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Basis of Presentation | 9 Months Ended
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Sep. 06, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Basis of Presentation and Our Divisions | Basis of Presentation When used in this report, the terms “we,” “us,” “our,” “PepsiCo” and the “Company” mean PepsiCo, Inc. and its consolidated subsidiaries. Our Condensed Consolidated Balance Sheet as of September 6, 2014, Condensed Consolidated Statements of Income and Comprehensive Income for the 12 and 36 weeks ended September 6, 2014 and September 7, 2013, and the Condensed Consolidated Statements of Cash Flows and Equity for the 36 weeks ended September 6, 2014 and September 7, 2013 have not been audited. These statements have been prepared on a basis that is substantially consistent with the accounting principles applied in our Annual Report on Form 10-K for the fiscal year ended December 28, 2013. In our opinion, these financial statements include all normal and recurring adjustments necessary for a fair presentation. The results for the 12 and 36 weeks ended September 6, 2014 and September 7, 2013 are not necessarily indicative of the results expected for the full year. The results of our Venezuelan businesses have been reported under highly inflationary accounting since the beginning of 2010. See further unaudited information in “Our Business Risks,” “Items Affecting Comparability” and “Our Liquidity and Capital Resources” in Management’s Discussion and Analysis of Financial Condition and Results of Operations. While our North America (United States and Canada) results are reported on a 12-week basis, most of our international operations report on a monthly calendar basis for which the months of June, July and August are reflected in our third quarter results. Our significant interim accounting policies include the recognition of a pro rata share of certain estimated annual sales incentives and certain advertising and marketing costs in proportion to revenue or volume, as applicable, and the recognition of income taxes using an estimated annual effective tax rate. Raw materials, direct labor and plant overhead, as well as purchasing and receiving costs, costs directly related to production planning, inspection costs and raw material handling facilities, are included in cost of sales. The costs of moving, storing and delivering finished product are included in selling, general and administrative expenses. The following information is unaudited. Tabular dollars are in millions, except per share amounts. All per share amounts reflect common per share amounts, assume dilution unless otherwise noted, and are based on unrounded amounts. This report should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 28, 2013. Our Divisions We are organized into six reportable segments (also referred to as divisions), as follows:
1. | Frito-Lay North America (FLNA);
2. | Quaker Foods North America (QFNA);
3. | Latin American Foods (LAF), which includes all of our food and snack businesses in Latin America;
4. | PepsiCo Americas Beverages (PAB), which includes all of our North American and Latin American beverage businesses;
5. | PepsiCo Europe (Europe), which includes all beverage, food and snack businesses in Europe and South Africa; and
6. | PepsiCo Asia, Middle East and Africa (AMEA), which includes all beverage, food and snack businesses in AMEA, excluding South Africa.
Net revenue and operating profit of each division are as follows:
| 12 Weeks Ended |  | 36 Weeks Ended
| 9/6/2014 |  |  | 9/7/2013 |  |  | 9/6/2014 |  |  | 9/7/2013 |
Net Revenue |  |  |  |  |  |  |
FLNA | $ | 3,526 |  |  | $ | 3,424 |  |  | $ | 10,132 |  |  | $ | 9,879 |
QFNA | 586 |  |  | 604 |  |  | 1,784 |  |  | 1,815 |
LAF | 2,178 |  |  | 2,049 |  |  | 5,638 |  |  | 5,532 |
PAB | 5,383 |  |  | 5,406 |  |  | 15,090 |  |  | 15,086 |
Europe | 3,764 |  |  | 3,818 |  |  | 9,382 |  |  | 9,413 |
AMEA | 1,781 |  |  | 1,608 |  |  | 4,709 |  |  | 4,572 |
| $ | 17,218 |  |  | $ | 16,909 |  |  | $ | 46,735 |  |  | $ | 46,297 |
| 12 Weeks Ended |  | 36 Weeks Ended
| 9/6/2014 |  |  | 9/7/2013 |  |  | 9/6/2014 |  |  | 9/7/2013 |
Operating Profit |  |  |  |  |  |  |
FLNA | $ | 1,025 |  |  | $ | 977 |  |  | $ | 2,824 |  |  | $ | 2,711 |
QFNA | 150 |  |  | 137 |  |  | 449 |  |  | 450 |
LAF | 327 |  |  | 295 |  |  | 882 |  |  | 829 |
PAB | 858 |  |  | 843 |  |  | 2,155 |  |  | 2,290 |
Europe | 465 |  |  | 501 |  |  | 1,068 |  |  | 1,014 |
AMEA | 309 |  |  | 295 |  |  | 884 |  |  | 1,003 |
Total division | 3,134 |  |  | 3,048 |  |  | 8,262 |  |  | 8,297 |
Corporate Unallocated |  |  |  |  |  |  |
Mark-to-market net (losses)/gains | (33 | ) |  | (19 | ) |  | 32 |  |  | (74 | )
Restructuring and impairment charges | (15 | ) |  | 1 |  |  | (20 | ) |  | (1 | )
Venezuela currency devaluation | — |  |  | — |  |  | — |  |  | (124 | )
Other | (239 | ) |  | (250 | ) |  | (724 | ) |  | (791 | )
| $ | 2,847 |  |  | $ | 2,780 |  |  | $ | 7,550 |  |  | $ | 7,307 |
Total assets of each division are as follows:
| Total Assets
| 9/6/2014 |  |  | 12/28/2013 |
FLNA | $ | 5,471 |  |  | $ | 5,308 |
QFNA | 1,013 |  |  | 983 |
LAF | 5,095 |  |  | 4,829 |
PAB | 30,727 |  |  | 30,350 |
Europe | 17,967 |  |  | 18,702 |
AMEA | 6,123 |  |  | 5,754 |
Total division | 66,396 |  |  | 65,926 |
Corporate (a) | 14,070 |  |  | 11,552 |
| $ | 80,466 |  |  | $ | 77,478 |
(a) | Corporate assets consist principally of cash and cash equivalents, short-term investments, derivative instruments, property, plant and equipment and certain pension and tax assets.

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