Company Quick10K Filing
PepsiCo
Price137.04 EPS5
Shares1,407 P/E26
MCap192,815 P/FCF20
Net Debt26,426 EBIT10,435
TEV219,241 TEV/EBIT21
TTM 2019-12-28, in MM, except price, ratios
10-Q 2020-06-13 Filed 2020-07-13
10-Q 2020-03-21 Filed 2020-04-28
10-K 2019-12-28 Filed 2020-02-13
10-Q 2019-09-07 Filed 2019-10-03
10-Q 2019-06-15 Filed 2019-07-09
10-Q 2019-03-23 Filed 2019-04-17
10-K 2018-12-29 Filed 2019-02-15
10-Q 2018-09-08 Filed 2018-10-02
10-Q 2018-06-16 Filed 2018-07-10
10-Q 2018-03-24 Filed 2018-04-26
10-K 2017-12-30 Filed 2018-02-13
10-Q 2017-09-09 Filed 2017-10-04
10-Q 2017-06-17 Filed 2017-07-11
10-Q 2017-03-25 Filed 2017-04-26
10-K 2016-12-31 Filed 2017-02-15
10-Q 2016-09-03 Filed 2016-09-29
10-Q 2016-06-11 Filed 2016-07-07
10-Q 2016-03-19 Filed 2016-04-18
10-K 2015-12-26 Filed 2016-02-11
10-Q 2015-09-05 Filed 2015-10-06
10-Q 2015-06-13 Filed 2015-07-09
10-Q 2015-03-21 Filed 2015-04-23
10-K 2014-12-27 Filed 2015-02-12
10-Q 2014-09-06 Filed 2014-10-09
10-Q 2014-06-14 Filed 2014-07-23
10-Q 2014-03-22 Filed 2014-04-17
10-K 2013-12-28 Filed 2014-02-14
10-Q 2013-09-07 Filed 2013-10-16
10-Q 2013-06-15 Filed 2013-07-24
10-Q 2013-03-23 Filed 2013-04-19
10-K 2012-12-29 Filed 2013-02-21
10-Q 2012-09-08 Filed 2012-10-17
10-Q 2012-06-16 Filed 2012-07-25
10-Q 2012-03-24 Filed 2012-04-26
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-03 Filed 2011-10-12
10-Q 2011-06-11 Filed 2011-07-21
10-Q 2011-03-19 Filed 2011-04-28
10-K 2010-12-25 Filed 2011-02-18
10-Q 2010-09-04 Filed 2010-10-07
10-Q 2010-06-12 Filed 2010-07-20
10-Q 2010-03-20 Filed 2010-04-23
10-K 2009-12-26 Filed 2010-02-22
8-K 2020-08-14 Regulation FD, Exhibits
8-K 2020-07-13 Earnings, Exhibits
8-K 2020-07-03 Officers
8-K 2020-06-01
8-K 2020-05-06
8-K 2020-04-29
8-K 2020-04-29
8-K 2020-04-28
8-K 2020-04-15
8-K 2020-03-17
8-K 2020-03-06
8-K 2020-02-13
8-K 2019-10-08
8-K 2019-10-07
8-K 2019-10-03
8-K 2019-08-29
8-K 2019-07-25
8-K 2019-07-09
8-K 2019-06-05
8-K 2019-05-01
8-K 2019-04-17
8-K 2019-03-14
8-K 2019-03-11
8-K 2019-03-06
8-K 2019-02-15
8-K 2019-01-09
8-K 2018-12-18
8-K 2018-12-05
8-K 2018-11-08
8-K 2018-10-24
8-K 2018-10-11
8-K 2018-10-02
8-K 2018-08-20
8-K 2018-08-03
8-K 2018-07-10
8-K 2018-06-04
8-K 2018-05-02
8-K 2018-04-26
8-K 2018-02-27
8-K 2018-02-13

PEP 10Q Quarterly Report

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 - 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-q22020.htm
EX-31 exhibit31-q22020.htm
EX-32 exhibit32-q22020.htm

PepsiCo Earnings 2020-06-13

Balance SheetIncome StatementCash Flow
856851341702011201420172021
Assets, Equity
2519149402011201420172021
Rev, G Profit, Net Income
4.71.8-1.2-4.1-7.1-10.02011201420172021
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 13, 2020 (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 and 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
1.750% Senior Notes Due 2021
 
