case study - finance

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20210226004724pepsi_fin_statements_for_blackboard_1_.xlsx

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ALL FIN STATE

As Reported Annual Balance Sheet

Report Date

12/28/2019

12/29/2018

12/30/2017

12/31/2016

12/26/2015

12/27/2014

12/28/2013

Scale

Thousands

Cash & cash equivalents

$5,509,000

$8,721,000

$10,610,000

$9,158,000

$9,096,000

$6,134,000

$9,375,000

Short-term investments

$229,000

$272,000

$8,900,000

$6,967,000

$2,913,000

$2,592,000

$303,000

Restricted cash

$1,997,000

Trade receivables

$6,447,000

$6,079,000

$5,956,000

$5,709,000

$5,497,000

$5,817,000

$6,178,000

Other receivables

$1,480,000

$1,164,000

$1,197,000

$1,119,000

$1,070,000

$971,000

$921,000

Total accounts receivable, gross

$7,927,000

$7,243,000

$7,153,000

$6,828,000

$6,567,000

$6,788,000

$7,099,000

Less allowance - accounts receivable

$105,000

$101,000

$129,000

$134,000

$130,000

$137,000

$145,000

Accounts & notes receivable, net

$7,822,000

$7,142,000

$7,024,000

$6,694,000

$6,437,000

$6,651,000

$6,954,000

Raw materials

$1,315,000

$1,312,000

$1,593,000

$1,732,000

Raw materials & packaging

$1,395,000

$1,312,000

$1,344,000

Work-in-process

$200,000

$178,000

$167,000

$150,000

$161,000

$173,000

$168,000

Finished goods

$1,743,000

$1,638,000

$1,436,000

$1,258,000

$1,247,000

$1,377,000

$1,509,000

Inventories

$3,338,000

$3,128,000

$2,947,000

$2,723,000

$2,720,000

$3,143,000

$3,409,000

Prepaid expenses & other current assets

$747,000

$633,000

$1,546,000

$1,547,000

$1,865,000

$2,143,000

$2,162,000

Total current assets

$17,645,000

$21,893,000

$31,027,000

$27,089,000

$23,031,000

$20,663,000

$22,203,000

CHECK

Land

$1,130,000

$1,078,000

$1,148,000

$1,153,000

$1,184,000

$1,288,000

$1,883,000

Buildings & improvements

$9,314,000

$8,941,000

$8,796,000

$8,306,000

$8,061,000

$8,114,000

$7,832,000

Machinery & equipment, including fleet & software

$29,390,000

$27,715,000

$27,018,000

$25,277,000

$24,764,000

$25,146,000

$25,415,000

Construction in progress

$3,169,000

$2,430,000

$2,144,000

$2,082,000

$1,738,000

$1,752,000

$1,831,000

Property, plant & equipment, gross

$43,003,000

$40,164,000

$39,106,000

$36,818,000

$35,747,000

$36,300,000

$36,961,000

Less: accumulated depreciation

$23,698,000

$22,575,000

$21,866,000

$20,227,000

$19,430,000

$19,056,000

$18,386,000

Property, plant & equipment, net

$19,305,000

$17,589,000

$17,240,000

$16,591,000

$16,317,000

$17,244,000

$18,575,000

Amortizable intangible assets, net

$1,433,000

$1,644,000

$1,268,000

$1,237,000

$1,270,000

$1,449,000

$1,638,000

Goodwill

$15,501,000

$14,808,000

$14,744,000

$14,430,000

$14,177,000

$14,965,000

$16,613,000

Other indefinite-lived intangible assets

$14,610,000

$14,181,000

$12,570,000

$12,196,000

$11,811,000

$12,639,000

$14,401,000

Indefinite-lived intangible assets

$30,111,000

$28,989,000

$27,314,000

$26,626,000

$25,988,000

$27,604,000

$31,014,000

Investments in noncontrolled affiliates

$2,683,000

$2,409,000

$2,042,000

$1,950,000

$2,311,000

$2,689,000

$1,841,000

Deferred income taxes

$4,359,000

$4,364,000

Other investments

Non-current notes & accounts receivable

$105,000

Deferred marketplace spending

$147,000

$112,000

$134,000

$140,000

$159,000

$179,000

$214,000

Pension plans

$846,000

$269,000

$374,000

$53,000

$60,000

$141,000

$687,000

