Depreciation and amortization are recognized on a straight-line basis over an asset's estimated useful life. Information with respect to securities authorized for issuance under equity compensation plans can be found under the caption "Executive Compensation – Securities Authorized for Issuance Under Equity Compensation Plans" in our 2016 Proxy Statement and is incorporated herein by reference. This Code is clearly aligned with our stated values – a commitment to deliver sustained growth through empowered people acting with responsibility and building trust. Ongoing productivity initiatives involve the identification and effective implementation of meaningful cost-saving opportunities or efficiencies, including the use of derivatives. Sales incentives and discounts are primarily accounted for as a reduction of revenue and include payments to customers for performing merchandising activities on our behalf, such as payments for in-store displays, payments to gain distribution of new products, payments for shelf space and discounts to promote lower retail prices. To generate revenues and profits, we must sell products that appeal to our customers and to consumers. If we are unable to successfully implement our productivity initiatives and global operating model as planned, fail to implement these initiatives as timely as we anticipate, do not achieve expected savings as a result of these initiatives or incur higher than expected or unanticipated costs in implementing these initiatives, or fail to identify and implement additional productivity opportunities in the future, or fail to successfully manage business disruptions or unexpected employee consequences on our workforce, morale or productivity, we may not realize all or any of the anticipated benefits, which could adversely affect our business, financial condition or results of operations. 23, 201 1.Source: 2009 PepsiCo Annual Report 0 5b 10b 15b 20b. These investments are classified as short-term investments and are used to manage a portion of market risk arising from our deferred compensation liability. These impacts were partially offset by the effective net pricing, planned cost reductions across a number of expense categories and the volume growth. UNITED STATES SECURITIES AND EXCHANGE COMMISSION, ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934, For the fiscal year ended December 26, 2015, (Exact Name of Registrant as Specified in Its Charter), (State or Other Jurisdiction of Incorporation or Organization), 700 Anderson Hill Road, Purchase, New York, Registrant's telephone number, including area code: 914-253-2000. Our success depends in part on our ability to anticipate and effectively respond to shifts in consumer trends and preferences, including increased demand for products that meet the needs of consumers who are concerned with: health and wellness (including products that have less sodium, added sugars and saturated fat); convenience (including responding to changes in in-home and on-the-go consumption patterns); or the location of origin or source of the ingredients and products. The year-over-year comparisons of our financial results are affected by the following items: Pension-related settlement benefits/(charge), Charge related to the transaction with Tingyi, Net income attributable to PepsiCo per common share – diluted. In the fourth quarter of 2014, the Company offered certain former employees who had vested benefits in our U.S. defined benefit pension plans the option of receiving a one-time lump sum payment equal to the present value of the participant's pension benefit (payable in cash or rolled over into a qualified retirement plan or Individual Retirement Account (IRA)). Attestation Report of the Registered Public Accounting Firm. *, The PepsiCo International Retirement Plan Defined Contribution Program, as amended, which is incorporated herein by reference to Exhibit 10.1 to PepsiCo, Inc.'s Quarterly Report on Form 10-Q for the quarterly period ended March 21, 2015.*. With respect to divestitures and refranchisings, we may not be able to complete such transactions on terms commercially favorable to us or at all and may fail to achieve the anticipated benefits or cost savings from the divestiture or refranchising. Form of 4.50% Senior Note due 2020, which is incorporated herein by reference to Exhibit 4.3 to PepsiCo, Inc.'s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 13, 2010. in "Item 1A. Risk Factors" below "Changes in, or failure to comply with, laws and regulations applicable to our products or our business operations could adversely affect our business, financial condition or results of operations. See Note 10 to our consolidated financial statements for further discussion of these derivatives and our hedging policies. Gains and losses resulting from actual experience differing from our assumptions, including the difference between the actual return on plan assets and the expected return on plan assets, and from changes in our assumptions are determined at each measurement date. See Note 5 to our consolidated financial statements. The following selected financial data