Company Quick10K Filing
Quick10K
PepsiCo
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$126.05 1,402 $176,700
10-Q 2019-06-15 Quarter: 2019-06-15
10-Q 2019-03-23 Quarter: 2019-03-23
10-K 2018-12-29 Annual: 2018-12-29
10-Q 2018-09-08 Quarter: 2018-09-08
10-Q 2018-06-16 Quarter: 2018-06-16
10-Q 2018-03-24 Quarter: 2018-03-24
10-K 2017-12-30 Annual: 2017-12-30
10-Q 2017-09-09 Quarter: 2017-09-09
10-Q 2017-06-17 Quarter: 2017-06-17
10-Q 2017-03-25 Quarter: 2017-03-25
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-03 Quarter: 2016-09-03
10-Q 2016-06-11 Quarter: 2016-06-11
10-Q 2016-03-19 Quarter: 2016-03-19
10-K 2015-12-26 Annual: 2015-12-26
10-Q 2015-09-05 Quarter: 2015-09-05
10-Q 2015-06-13 Quarter: 2015-06-13
10-Q 2015-03-21 Quarter: 2015-03-21
10-K 2014-12-27 Annual: 2014-12-27
10-Q 2014-09-06 Quarter: 2014-09-06
10-Q 2014-06-14 Quarter: 2014-06-14
10-Q 2014-03-22 Quarter: 2014-03-22
10-K 2013-12-28 Annual: 2013-12-28
8-K 2019-07-09 Earnings, Exhibits
8-K 2019-06-05 Officers
8-K 2019-05-01 Shareholder Vote, Exhibits
8-K 2019-04-17 Earnings, Exhibits
8-K 2019-03-14 Officers
8-K 2019-03-11 Other Events, Exhibits
8-K 2019-02-15 Earnings, Exit Costs, Impairments, Exhibits
8-K 2019-01-09 Officers
8-K 2018-12-18 Officers
8-K 2018-12-05 Regulation FD, Exhibits
8-K 2018-11-08 Other Events, Exhibits
8-K 2018-10-24 Leave Agreement, Other Events, Exhibits
8-K 2018-10-11 Other Events, Exhibits
8-K 2018-08-20 Regulation FD, Exhibits
8-K 2018-08-03 Officers
8-K 2018-06-04 Enter Agreement, Leave Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-05-02 Shareholder Vote
8-K 2018-02-27 Regulation FD
SPOT Spotify 24,360
DOV Dover 13,990
FTI TechnipFMC 10,240
IDA Idacorp 5,060
FMBI First Midwest Bancorp 2,220
WRE Washington Real Estate Investment Trust 2,200
KLIC Kulicke & Soffa Industries 1,400
UBCP United Bancorp 68
CBAK CBAK Energy Technology 0
EQGP Eqgp Holdings 0
PEP 2019-06-15
Part I Financial Information
Item 1. Condensed Consolidated Financial Statements.
Note 1 - Basis of Presentation and Our Divisions
Note 2 - Recently Issued Accounting Pronouncements
Note 3 - Restructuring and Impairment Charges
Note 4 - Intangible Assets
Note 5 - Income Taxes
Note 6 - Share-Based Compensation
Note 7 - Pension and Retiree Medical Benefits
Note 8 - Debt Obligations
Note 9 - Financial Instruments
Note 10 - Net Income Attributable To Pepsico per Common Share
Note 11 - Accumulated Other Comprehensive Loss Attributable To Pepsico
Note 12 - Restricted Cash
Note 13 - Leases
Note 14 - Acquisitions and Divestitures
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
Item 6
EX-15 exhibit15-q22019.htm
EX-31 exhibit31-q22019.htm
EX-32 exhibit32-q22019.htm

PepsiCo Earnings 2019-06-15

PEP 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
X
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 15, 2019 (24 weeks)
OR
    
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to             
Commission file number 1-1183
pepsicologo20185a02.jpg 
PepsiCo, Inc.
(Exact Name of Registrant as Specified in its Charter)
 
 
 
North Carolina
 
13-1584302
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
 
 
700 Anderson Hill Road, Purchase, New York
 
10577
(Address of Principal Executive Offices)
 
(Zip Code)
914-253-2000
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class
 
Trading Symbols
 
Name of each exchange on which registered
Common Stock, par value 1-2/3 cents per share
 
PEP
 
The Nasdaq Stock Market LLC
2.500% Senior Notes Due 2022
 
PEP22a
 
The Nasdaq Stock Market LLC
1.750% Senior Notes Due 2021
 
PEP21a
 
The Nasdaq Stock Market LLC
2.625% Senior Notes Due 2026
 
PEP26
 
The Nasdaq Stock Market LLC
0.875% Senior Notes Due 2028
 
PEP28
 
The Nasdaq Stock Market LLC
0.750% Senior Notes Due 2027
 
PEP27
 
The Nasdaq Stock Market LLC
1.125% Senior Notes Due 2031
 
PEP31
 
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer  x
 
Accelerated filer  ¨
Non-accelerated filer  ¨
 
Smaller reporting company ¨
 
 
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ¨    No  x
Number of shares of Common Stock outstanding as of July 1, 2019 was 1,398,169,503.