PEP21a
 
The Nasdaq Stock Market LLC
2.500% Senior Notes Due 2022
 
PEP22a
 
The Nasdaq Stock Market LLC
0.250% Senior Notes Due 2024
 
PEP24
 
The Nasdaq Stock Market LLC
2.625% Senior Notes Due 2026
 
PEP26
 
The Nasdaq Stock Market LLC
0.750% Senior Notes Due 2027
 
PEP27
 
The Nasdaq Stock Market LLC
0.875% Senior Notes Due 2028
 
PEP28
 
The Nasdaq Stock Market LLC
0.500% Senior Notes Due 2028
 
PEP28a
 
The Nasdaq Stock Market LLC
1.125% Senior Notes Due 2031
 
PEP31
 
The Nasdaq Stock Market LLC
0.875% Senior Notes Due 2039
 
PEP39
 
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 6, 2020 was 1,384,632,842.




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



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
 
6/13/2020

 
6/15/2019

 
6/13/2020

 
6/15/2019

Net Revenue
$
15,945

 
$
16,449

 
$
29,826

 
$
29,333

Cost of sales
7,088

 
7,404

 
13,215

 
13,092

Gross profit
8,857

 
9,045

 
16,611

 
16,241

Selling, general and administrative expenses
6,538

 
6,316

 
12,368

 
11,504

Operating Profit
2,319

 
2,729

 
4,243

 
4,737

Other pension and retiree medical benefits income
84

 
61

 
161

 
125

Net interest expense and other
(235
)
 
(223
)
 
(525
)
 
(427
)
Income before income taxes
2,168

 
2,567

 
3,879

 
4,435

Provision for income taxes
510

 
524

 
870

 
970

Net income
1,658

 
2,043

 
3,009

 
3,465

Less: Net income attributable to noncontrolling interests
12

 
8

 
25

 
17

Net Income Attributable to PepsiCo
$
1,646

 
$
2,035

 
$
2,984

 
$
3,448

Net Income Attributable to PepsiCo per Common Share
 
 
 
 
 
 
 
Basic
$
1.19

 
$
1.45

 
$
2.15

 
$
2.46

Diluted
$
1.18

 
$
1.44

 
$
2.14

 
$
2.44

Weighted-average common shares outstanding
 
 
 
 
 
 
 
Basic
1,387

 
1,401

 
1,389

 
1,403

Diluted
1,393

 
1,409

 
1,395

 
1,411


See accompanying notes to the condensed consolidated financial statements.

3



Condensed Consolidated Statement of Comprehensive Income
PepsiCo, Inc. and Subsidiaries
(in millions, unaudited) 
 
12 Weeks Ended
 
24 Weeks Ended
 
6/13/2020

 
6/15/2019

 
6/13/2020

 
6/15/2019

Net income
$
1,658

 
$
2,043

 
$
3,009

 
$
3,465

Other comprehensive (loss)/income, net of taxes:
 
 
 
 
 
 
 
Net currency translation adjustment
(796
)
 
(365
)
 
(1,550
)
 
108

Net change on cash flow hedges
13

 
(6
)
 
(48
)
 
(33
)
Net pension and retiree medical adjustments
63

 
42

 
120

 
59

Other
(1
)
 
1

 

 
1

 
(721
)
 
(328
)
 
(1,478
)
 
135

Comprehensive income
937

 
1,715

 
1,531

 
3,600

Comprehensive income attributable to noncontrolling interests
(12
)
 
(8
)
 
(25
)
 
(17
)
Comprehensive Income Attributable to PepsiCo
$
925

 
$
1,707

 
$
1,506

 
$
3,583



See accompanying notes to the condensed consolidated financial statements.