should be read in conjunction with "Item 7. If any of these third-party service providers or vendors do not perform effectively, or if we fail to adequately monitor their performance, we may not be able to achieve the expected cost savings or we may have to incur additional costs to correct errors made by such service providers and our reputation could be harmed. * CCD, issued to Private Equity investors are considered as equity in 2015 # Financials for 2015 are as per the restated consolidated financials as reported in the IPO prospectus 76 % Revenues from Indian Operations 24 % Revenues from International Operations * bp – basis points *Networth Growth #Over 2015 74.2% CAGR 2012-16 34.0% EBITDA Margin Growth Dividends – We have paid consecutive quarterly cash dividends since 1965. The following table summarizes our total share-based compensation expense: Restructuring and impairment charges/(credits), Income tax benefits recognized in earnings related to share-based compensation. In 2015 and 2014, cash expenditures include $2 million and $10 million , respectively, reported on the Consolidated Statement of Cash Flows in pension and retiree medical plan contributions. Starting in 2014 , Russia announced economic sanctions against the United States and other nations that include a ban on imports of certain ingredients and finished goods from specific countries. Form of PepsiAmericas, Inc. 5.50% Note due 2035, which is incorporated herein by reference to Exhibit 4.17 to PepsiCo, Inc.'s Quarterly Report on Form 10-Q for the quarterly period ended March 20, 2010. In addition, we continued to make investments to reduce our impact on the environment, including: efforts to conserve raw materials and energy, such as by working to achieve reductions in greenhouse gas emissions across our global businesses, by helping to protect and conserve. As of December 26, 2015, the estimated fair values of our indefinite-lived reacquired and acquired franchise rights recorded at NAB exceeded their carrying values. Based on quoted market prices in active markets. We believe the calculation of net ROIC, excluding items affecting comparability, provides useful information to investors and is an additional relevant comparison of our performance to consider when evaluating our capital allocation discipline. Fluctuations in exchange rates, including as a result of currency controls or other currency exchange restrictions, have had, and may continue to have, an adverse impact on our business, financial condition and results of operations. *, Form of Annual Long-Term Incentive Award Agreement, which is incorporated herein by reference to Exhibit 10.1 to PepsiCo, Inc.'s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 5, 2016.*. In addition, unstable economic, political and social conditions and civil unrest in certain markets in which our products are made, manufactured, distributed or sold, including in Russia, Ukraine, Brazil, Greece and the Middle East, and currency fluctuations in certain of these international markets continue to result in challenging operating environments. Ten years of annual and quarterly financial statements and annual report data for PepsiCo (PEP). Stock Prices – The quarterly composite high and low sales prices for PepsiCo common stock as reported on the New York Stock Exchange for each fiscal quarter of 2015 and 2014 are contained in "Item 6. In 2012, we incurred merger and integration charges of $16 million ($12 million after-tax or $0.01 per share) related to our acquisition of WBD. Funds borrowed under the Five-Year Credit Agreement and the 364-Day Credit Agreement may be used for general corporate purposes. Included in all other countries as of December 26, 2015 and December 27, 2014 is $538 million and $611 million , respectively, related to our 5% indirect equity interest in TAB. As of December 26, 2015 , we had approximately $40.2 billion of undistributed international earnings. ", "Our business, financial condition or results of operations could be adversely affected if we are unable to grow our business in developing and emerging markets or as a result of unstable political conditions, civil unrest or other developments and risks in the markets where our products are made, manufactured, distributed or sold" and "Climate change or water scarcity, or legal, regulatory or market measures to address climate change or water scarcity, may negatively affect our business and operations or damage our reputation. As the contracting party, we could be liable to these suppliers in the event of any nonpayment by our bottlers, but we consider this exposure to be remote. Our success also depends on: product quality; our ability to extend our portfolio of products in growing markets and categories; our ability to respond to cultural differences and regional consumer preferences; our ability to monitor and adjust our use of ingredients to respond to applicable local regulations; our ability to develop or acquire new products that are responsive to certain consumer preferences; our ability to develop a broader portfolio of product choices and continue to increase