Operating lease, right-of-use asset

$1,548,000

Other assets

$385,000

$293,000

$346,000

$338,000

$391,000

$447,000

$419,000

Other assets

$3,011,000

$760,000

$913,000

$636,000

$750,000

$860,000

$2,207,000

CHECK

Total assets

$78,547,000

$77,648,000

$79,804,000

$74,129,000

$69,667,000

$70,509,000

$77,478,000

CHECK

Current maturities of long-term debt

$2,848,000

$3,953,000

$4,020,000

$4,401,000

$3,109,000

$4,096,000

$2,224,000

Commercial paper

$1,385,000

$2,257,000

$770,000

$746,000

$2,924,000

Other borrowings

$72,000

$73,000

$80,000

$234,000

$192,000

$234,000

$158,000

Short-term debt obligations

$2,920,000

$4,026,000

$5,485,000

$6,892,000

$4,071,000

$5,076,000

$5,306,000

Accounts payable

$8,013,000

$7,213,000

$6,727,000

$6,158,000

$5,546,000

$5,127,000

$4,874,000

Accrued marketplace spending

$2,765,000

$2,541,000

$2,390,000

$2,444,000

$2,319,000

$2,222,000

$2,245,000

Accrued compensation & benefits

$1,835,000

$1,755,000

$1,785,000

$1,770,000

$1,759,000

$1,746,000

$1,789,000

Dividends payable

$1,351,000

$1,329,000

$1,161,000

$1,097,000

$1,041,000

$1,009,000

$877,000

SodaStream International Ltd (SodaStream) consideration payable

$58,000

$1,997,000

Current lease liabilities

$442,000

Other current liabilities

$3,077,000

$3,277,000

$2,954,000

$2,774,000

$2,842,000

$2,912,000

$2,748,000

Accounts payable & other current liabilities

$17,541,000

$18,112,000

$15,017,000

$14,243,000

$13,507,000

$13,016,000

$12,533,000

Total current liabilities

$20,461,000

$22,138,000

$20,502,000

$21,135,000

$17,578,000

$18,092,000

$17,839,000

CHECK

Notes

$31,968,000

$32,222,000

$37,785,000

$34,419,000

$32,286,000

$27,877,000

$26,511,000

Other long-term debt obligations

$28,000

$26,000

$31,000

$35,000

$36,000

$40,000

$46,000

Total long-term debt obligations

$31,996,000

$32,248,000

$37,816,000

$34,454,000

$32,322,000

$27,917,000

$26,557,000

Less: current maturities of long-term debt obligations

$2,848,000

$3,953,000

$4,020,000

$4,401,000

$3,109,000

$4,096,000

$2,224,000

Long-term debt obligations

$29,148,000

$28,295,000

$33,796,000

$30,053,000

$29,213,000

$23,821,000

$24,333,000

Other liabilities

$9,979,000

$9,114,000

$11,283,000

$6,669,000

$5,887,000

$5,744,000

$4,931,000

Deferred income taxes

$4,091,000

$3,499,000

$3,242,000

$5,073,000

$4,959,000

$5,304,000

$5,986,000

Total liabilities

$63,679,000

$63,046,000

$68,823,000

$62,930,000

$57,637,000

$52,961,000

$53,089,000

CHECK

Preferred stock

$41,000

Repurchased preferred stock

$197,000

$192,000

$186,000

$181,000

$171,000

Common stock

$23,000

$24,000

$25,000

Capital in excess of par value

$3,886,000

$3,953,000

$3,996,000

$4,091,000

$4,076,000

$4,115,000

$4,095,000

Retained earnings

$61,946,000

$59,947,000

$52,839,000

$52,518,000

$50,472,000

$49,092,000

$46,420,000

Currency translation adjustment

-$11,290,000

-$11,918,000

-$10,277,000

-$11,386,000

-$11,080,000

-$8,255,000

-$3,247,000

Cash flow hedges, net of tax

-$3,000

$87,000

$47,000

$83,000

$37,000

$34,000

-$76,000

Pension & retiree medical, net of tax

-$2,988,000

-$3,271,000

-$2,804,000

-$2,645,000

-$2,329,000

-$2,500,000

-$1,861,000

Unrealized gain on securities, net of tax

$64,000

$88,000

$87,000

$109,000

Available-for-sale securities

$2,000

-$4,000

Other accumulated other comprehensive income (loss)

-$19,000

-$35,000

-$52,000

Accumulated other comprehensive income (loss)