Table of Contents    


PepsiCo, Inc. and Subsidiaries

Table of Contents
 
 
Page No.
Part I Financial Information
 
Item 1.
Condensed Consolidated Financial Statements
 
 
 
 
 
 
 
Item 2.
Report of Independent Registered Public Accounting Firm
Item 3.
Item 4.
Part II Other Information
 
Item 1.
Item 1A.
Item 2.
Item 6.


2

Table of Contents    


PART I FINANCIAL INFORMATION
ITEM 1. Condensed Consolidated Financial Statements.

Condensed Consolidated Statement of Income
PepsiCo, Inc. and Subsidiaries
(in millions except per share amounts, unaudited) 
 
12 Weeks Ended
 
24 Weeks Ended
 
6/15/2019

 
6/16/2018

 
6/15/2019

 
6/16/2018

Net Revenue
$
16,449

 
$
16,090

 
$
29,333

 
$
28,652

Cost of sales
7,404

 
7,263

 
13,092

 
12,918

Gross profit
9,045

 
8,827

 
16,241

 
15,734

Selling, general and administrative expenses
6,316

 
5,799

 
11,504

 
10,899

Operating Profit
2,729

 
3,028

 
4,737

 
4,835

Other pension and retiree medical benefits income
61

 
82

 
125

 
157

Interest expense
(261
)
 
(308
)
 
(528
)
 
(602
)
Interest income and other
38

 
98

 
101

 
167

Income before income taxes
2,567

 
2,900

 
4,435

 
4,557

Provision for income taxes
524

 
1,070

 
970

 
1,374

Net income
2,043

 
1,830

 
3,465

 
3,183

Less: Net income attributable to noncontrolling interests
8

 
10

 
17

 
20

Net Income Attributable to PepsiCo
$
2,035

 
$
1,820

 
$
3,448

 
$
3,163

Net Income Attributable to PepsiCo per Common Share
 
 
 
 
 
 
 
Basic
$
1.45

 
$
1.28

 
$
2.46

 
$
2.23

Diluted
$
1.44

 
$
1.28

 
$
2.44

 
$
2.21

Weighted-average common shares outstanding
 
 
 
 
 
 
 
Basic
1,401

 
1,417

 
1,403

 
1,418

Diluted
1,409

 
1,426

 
1,411

 
1,428


See accompanying notes to the condensed consolidated financial statements.

3

Table of Contents    


Condensed Consolidated Statement of Comprehensive Income
PepsiCo, Inc. and Subsidiaries
(in millions, unaudited) 
 
12 Weeks Ended
 
24 Weeks Ended
 
6/15/2019

 
6/16/2018

 
6/15/2019

 
6/16/2018

Net income
$
2,043

 
$
1,830

 
$
3,465

 
$
3,183

Other comprehensive (loss)/income, net of taxes:
 
 
 
 
 
 
 
Net currency translation adjustment
(365
)
 
(971
)
 
108

 
(681
)
Net change on cash flow hedges
(6
)
 
48

 
(33
)
 
76

Net pension and retiree medical adjustments
42

 
56

 
59

 
80

Net change on available-for-sale securities
1

 
4

 
1

 
2

 
(328
)
 
(863
)
 
135

 
(523
)
Comprehensive income
1,715

 
967

 
3,600

 
2,660

Comprehensive income attributable to noncontrolling interests
(8
)
 
(10
)
 
(17
)
 
(20
)
Comprehensive Income Attributable to PepsiCo
$
1,707

 
$
957

 
$
3,583

 
$
2,640



See accompanying notes to the condensed consolidated financial statements.