non-carbonated beverage offerings and other alternatives to traditional carbonated beverage offerings; our ability to develop sweetener alternatives and innovation; our ability to improve the production and packaging of our products; and our ability to respond to competitive product and pricing pressures. Our employees are highly sought after by our competitors and other companies and our continued ability to compete effectively depends on our ability to retain, develop and motivate highly skilled personnel for all areas of our organization. Consumer preferences have been evolving, and are expected to continue to evolve, due to a variety of factors, including: the aging of the general population; consumer concerns or perceptions regarding the nutrition profile of certain of our products, including their caloric content, or perceptions (whether or not valid) regarding the health effects of ingredients or substances present in certain of our products, such as 4-MeI, acrylamide, artificial flavors and colors, artificial sweeteners, aspartame, caffeine, high-fructose corn syrup, saturated fat, sodium, sugar, trans fats or other product ingredients, substances or attributes, including genetically engineered ingredients; taxes or other restrictions imposed on our products; consumer concerns or perceptions regarding packaging materials, such as with respect to the environmental sustainability or chemical makeup thereof; changes in package or portion size; changes in social trends that impact travel, vacation or leisure activity patterns; changes in weather patterns or seasonal consumption cycles; negative publicity (whether or not valid) resulting from regulatory action, litigation against us or other companies in our industry or negative or inaccurate posts or comments in the media, including social media, about us, our products or advertising campaigns and marketing programs; consumer. Represents the impact of the exclusion of the fourth quarter 2014 results of our Venezuelan businesses, which were deconsolidated effective as of the end of the third quarter of 2015. Stock Exchange Listings – The New York Stock Exchange is the principal market for our common stock, which is also listed on the Chicago Stock Exchange and SIX Swiss Exchange. For additional unaudited information on goodwill and other intangible assets, see "Our Critical Accounting Policies" in Management's Discussion and Analysis of Financial Condition and Results of Operations. *, Amendment to the PepsiCo, Inc. 1994 Long-Term Incentive Plan, the PepsiCo, Inc. 1995 Stock Option Incentive Plan, the PepsiCo SharePower Stock Option Plan and the PepsiCo, Inc. 1987 Incentive Plan, effective as of February 2, 2007, which is incorporated herein by reference to Exhibit 10.41 to PepsiCo, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 30, 2006. In BT's Better Future Report for 2015, the company confirms that global portfolio revenue from products and services contributing towards BT's goal to help customers reduce carbon emissions by three times more than the carbon impact of BT's business was GBP 3.4 billion in 2014-5 FY. Fluctuations in exchange rates impact our business, financial condition and results of operations. A number of our sales incentives, such as bottler funding to independent bottlers and customer volume rebates. PepsiCo is required by law to send this information to you. Net interest expense increased $ 87 million , reflecting higher rates on our debt balances and lower gains on the market value of investments used to economically hedge a portion of our deferred compensation costs. Financial liabilities are classified on our Consolidated Balance Sheet within accounts payable and other current liabilities and other liabilities. Net of taxes of $1,253 million in 2015 , $1,260 million in 2014 and $945 million in 2013 . *, Amendment to the PepsiCo Pension Equalization Plan Document for the 409A Program, adopted February 18, 2010, which is incorporated herein by reference to Exhibit 10.12 to PepsiCo, Inc.'s Quarterly Report on Form 10-Q for the quarterly period ended March 20, 2010. To build on this progress, we continue to identify new opportunities to cut costs, innovating our way to a more productive future. … Net income attributable to PepsiCo decreased 3% and net income attributable to PepsiCo per common share decreased 1% . In 2015 and 2014 , restructuring and impairment charges related to the 2014 and 2012 Multi-Year Productivity Plans were $230 million ( $184 million after-tax or $0.12 per share) and $418 million ( $316 million after-tax or $0.21 per share), respectively. *, PepsiAmericas, Inc. 2000 Stock Incentive Plan (including Amendments No. PepsiCo annual revenue for 2020 was $70.372B , a 4.78% increase from 2019. Form of 5.50% Senior Note due 2040, which is incorporated herein by reference to Exhibit 4.4 to PepsiCo, Inc.'s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 13, 2010. Raw materials, direct labor and plant overhead, as well as purchasing and receiving costs, costs directly related to production planning, inspection costs and raw materials handling facilities, are included in