-$14,300,000

-$15,119,000

-$13,057,000

-$13,919,000

-$13,319,000

-$10,669,000

-$5,127,000

Repurchased common stock, in excess of par value

$36,769,000

$34,286,000

$32,757,000

$31,468,000

$29,185,000

$24,985,000

$21,004,000

Total PepsiCo, Inc. common shareholders' equity

$14,786,000

$14,518,000

$11,045,000

$11,246,000

$12,068,000

$17,578,000

$24,409,000

Noncontrolling interests

$82,000

$84,000

$92,000

$104,000

$107,000

$110,000

Total equity

$14,868,000

$14,602,000

$10,981,000

$11,199,000

$12,030,000

$17,548,000

$24,389,000

CHECK

As Reported Annual Income Statement

Report Date

12/28/2019

12/29/2018

12/30/2017

12/31/2016

12/26/2015

12/27/2014

12/28/2013

Scale

Thousands

Net revenue

$67,161,000

$64,661,000

$63,525,000

$62,799,000

$63,056,000

$66,683,000

$66,415,000

Cost of sales

$30,132,000

$29,381,000

$28,785,000

$28,209,000

$28,731,000

$30,884,000

$31,243,000

Gross profit

$37,029,000

$35,280,000

$34,740,000

$34,590,000

$34,325,000

Selling, general & administrative expenses

$26,738,000

$25,170,000

$24,231,000

$24,735,000

$24,538,000

$26,126,000

$25,357,000

Venezuela impairment charges

$1,359,000

Amortization of intangible assets

$70,000

$75,000

$92,000

$110,000

Operating profit

$10,291,000

$10,110,000

$10,509,000

$9,785,000

$8,353,000

$9,581,000

$9,705,000

Other pension & retiree medical benefits income (expense)

-$44,000

$298,000

Interest expense

$1,135,000

$1,525,000

$1,151,000

$1,342,000

$970,000

$909,000

$911,000

Interest income & other income

$200,000

$306,000

$244,000

$110,000

$59,000

$85,000

$97,000

Income before income taxes - United States (U.S.)

$4,123,000

$3,864,000

$3,452,000

$2,630,000

$2,879,000

$2,557,000

$3,078,000

Income before income taxes - foreign

$5,189,000

$5,325,000

$6,150,000

$5,923,000

$4,563,000

$6,200,000

$5,813,000

Income before income taxes

$9,312,000

$9,189,000

$9,602,000

$8,553,000

$7,442,000

$8,757,000

$8,891,000

Current provision (benefit) for income taxes - U.S. federal

$652,000

$437,000

$4,925,000

$1,219,000

$1,143,000

$1,364,000

$1,092,000

Current provision (benefit) for income taxes - foreign

$807,000

$378,000

$724,000

$824,000

$773,000

$851,000

$807,000

Current provision (benefit) for income taxes - state

$196,000

$63,000

$136,000

$77,000

$65,000

$210,000

$124,000

Total current provision (benefit) for income taxes

$1,655,000

$878,000

$5,785,000

$2,120,000

$1,981,000

$2,425,000

$2,023,000

Deferred provision (benefit) for income taxes - U.S. federal

$325,000

$140,000

-$1,159,000

$109,000

-$14,000

-$33,000

$87,000

Deferred provision (benefit) for income taxes - foreign

-$31,000

-$4,379,000

-$9,000

-$33,000

-$32,000

-$60,000

$11,000

Deferred provision (benefit) for income taxes - state

$10,000

-$9,000

$77,000

-$22,000

$6,000

-$133,000

-$17,000

Total deferred provision (benefit) for income taxes

$304,000

-$4,248,000

-$1,091,000

$54,000

-$40,000

-$226,000

$81,000

Provision for/(benefit from) income taxes

$1,959,000

-$3,370,000

$4,694,000

$2,174,000

$1,941,000

$2,199,000

$2,104,000

Net income

$7,353,000

$12,559,000

$4,908,000

$6,379,000

$5,501,000

$6,558,000

$6,787,000

CHECK

Less: net income attributable to noncontrolling interests

-$39,000

-$44,000

-$51,000

-$50,000

-$49,000

-$45,000

-$47,000

Net income attributable to PepsiCo, Inc.