4



Condensed Consolidated Statement of Cash Flows
PepsiCo, Inc. and Subsidiaries
(in millions, unaudited)
 
24 Weeks Ended
 
6/13/2020

 
6/15/2019

Operating Activities
 
 
 
Net income
$
3,009

 
$
3,465

Depreciation and amortization
1,122

 
1,056

Share-based compensation expense
101

 
118

Restructuring and impairment charges
63

 
184

Cash payments for restructuring charges
(109
)
 
(153
)
Pension and retiree medical plan expenses
80

 
98

Pension and retiree medical plan contributions
(293
)
 
(317
)
Deferred income taxes and other tax charges and credits
109

 
221

Net tax related to the Tax Cuts and Jobs Act (TCJ Act)

 
(29
)
Tax payments related to the TCJ Act

 
(393
)
Change in assets and liabilities:
 
 
 
Accounts and notes receivable
(1,101
)
 
(1,372
)
Inventories
(827
)
 
(872
)
Prepaid expenses and other current assets
(251
)
 
(336
)
Accounts payable and other current liabilities
(1,336
)
 
(521
)
Income taxes payable
448

 
202

Other, net
447

 
37

Net Cash Provided by Operating Activities
1,462

 
1,388

 
 
 
 
Investing Activities
 
 
 
Capital spending
(1,188
)
 
(1,167
)
Sales of property, plant and equipment
18

 
42

Acquisitions, net of cash acquired, and investments in noncontrolled affiliates
(5,649
)
 
(2,424
)
Divestitures
4

 
270

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

 
4

More than three months - sales

 
2

Three months or less, net
18

 
8

Other investing, net
35

 
(6
)
Net Cash Used for Investing Activities
(6,762
)
 
(3,271
)
 
 
 
 
Financing Activities
 
 
 
Proceeds from issuances of long-term debt
10,564

 
1,122

Payments of long-term debt
(752
)
 
(2,953
)
Short-term borrowings, by original maturity:
 
 
 
More than three months - proceeds
3,663

 
6

More than three months - payments
(1,176
)
 

Three months or less, net
461

 
652

Cash dividends paid
(2,677
)
 
(2,635
)
Share repurchases - common
(1,137
)
 
(1,726
)
Proceeds from exercises of stock options
120

 
210

Withholding tax payments on restricted stock units (RSUs) and performance stock units (PSUs) converted
(79
)
 
(100
)
Other financing
(16
)
 
(15
)
Net Cash Provided by/(Used for) Financing Activities
8,971

 
(5,439
)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
(252
)
 
24

Net Increase/(Decrease) in Cash and Cash Equivalents and Restricted Cash
3,419

 
(7,298
)
Cash and Cash Equivalents and Restricted Cash, Beginning of Year
5,570

 
10,769

Cash and Cash Equivalents and Restricted Cash, End of Period
$
8,989

 
$
3,471

 
 
 
 
Supplemental Non-Cash Activity
 
 
 
Right-of-use assets obtained in exchange for lease obligations
$
302

 
$
170


See accompanying notes to the condensed consolidated financial statements.

5



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

 
 
 
6/13/2020

 
12/28/2019

ASSETS
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
$
8,927

 
$
5,509

Short-term investments
196

 
229

Accounts and notes receivable, less allowance: 6/20 - $235 and 12/19 - $105
8,780

 
7,822

Inventories:
 
 
 
Raw materials and packaging
1,869

 
1,395

Work-in-process
344

 
200

Finished goods
2,101

 
1,743

 
4,314

 
3,338

Prepaid expenses and other current assets
972

 
747

Total Current Assets
23,189

 
17,645

Property, plant and equipment
43,018

 
43,003

Accumulated depreciation
(23,831
)
 
(23,698
)
Property, Plant and Equipment, net
19,187

 
19,305

Amortizable Intangible Assets, net
1,465

 
1,433

Goodwill
17,845

 
15,501

Other indefinite-lived intangible assets
17,530

 
14,610

Indefinite-Lived Intangible Assets
35,375

 
30,111

Investments in Noncontrolled Affiliates
2,715

 
2,683

Deferred Income Taxes
4,351

 
4,359

Other Assets
3,243

 
3,011

Total Assets
$
89,525

 
$
78,547

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Current Liabilities
 
 
 
Short-term debt obligations
$
6,607

 
$
2,920

Accounts payable and other current liabilities
17,220

 
17,541

Total Current Liabilities
23,827

 
20,461

Long-Term Debt Obligations
38,371

 
29,148

Deferred Income Taxes
4,203

 
4,091

Other Liabilities
10,537

 
9,979

Total Liabilities
76,938

 
63,679

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: 1,385 and 1,391 shares, respectively)
23

 
23

Capital in excess of par value
3,772

 
3,886

Retained earnings
62,145

 
61,946

Accumulated other comprehensive loss
(15,778
)
 
(14,300
)
Repurchased common stock, in excess of par value (482 and 476 shares, respectively)
(37,671
)
 
(36,769
)
Total PepsiCo Common Shareholders’ Equity
12,491

 
14,786

Noncontrolling interests
96

 
82

Total Equity
12,587

 
14,868

Total Liabilities and Equity
$
89,525

 
$
78,547


See accompanying notes to the condensed consolidated financial statements.