cost of sales. In addition, payments for other U.S. Federal, state and local tax matters related to open tax years totaling $226 million were made in 2013. the PepsiCos recent annual reports and proxy information. ", See Note 3 to our consolidated financial statements for additional information on "Other Productivity Initiatives.". We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. In addition, lower commodity costs positively contributed 6 percentage points to reported operating profit performance. Our pension plans cover certain full-time employees in the United States and certain international employees. In addition, many of the countries in which our products are made, manufactured, distributed or sold, including countries in which we have significant operations, are actively considering changes to existing tax laws. Net revenue declined 2% and volume was even with the prior year. See Note 3 to our consolidated financial statements for further information. FLNA's net revenue was $14.8 billion , $14.5 billion and $14.1 billion in 2015 , 2014 and 2013 , respectively, and approximated 23% of our total net revenue in 2015 , 22% of our total net revenue in 2014 and 21% of our total net revenue in 2013 . Excluding the item affecting comparability in the above table (see "Items Affecting Comparability"), operating profit was even with the prior year. Form of PepsiAmericas, Inc. 7.29% Note due 2026, which is incorporated herein by reference to Exhibit 4.7 to PepsiCo, Inc.'s Quarterly Report on Form 10-Q for the quarterly period ended March 20, 2010. Our responsibility is to express an opinion on these consolidated financial statements and an opinion on the Company's internal control over financial reporting based on our audits. During 2014, we revised our mortality assumptions to include the impact of the new set of mortality tables issued by the Society of Actuaries, adjusted to reflect our experience and future expectations. Success in this competitive environment is dependent on effective promotion of existing products, effective introduction of new products and the effectiveness of our advertising campaigns, marketing programs, product packaging, pricing, increased efficiency in production techniques, new vending and dispensing equipment and brand and trademark development and protection. In certain instances, volume growth varies from the amounts disclosed in the following divisional discussions due to nonconsolidated joint venture volume, and, for our beverage businesses, temporary timing differences between BCS and CSE, as well as the mix of beverage volume sold by our Company-owned and franchised-owned bottlers. All of these charges were recorded in selling, general and administrative expenses and primarily relate to severance and other employee-related costs, asset impairments (all non-cash), and other costs associated with the implementation of our initiatives, including contract termination costs. *, PepsiCo, Inc. Executive Incentive Compensation Plan, which is incorporated herein by reference to Exhibit B to PepsiCo, Inc.'s Proxy Statement for its 2009 Annual Meeting of Shareholders filed with the Securities and Exchange Commission on March 24, 2009. Non-cash charges in 2015 and 2014 were $10 million and $13 million , respectively. Based on the price of index funds. Weekly beverage and snack sales are generally highest in the third quarter due to seasonal and holiday-related patterns, and generally lowest in the first quarter. During 2014, net cash provided by operating activities was $10.5 billion, compared to $9.7 billion in the prior year. This charge is expected to impact reportable segments approximately as follows: FLNA 12%, QFNA 2%, NAB 35%, Latin America 15%, ESSA 25%, AMENA 4% and Corporate 7%. ingredients. On a reported basis, total operating profit decreased 1% and operating margin decreased 0.2 percentage points. This impact was partially offset by the discretionary pension and retiree medical contributions described above. If we fail to obtain or adequately protect our ingredient formulas, trademarks, copyrights, patents, business processes and other trade secrets, or if there is a change in law that limits or removes the current legal protections of our intellectual property, the value of our products and brands could be reduced and there could be an adverse impact on our business, financial condition or results of operations. *, Form of Non-Employee Director Stock Option Agreement, which is incorporated herein by reference to Exhibit 99.6 to PepsiCo, Inc.'s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 28, 2005. Based on the fair value of the investments owned by these funds that track various non-U.S. equity indices. As of December 26, 2015 , approximately 33% of total debt, after the impact of the related interest rate derivative instruments, was exposed to variable rates, compared to approximately 25% as of December 27, 2014 . In 2015, the FASB issued a deferral of the effective date of the guidance to 2018, with early adoption permitted in 2017. See "Our Critical Accounting Policies" for a discussion of the exposure of our