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Condensed Consolidated Statement of Cash Flows
PepsiCo, Inc. and Subsidiaries
(in millions, unaudited)
 
24 Weeks Ended
 
6/15/2019

 
6/16/2018

Operating Activities
 
 
 
Net income
$
3,465

 
$
3,183

Depreciation and amortization
1,056

 
1,070

Share-based compensation expense
118

 
146

Restructuring and impairment charges
184

 
44

Cash payments for restructuring charges
(153
)
 
(126
)
Pension and retiree medical plan expenses
98

 
93

Pension and retiree medical plan contributions
(317
)
 
(1,573
)
Deferred income taxes and other tax charges and credits
221

 
(167
)
Tax (benefits)/net tax expense related to the Tax Cuts and Jobs Act (TCJ Act)
(29
)
 
778

Tax payments related to the TCJ Act
(393
)
 
(38
)
Change in assets and liabilities:
 
 
 
Accounts and notes receivable
(1,372
)
 
(1,019
)
Inventories
(872
)
 
(637
)
Prepaid expenses and other current assets
(336
)
 
(224
)
Accounts payable and other current liabilities
(521
)
 
(560
)
Income taxes payable
202

 
410

Other, net
37

 
(293
)
Net Cash Provided by Operating Activities
1,388

 
1,087

 
 
 
 
Investing Activities
 
 
 
Capital spending
(1,167
)
 
(945
)
Sales of property, plant and equipment
42

 
43

Acquisition of SodaStream International Ltd. (SodaStream)
(1,880
)
 

Other acquisitions and investments in noncontrolled affiliates
(544
)
 
(188
)
Divestitures
270

 
280

Short-term investments, by original maturity:
 
 
 
More than three months - purchases

 
(5,544
)
More than three months - maturities
4

 
9,416

More than three months - sales
2

 
760

Three months or less, net
8

 
5

Other investing, net
(6
)
 

Net Cash (Used for)/Provided by Investing Activities
(3,271
)
 
3,827

 
 
 
 
Financing Activities
 
 
 
Proceeds from issuances of long-term debt
1,122

 

Payments of long-term debt
(2,953
)
 
(2,502
)
Short-term borrowings, by original maturity:
 
 
 
More than three months - proceeds
6

 

More than three months - payments

 
(17
)
Three months or less, net
652

 
4,091

Cash dividends paid
(2,635
)
 
(2,305
)
Share repurchases - common
(1,726
)
 
(984
)
Share repurchases - preferred

 
(2
)
Proceeds from exercises of stock options
210

 
145

Withholding tax payments on restricted stock units (RSUs), performance stock units (PSUs) and PepsiCo
equity performance units (PEPunits) converted
(100
)
 
(82
)
Other financing
(15
)
 
(2
)
Net Cash Used for Financing Activities
(5,439
)
 
(1,658
)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
24

 
(19
)
Net (Decrease)/Increase in Cash and Cash Equivalents and Restricted Cash
(7,298
)
 
3,237

Cash and Cash Equivalents and Restricted Cash, Beginning of Year
10,769

 
10,657

Cash and Cash Equivalents and Restricted Cash, End of Period
$
3,471

 
$
13,894


See accompanying notes to the condensed consolidated financial statements.

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Condensed Consolidated Balance Sheet
PepsiCo, Inc. and Subsidiaries
(in millions except per share amounts)
 
(Unaudited)

 
 
 
6/15/2019

 
12/29/2018

ASSETS
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
$
3,293

 
$
8,721

Short-term investments
291

 
272

Restricted cash
150

 
1,997

Accounts and notes receivable, less allowance: 6/19 - $113 and 12/18 - $101
8,502

 
7,142

Inventories:
 
 
 
Raw materials and packaging
1,589

 
1,312

Work-in-process
384

 
178

Finished goods
2,015

 
1,638

 
3,988

 
3,128

Prepaid expenses and other current assets
988

 
633

Total Current Assets
17,212

 
21,893

Property, plant and equipment
40,264

 
40,164

Accumulated depreciation
(22,822
)
 
(22,575
)
 
17,442

 
17,589

Amortizable Intangible Assets, net
1,433

 
1,644

Goodwill
15,632

 
14,808

Other indefinite-lived intangible assets
14,148

 
14,181

Indefinite-Lived Intangible Assets
29,780

 
28,989

Investments in Noncontrolled Affiliates
2,510

 
2,409

Deferred Income Taxes
4,353

 
4,364

Other Assets
2,354

 
760

Total Assets
$
75,084

 
$
77,648

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Current Liabilities
 
 
 
Short-term debt obligations
$
3,473

 
$
4,026

Accounts payable and other current liabilities
16,455

 
18,112

Total Current Liabilities
19,928

 
22,138

Long-Term Debt Obligations
27,712

 
28,295

Deferred Income Taxes
3,658

 
3,499

Other Liabilities
9,749

 
9,114

Total Liabilities
61,047

 
63,046

 
 