$7,314,000

$12,515,000

$4,857,000

$6,329,000

$5,452,000

$6,513,000

$6,740,000

CHECK

Preferred shares - dividends

$1,000

Preferred shares - redemption premium

$2,000

$4,000

$5,000

$9,000

$7,000

Net income available for PepsiCo, Inc. common shareholders

$7,314,000

$12,513,000

$4,853,000

$6,323,000

$5,446,000

$6,503,000

$6,732,000

CHECK

Weighted average shares outstanding - basic

$1,399,000

$1,415,000

$1,425,000

$1,439,000

$1,469,000

$1,509,000

$1,541,000

Weighted average shares outstanding - diluted

$1,407,000

$1,425,000

$1,438,000

$1,452,000

$1,485,000

$1,527,000

$1,560,000

Year end shares outstanding

$1,391,000

$1,409,000

$1,420,000

$1,428,000

$1,448,000

$1,488,000

$1,529,000

Net income (loss) per share - basic

Net income (loss) per share - diluted

Cash dividends declared per common share

Total number of employees

$267,000

$263,000

$264,000

$263,000

$271,000

$274,000

Number of common stockholders

$109,312

$114,513

$120,156

$125,692

$131,285

$137,971

$144,930

Foreign currency translation adjustments

$628,000

-$1,641,000

$1,109,000

-$302,000

-$2,938,000

As Reported Annual Retained Earnings

Report Date

12/28/2019

12/29/2018

12/30/2017

12/31/2016

12/26/2015

12/27/2014

12/28/2013

Currency

USD

Audit Status

Not Available

Not Qualified

Consolidated

Yes

Scale

Thousands

Previous retained earnings

59947000

52839000

52518000

50472000

49092000

46420000

43158000

Cumulative effect of accounting changes

8000

-145000

Cash dividends declared - common

5323000

5098000

4536000

4282000

4071000

3814000

3451000

Cash dividends declared - preferred

1000

Retirement of preferred stock

164000

Cash dividends declared - restricted stock units

26000

Retained earnings

61946000

59947000

52839000

52518000

50472000

49092000

46420000

As Reported Annual Cash Flow

Report Date

12/28/2019

12/29/2018

12/30/2017

12/31/2016

12/26/2015

12/27/2014

12/28/2013

Scale

Thousands

Net income

$7,353,000

$12,559,000

$4,908,000

$6,379,000

$5,501,000

$6,558,000

$6,787,000

Depreciation & amortization

$2,432,000

$2,399,000

$2,369,000

$2,368,000

$2,416,000

$2,625,000

$2,663,000

Share-based compensation expense

$237,000

$256,000

$292,000

$284,000

$295,000

$297,000

$303,000

Merger & integration costs

$10,000

Cash payments for merger & integration charges

-$25,000

Restructuring & impairment charges

$370,000

$308,000

$295,000

$160,000

$230,000

$418,000

$163,000

Cash payments for restructuring charges

-$350,000

-$255,000

-$113,000

-$125,000

-$208,000

-$266,000

-$133,000

Charge related to the transaction with Tingyi (Cayman Islands) Holding Corp. (Tingyi)

$373,000

$73,000

Cash payments for restructuring & other charges related to the transaction with Tingyi

-$26,000

Venezuela impairment charges

$1,359,000

Venezuela remeasurement charges

$105,000

$111,000

Pension & retiree medical plan expenses

$519,000

$221,000

$501,000

$467,000

$667,000

$663,000

Pension & retiree medical plan contributions

-$716,000

-$1,708,000

-$220,000

-$695,000

-$205,000

-$655,000

-$262,000

Deferred income taxes & other tax charges & credits

$453,000

-$531,000

$619,000

$452,000

$78,000

-$19,000

-$1,058,000

Other net tax benefits related to international reorganizations

-$2,000

-$4,347,000

Net tax expense (benefit) related to the Tax Cuts & Jobs Act (TCJ Act)

-$8,000

-$28,000

$2,451,000

Tax payments related to the TCJ Act

-$423,000

Excess tax benefits from share-based payment arrangements

-$139,000

-$133,000

-$114,000

-$117,000

Accounts & notes receivable

-$650,000

-$253,000

-$202,000

-$349,000

-$461,000

-$343,000

-$88,000

Inventories

-$190,000

-$174,000

-$168,000

-$75,000

-$244,000

-$111,000

$4,000

Prepaid expenses & other current assets

-$87,000

$9,000

$20,000

$10,000

-$50,000

$80,000

-$51,000

Accounts payable & other current liabilities

$735,000

$882,000

$201,000

$997,000

$1,692,000

$1,162,000

$1,007,000

Income taxes payable

-$287,000

$333,000

-$338,000

$329,000

$55,000

$371,000

$86,000

Other operating activities, net

$263,000

-$256,000

-$66,000

-$285,000

-$269,000

-$349,000

Other assets & liabilities, net

-$341,000

Net cash flows from operating activities

$9,649,000

$9,415,000

$9,994,000

$10,404,000

$10,580,000

$10,506,000

$9,688,000

CHECK

Capital spending

-$4,232,000

-$3,282,000

-$2,969,000

-$3,040,000

-$2,758,000

-$2,859,000

-$2,795,000

Sales of property, plant & equipment

$170,000

$134,000

$180,000

$99,000

$86,000

$115,000

$109,000

Acquisition of SodaStream International Ltd (SodaStream), net of cash & cash equivalents acquired