6



Condensed Consolidated Statement of Equity
PepsiCo, Inc. and Subsidiaries
(in millions, except per share amounts, unaudited)
 
12 Weeks Ended
 
24 Weeks Ended
 
6/13/2020
 
6/15/2019
 
6/13/2020
 
6/15/2019
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
1,389

 
$
23

 
1,404

 
$
23

 
1,391

 
$
23

 
1,409

 
$
23

Change in repurchased common stock
(4
)
 

 
(5
)
 

 
(6
)
 

 
(10
)
 

Balance, end of period
1,385

 
23

 
1,399

 
23

 
1,385

 
23

 
1,399

 
23

Capital in Excess of Par Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
 
 
3,741

 
 
 
3,753

 
 
 
3,886

 
 
 
3,953

Share-based compensation expense
 
 
39

 
 
 
62

 
 
 
101

 
 
 
119

Stock option exercises, RSUs and PSUs converted
 
 
(5
)
 
 
 
(12
)
 
 
 
(136
)
 
 
 
(176
)
Withholding tax on RSUs and PSUs converted
 
 
(3
)
 
 
 
(7
)
 
 
 
(79
)
 
 
 
(100
)
Balance, end of period
 
 
3,772

 
 
 
3,796

 
 
 
3,772

 
 
 
3,796

Retained Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
 
 
61,920

 
 
 
60,060

 
 
 
61,946

 
 
 
59,947

Cumulative effect of accounting changes
 
 

 
 
 

 
 
 
(34
)
 
 
 
8

Net income attributable to PepsiCo
 
 
1,646

 
 
 
2,035

 
 
 
2,984

 
 
 
3,448

Cash dividends declared – common (a)
 
 
(1,421
)
 
 
 
(1,343
)
 
 
 
(2,751
)
 
 
 
(2,651
)
Balance, end of period
 
 
62,145

 
 
 
60,752

 
 
 
62,145

 
 
 
60,752

Accumulated Other Comprehensive Loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
 
 
(15,057
)
 
 
 
(14,656
)
 
 
 
(14,300
)
 
 
 
(15,119
)
Other comprehensive (loss)/income attributable to PepsiCo
 
 
(721
)
 
 
 
(328
)
 
 
 
(1,478
)
 
 
 
135

Balance, end of period
 
 
(15,778
)
 
 
 
(14,984
)
 
 
 
(15,778
)
 
 
 
(14,984
)
Repurchased Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
(478
)
 
(37,162
)
 
(463
)
 
(34,978
)
 
(476
)
 
(36,769
)
 
(458
)
 
(34,286
)
Share repurchases
(5
)
 
(557
)
 
(6
)
 
(779
)
 
(9
)
 
(1,159
)
 
(15
)
 
(1,750
)
Stock option exercises, RSUs and PSUs converted
1

 
48

 
1

 
122

 
3

 
257

 
5

 
401

Balance, end of period
(482
)
 
(37,671
)
 
(468
)
 
(35,635
)
 
(482
)
 
(37,671
)
 
(468
)
 
(35,635
)
Total PepsiCo Common Shareholders’ Equity
 
 
12,491

 
 
 
13,952

 
 
 
12,491

 
 
 
13,952

Noncontrolling Interests
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
 
 
94

 
 
 
94

 
 
 
82

 
 
 
84

Net income attributable to noncontrolling interests
 
 
12

 
 
 
8

 
 
 
25

 
 
 
17

Distributions to noncontrolling interests
 
 
(15
)
 
 
 
(15
)
 
 
 
(15
)
 
 
 
(15
)
Acquisitions
 
 
6

 
 
 

 
 
 
6

 
 
 

Other, net
 
 
(1
)
 
 
 
(2
)
 
 
 
(2
)
 
 
 
(1
)
Balance, end of period
 
 
96

 
 
 
85

 
 
 
96