pension and retiree medical plan assets and liabilities to risks related to market fluctuations. The prices we pay for such items are subject to fluctuation, and we manage this risk through the use of fixed-price contracts and purchase orders, pricing agreements and derivative instruments, including swaps and futures. We are subject to various claims and contingencies related to lawsuits, certain taxes and environmental matters, as well as commitments under contractual and other commercial obligations. We have entered into agreements with third-party service providers to share certain information technology support services and administrative functions, including payroll processing, health and benefit plan administration and certain finance and accounting functions, and may enter into agreements for shared services in other functions in the future to achieve cost savings and efficiencies. We were incorporated in Delaware in 1919 and reincorporated in North Carolina in 1986. Joint ventures are intended to be operated for the benefit of all co-owners, rather than for our exclusive benefit. We are a global food and beverage company operating in highly competitive categories and markets and we rely on continued demand for our products. Assuming year-end 2015 investment levels and variable rate debt, a 1-percentage-point increase in interest rates would have decreased net interest expense by $8 million in 2015 due to higher cash and cash equivalents and short-term investments levels as compared with our variable rate debt. The amount of U.S. dollars made available to our Venezuelan entities through CENCOEX declined significantly since 2014 and worsened during the third quarter of 2015. In 2013, we recorded a $ 111 million net charge related to the devaluation of the bolivar for our Venezuelan businesses. In addition, natural disasters and extreme weather conditions may disrupt the productivity of our facilities or the operation of our supply chain. However, the report will structure itself through the brief introduction of each company's detailed view of company's financial health depending upon the annual reports of the companies of 2012, 2013 and 2014. Failure to take adequate steps to mitigate the likelihood or potential impact of such events, or to effectively manage such events if they occur, could adversely affect our business, financial condition or results of operations, as well as require additional resources to restore our operations. Report of Independent Registered Public Accounting Firm. For example, taxes on sugar-sweetened beverages were imposed in Mexico and Berkeley, California; the U.S. Food and Drug Administration is considering requiring nutrition labels to include information about added sugars; and Brazil and Vermont have enacted legislation requiring labeling of products that contain genetically modified ingredients. For the years ended December 26, 2015 and December 27, 2014 , total net revenue generated by our operations in Russia represented 4% and 7% of our consolidated net revenue, respectively. Volatility reflects movements in our stock price over the most recent historical period equivalent to the expected life. Based on our most recent assessment of our counterparty credit risk, we consider this risk to be low. *, Amendment to the PepsiCo Pension Equalization Plan (the Plan Document for the 409A Program), effective as of October 1, 2014, which is incorporated herein by reference to Exhibit 10.77 to PepsiCo, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 27, 2014. We did not receive any U.S. dollars in the fourth quarter of 2015 from our Venezuelan entities. Unfavorable foreign exchange reduced operating profit growth by 1 percentage point. Please wait while we load the requested 10-K report or click the link below: https://last10k.com/sec-filings/report/77476/000007747615000012/pepsico201410-k.htm, Pepsico Inc provided additional information to their SEC Filing as exhibits, © 2012 – 2021 Last10K.com All Rights Reserved. The change from 2014 to 2015 primarily reflects the depreciation of the Russian ruble, Brazilian real and the Canadian dollar. These commodity derivatives include agricultural products, energy and metals. These gains and losses are subsequently reflected in division results when the divisions recognize the cost of the underlying commodity in operating profit. Net revenue decreased 22%, primarily reflecting unfavorable foreign exchange, which negatively impacted net revenue performance by 24 percentage points, including 13 percentage points from Russia, as well as net volume declines. We are also focused on developing new ways to reach our consumers through innovative digital marketing, social media engagement and content creation. Beverage volume grew 1%, driven by double-digit growth in Pakistan and mid-single-digit growth in the Middle East and Philippines, partially offset by high-single-digit declines in China and India.
Essential Agreements For Adults, Lake Michigan Ghost Stories, Jet Ski For Sale Second Hand, Jacmel, Haiti Hotel, Wizard101 How Does Seed Vault Work, Pilea Glauca Greyzy, Unexplained Cuts On Fingers,