 
 
Commitments and contingencies
 
 
 
 
 
 
 
PepsiCo Common Shareholders’ Equity
 
 
 
Common stock, par value 12/3¢ per share (authorized 3,600 shares; issued, net of repurchased common stock at par value: 1,399 and 1,409 shares, respectively)
23

 
23

Capital in excess of par value
3,796

 
3,953

Retained earnings
60,752

 
59,947

Accumulated other comprehensive loss
(14,984
)
 
(15,119
)
Repurchased common stock, in excess of par value (468 and 458 shares, respectively)
(35,635
)
 
(34,286
)
Total PepsiCo Common Shareholders’ Equity
13,952

 
14,518

Noncontrolling interests
85

 
84

Total Equity
14,037

 
14,602

Total Liabilities and Equity
$
75,084

 
$
77,648


See accompanying notes to the condensed consolidated financial statements.

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Condensed Consolidated Statement of Equity
PepsiCo, Inc. and Subsidiaries
(in millions, unaudited)
 
12 Weeks Ended
 
24 Weeks Ended
 
6/15/2019
 
6/16/2018
 
6/15/2019
 
6/16/2018
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
Preferred Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period

 
$

 

 
$

 

 
$

 
0.8

 
$
41

Conversion to common stock

 

 

 

 

 

 
(0.1
)
 
(6
)
Retirement of preferred stock

 

 

 

 

 

 
(0.7
)
 
(35
)
Balance, end of period

 

 

 

 

 

 

 

Repurchased Preferred Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period

 

 

 

 

 

 
(0.7
)
 
(197
)
Redemptions

 

 

 

 

 

 

 
(2
)
Retirement of preferred stock

 

 

 

 

 

 
0.7

 
199

Balance, end of period

 

 

 

 

 

 

 

Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
1,404

 
23

 
1,419

 
24

 
1,409

 
23

 
1,420

 
24

Shares issued in connection with preferred stock conversion to common stock

 

 

 

 

 

 
1

 

Change in repurchased common stock
(5
)
 

 
(4
)
 

 
(10
)
 

 
(6
)
 

Balance, end of period
1,399

 
23

 
1,415

 
24

 
1,399

 
23

 
1,415

 
24

Capital in Excess of Par Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
 
 
3,753

 
 
 
3,866

 
 
 
3,953

 
 
 
3,996

Share-based compensation expense
 
 
62

 
 
 
65

 
 
 
119

 
 
 
148

Equity issued in connection with preferred stock conversion to common stock
 
 

 
 
 

 
 
 

 
 
 
6

Stock option exercises, RSUs, PSUs and PEPunits converted
 
 
(12
)
 
 
 
(8
)
 
 
 
(176
)
 
 
 
(150
)
Withholding tax on RSUs, PSUs and PEPunits converted
 
 
(7
)
 
 
 
(6
)
 
 
 
(100
)
 
 
 
(82
)
Other
 
 

 
 
 
(2
)
 
 
 

 
 
 
(3
)
Balance, end of period
 
 
3,796

 
 
 
3,915

 
 
 
3,796

 
 
 
3,915

Retained Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
 
 
60,060

 
 
 
52,726

 
 
 
59,947

 
 
 
52,839

Cumulative effect of accounting changes
 
 

 
 
 

 
 
 
8

 
 
 
(145
)
Net income attributable to PepsiCo
 
 
2,035

 
 
 
1,820

 
 
 
3,448

 
 
 
3,163

Cash dividends declared – common (a)
 
 
(1,343
)
 
 
 
(1,323
)
 
 
 
(2,651
)
 
 
 
(2,470
)
Retirement of preferred stock
 
 

 
 
 

 
 
 

 
 
 
(164
)
Balance, end of period
 
 
60,752

 
 
 
53,223

 
 
 
60,752

 
 
 
53,223

Accumulated Other Comprehensive Loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
 
 
(14,656
)
 
 
 
(12,717
)
 
 
 
(15,119
)
 
 
 
(13,057
)
Other comprehensive (loss)/income attributable to PepsiCo
 
 
(328
)
 
 
 
(863
)
 
 
 
135

 
 
 
(523
)
Balance, end of period
 
 
(14,984
)
 
 
 
(13,580
)
 
 
 
(14,984
)
 
 
 
(13,580
)
Repurchased Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
(463
)
 
(34,978
)
 
(448
)
 
(33,016
)
 
(458
)
 
