and Sierra Mist, which in 2011 attracted new consumers to the category.

In 2011, global beverages volume² grew 5 percent.

Global Nutrition

Our global nutrition business leverages the strength of our core products, enabling us to stay ahead of the increasing demand for more ­nutritious food and beverage choices. Our nutrition brands include Quaker, Tropicana and Gatorade.

Our nutrition portfolio is a more than $13 billion business. We intend to grow it to $30 billion by 2020.

1. Core results are non-GAAP financial measures that exclude certain items. See pages “Reconciliation of GAAP and Non-GAAP Information” for reconciliations to the most directly comparable financial measures in accordance with GAAP.

2. 2011 volume growth reflects an adjustment to the base year (2010) for divestitures that occurred in 2011 and excludes the impact of an extra reporting week in 2011.