-$1,939,000

-$1,197,000

Cash payments related to the transaction with Tingyi

-$3,000

Other acquisitions & investments in noncontrolled affiliates

-$778,000

-$299,000

-$61,000

-$212,000

-$86,000

-$88,000

-$109,000

Reduction of cash due to Venezuela deconsolidation

-$568,000

Divestitures

$253,000

$505,000

$267,000

$85,000

$76,000

$203,000

$133,000

Short-term investments, by original maturity - more than 3 months - purchases

-$5,637,000

-$18,385,000

-$12,504,000

-$4,428,000

-$6,305,000

Short-term investments, by original maturity - more than 3 months - maturities

$16,000

$12,824,000

$15,744,000

$8,399,000

$4,111,000

$3,891,000

Short-term investments, by original maturity - more than 3 months - sales

$62,000

$1,498,000

$790,000

Short-term investments, by original maturity - three months or less, net

$19,000

$16,000

$2,000

$16,000

$3,000

$116,000

$61,000

Other investing, net

-$8,000

$2,000

$29,000

$9,000

-$5,000

-$10,000

-$21,000

Net cash flows from investing activities

-$6,437,000

$4,564,000

-$4,403,000

-$7,148,000

-$3,569,000

-$4,937,000

-$2,625,000

CHECK

Proceeds from issuances of long-term debt

$4,621,000

$7,509,000

$7,818,000

$8,702,000

$3,855,000

$4,195,000

Payments of long-term debt

-$3,970,000

-$4,007,000

-$4,406,000

-$3,105,000

-$4,095,000

-$2,189,000

-$3,894,000

Debt redemptions

-$1,007,000

-$1,589,000

-$2,504,000

Short-term borrowings, by original maturity - more than three months - proceeds

$6,000

$3,000

$91,000

$59,000

$15,000

$50,000

$23,000

Short-term borrowings, by original maturity - more than three months - payments

-$2,000

-$17,000

-$128,000

-$27,000

-$43,000

-$10,000

-$492,000

Short-term borrowings, by original maturity - three months or less, net

-$3,000

-$1,352,000

-$1,016,000

$1,505,000

$53,000

-$2,037,000

$1,634,000

Cash dividends paid

-$5,304,000

-$4,930,000

-$4,472,000

-$4,227,000

-$4,040,000

-$3,730,000

-$3,434,000

Share repurchases - common

-$3,000,000

-$2,000,000

-$3,000,000

-$5,000,000

-$5,012,000

-$3,001,000

Share repurchases - preferred

-$2,000

-$5,000

-$7,000

-$5,000

-$10,000

-$7,000

Proceeds from exercises of stock options

$329,000

$281,000

$462,000

$465,000

$504,000

$755,000

$1,123,000

Withholding tax payments on restricted stock units (RSUs), performance stock units (PSUs) & PepsiCo equity performance units (PEPunits) converted

-$114,000

-$103,000

-$145,000

Excess tax benefits from share-based payment arrangements

$139,000

$133,000

$114,000

$117,000

Acquisition of noncontrolling interests

-$20,000

Other financing

-$45,000

-$53,000

-$76,000

-$58,000

-$52,000

-$50,000

-$33,000

Net cash flows from financing activities

-$8,489,000

-$13,769,000

-$4,186,000

-$2,942,000

-$3,828,000

-$8,264,000

-$3,789,000

CHECK

Cash & cash equivalents & restricted cash - beginning of year

$10,769,000

$10,657,000

$9,158,000

$9,096,000

$6,134,000

$9,375,000

$6,297,000

Cash & cash equivalents & restricted cash, end of year

$5,570,000

$10,769,000

$10,610,000

$9,158,000

$9,096,000

$6,134,000

$9,375,000

Effect of exchange rate changes on cash & cash equivalents

$78,000

-$98,000

$47,000

-$252,000

-$221,000

-$546,000

-$196,000

Net increase in cash & cash equivalents & restricted cash

-$5,199,000

$112,000

$1,452,000

$62,000

$2,962,000

-$3,241,000

$3,078,000

CHECK

Interest paid

$1,076,000

$1,388,000

$1,123,000

$1,102,000

$952,000

$925,000

$1,007,000

Income taxes paid, net of refunds

$2,226,000

$1,203,000

$1,962,000

$1,393,000

$1,808,000

$1,847,000

$3,076,000