(34,286
)
 
(446
)
 
(32,757
)
Share repurchases
(6
)
 
(779
)
 
(5
)
 
(483
)
 
(15
)
 
(1,750
)
 
(10
)
 
(1,004
)
Stock option exercises, RSUs, PSUs and PEPunits converted
1

 
122

 
1

 
28

 
5

 
401

 
4

 
289

Other

 

 

 

 

 

 

 
1

Balance, end of period
(468
)
 
(35,635
)
 
(452
)
 
(33,471
)
 
(468
)
 
(35,635
)
 
(452
)
 
(33,471
)
Total PepsiCo Common Shareholders’ Equity
 
 
13,952

 
 
 
10,111

 
 
 
13,952

 
 
 
10,111

Noncontrolling Interests
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
 
 
94

 
 
 
102

 
 
 
84

 
 
 
92

Net income attributable to noncontrolling interests
 
 
8

 
 
 
10

 
 
 
17

 
 
 
20

Distributions to noncontrolling interests
 
 
(15
)
 
 
 

 
 
 
(15
)
 
 
 

Other, net
 
 
(2
)
 
 
 
(2
)
 
 
 
(1
)
 
 
 
(2
)
Balance, end of period
 
 
85

 
 
 
110

 
 
 
85

 
 
 
110

Total Equity
 
 
$
14,037

 
 
 
$
10,221

 
 
 
$
14,037

 
 
 
$
10,221


(a)
Cash dividends declared per common share were $0.955 and $0.9275 for the 12 weeks ended June 15, 2019 and June 16, 2018, respectively, and $1.8825 and $1.7325 for the 24 weeks ended June 15, 2019 and June 16, 2018, respectively.
See accompanying notes to the condensed consolidated financial statements.

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Notes to the Condensed Consolidated Financial Statements
Note 1 - 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, collectively.
Our Condensed Consolidated Balance Sheet as of June 15, 2019, Condensed Consolidated Statements of Income, Comprehensive Income and Equity for the 12 and 24 weeks ended June 15, 2019 and June 16, 2018 and the Condensed Consolidated Statement of Cash Flows for the 24 weeks ended June 15, 2019 and June 16, 2018 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 29, 2018 (2018 Form 10-K), as modified to reflect the adoption of those recently issued accounting pronouncements disclosed in Note 2 in this Form 10-Q. This report should be read in conjunction with our 2018 Form 10-K. In our opinion, these financial statements include all normal and recurring adjustments necessary for a fair presentation. The results for the 12 and 24 weeks ended June 15, 2019 are not necessarily indicative of the results expected for any future period or the full year.
While our financial results in the United States and Canada (North America) are reported on a 12-week basis, substantially all of our international operations report on a monthly calendar basis for which the months of March, April and May are reflected in our results for the 12 weeks ended June 15, 2019, and the months of January through May are reflected in our results for the 24 weeks ended June 15, 2019.
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 materials handling facilities, are included in cost of sales. The costs of moving, storing and delivering finished product, including merchandising activities, are included in selling, general and administrative expenses.
The following information is unaudited. Unless otherwise noted, 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. Certain reclassifications were made to the prior year’s financial statements to conform to the current year presentation.
Our Divisions
We are organized into six reportable segments (also referred to as divisions), as follows:
1)
Frito-Lay North America (FLNA), which includes our branded food and snack businesses in the United States and Canada;
2)
Quaker Foods North America (QFNA), which includes our cereal, rice, pasta and other branded food businesses in the United States and Canada;
3)
PepsiCo Beverages North America (PBNA), which includes our beverage businesses in the United States and Canada. PBNA was formerly named North America Beverages; this change did not impact the results of PBNA or our other reportable segments;
4)
Latin America (LatAm), which includes all of our beverage, food and snack businesses in Latin America;
5)
Europe Sub-Saharan Africa (ESSA), which includes all of our beverage, food and snack businesses in Europe and Sub-Saharan Africa; and

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6)
Asia, Middle East and North Africa (AMENA), which includes all of our beverage, food and snack businesses in Asia, the Middle East and North Africa.
Net revenue and operating profit of each division are as follows:
 
12 Weeks Ended
 
24 Weeks Ended
Net Revenue (a)
6/15/2019

 
6/16/2018

 
6/15/2019

 
6/16/2018

FLNA
$
4,010

 
$
3,837

 
$
7,825

 
$
7,454

QFNA
540

 
527

 
1,134

 
1,128

PBNA
5,322

 
5,193

 
9,832

 
9,608

LatAm
1,886