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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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☒
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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
|
PepsiCo, Inc.
|
(Exact Name of Registrant as Specified in its Charter)
|
|
|
|
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North Carolina
|
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13-1584302
|
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(State or Other Jurisdiction of
Incorporation or Organization)
|
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(I.R.S. Employer
Identification No.)
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700 Anderson Hill Road, Purchase, New York 10577
|
(Address of principal executive offices and Zip Code)
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(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
|
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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
|
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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
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Page No.
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Part I Financial Information
|
|
|
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Item 1.
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Condensed Consolidated Financial Statements
|
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Item 2.
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||
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Report of Independent Registered Public Accounting Firm
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Item 3.
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Item 4.
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Part II Other Information
|
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Item 1.
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||
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Item 1A.
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Item 2.
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||
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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
|
|
|
|
|
85
|
|
||||||||
|
Total Equity
|
|
|
$
|
12,587
|
|
|
|
|
$
|
14,037
|
|
|
|
|
$
|
12,587
|
|
|
|
|
$
|
14,037
|
|
||||
|
(a)
|
Cash dividends declared per common share were $1.0225 and $0.955 for the 12 weeks ended June 13, 2020 and June 15, 2019, respectively, and $1.9775 and $1.8825 for the 24 weeks ended June 13, 2020 and June 15, 2019, respectively.
|
See accompanying notes to the condensed consolidated financial statements.
7
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.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP) for interim financial information and with the rules and regulations for reporting the Quarterly Report on Form 10-Q (Form 10-Q). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The condensed consolidated balance sheet at December 28, 2019 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. These financial 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, 2019 (2019 Form 10-K), as modified to reflect the adoption of the recently issued accounting pronouncement disclosed in Note 2 in this Form 10-Q. This report should be read in conjunction with our 2019 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 13, 2020 are not necessarily indicative of the results expected for any future period or the full year.
Preparation of our condensed consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and related disclosures. The business and economic uncertainty resulting from the novel coronavirus (COVID-19) pandemic has made such estimates and assumptions more difficult to calculate. Accordingly, actual results and outcomes could differ from those estimates.
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 13, 2020, and the months of January through May are reflected in our results for the 24 weeks ended June 13, 2020.
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.
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.
8
Our Divisions
As previously disclosed in our 2019 Form 10-K, during the fourth quarter of 2019, we realigned certain of our reportable segments to be consistent with a strategic realignment of our organizational structure and how our Chief Executive Officer assesses the performance of, and allocates resources to, our reportable segments. Our historical segment reporting presented in this report has been retrospectively revised to reflect the new organizational structure. These changes did not impact our consolidated financial results. See Note 1 to our consolidated financial statements in our 2019 Form 10-K for further information.
We are organized into seven 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;
|
|
4)
|
Latin America (LatAm), which includes all of our beverage, food and snack businesses in Latin America;
|
|
5)
|
Europe, which includes all of our beverage, food and snack businesses in Europe;
|
|
6)
|
Africa, Middle East and South Asia (AMESA), which includes all of our beverage, food and snack businesses in Africa, the Middle East and South Asia; and
|
|
7)
|
Asia Pacific, Australia and New Zealand and China region (APAC), which includes all of our beverage, food and snack businesses in Asia Pacific, Australia and New Zealand, and China region.
|
Net revenue of each division is as follows:
|
|
12 Weeks Ended
|
|
24 Weeks Ended
|
||||||||||||
|
|
6/13/2020
|
|
|
6/15/2019
|
|
|
6/13/2020
|
|
|
6/15/2019
|
|
||||
|
FLNA
|
$
|
4,273
|
|
|
$
|
4,010
|
|
|
$
|
8,347
|
|
|
$
|
7,825
|
|
|
QFNA
|
664
|
|
|
540
|
|
|
1,298
|
|
|
1,134
|
|
||||
|
PBNA
|
4,970
|
|
|
5,322
|
|
|
9,808
|
|
|
9,832
|
|
||||
|
LatAm
|
1,567
|
|
|
1,886
|
|
|
2,877
|
|
|
3,127
|
|
||||
|
Europe
|
2,725
|
|
|
3,000
|
|
|
4,564
|
|
|
4,620
|
|
||||
|
AMESA
|
983
|
|
|
997
|
|
|
1,614
|
|
|
1,576
|
|
||||
|
APAC
|
763
|
|
|
694
|
|
|
1,318
|
|
|
1,219
|
|
||||
|
Total
|
$
|
15,945
|
|
|
$
|
16,449
|
|
|
$
|
29,826
|
|
|
$
|
29,333
|
|
Our primary performance obligation is the distribution and sales of beverage, food and snack products to our customers. The following tables reflect the approximate percentage of net revenue generated between our beverage business and our food and snack business for each of our international divisions, as well as our consolidated net revenue:
|
|
12 Weeks Ended
|
||||||||||
|
|
6/13/2020
|
|
6/15/2019
|
||||||||
|
|
Beverage(a)
|
|
Food/Snack
|
|
Beverage(a)
|
|
Food/Snack
|
||||
|
LatAm
|
10
|
%
|
|
90
|
%
|
|
10
|
%
|
|
90
|
%
|
|
Europe
|
50
|
%
|
|
50
|
%
|
|
55
|
%
|
|
45
|
%
|
|
AMESA
|
40
|
%
|
|
60
|
%
|
|
45
|
%
|
|
55
|
%
|
|
APAC
|
25
|
%
|
|
75
|
%
|
|
30
|
%
|
|
70
|
%
|
|
PepsiCo
|
45
|
%
|
|
55
|
%
|
|
45
|
%
|
|
55
|
%
|
9
|
|
24 Weeks Ended
|
||||||||||
|
|
6/13/2020
|
|
6/15/2019
|
||||||||
|
|
Beverage(a)
|
|
Food/Snack
|
|
Beverage(a)
|
|
Food/Snack
|
||||
|
LatAm
|
10
|
%
|
|
90
|
%
|
|
10
|
%
|
|
90
|
%
|
|
Europe
|
55
|
%
|
|
45
|
%
|
|
55
|
%
|
|
45
|
%
|
|
AMESA
|
35
|
%
|
|
65
|
%
|
|
45
|
%
|
|
55
|
%
|
|
APAC
|
25
|
%
|
|
75
|
%
|
|
25
|
%
|
|
75
|
%
|
|
PepsiCo
|
45
|
%
|
|
55
|
%
|
|
45
|
%
|
|
55
|
%
|
|
(a)
|
Beverage revenue from company-owned bottlers, which primarily includes our consolidated bottling operations in our PBNA and Europe segments, was approximately 40% of our consolidated net revenue. Generally, our finished goods beverage operations produce higher net revenue, but lower operating margins as compared to concentrate sold to authorized bottling partners for the manufacture of finished goods beverages.
|
Operating profit of each division is as follows:
|
|
12 Weeks Ended
|
|
24 Weeks Ended
|
||||||||||||
|
|
6/13/2020
|
|
|
6/15/2019
|
|
|
6/13/2020
|
|
|
6/15/2019
|
|
||||
|
FLNA
|
$
|
1,278
|
|
|
$
|
1,249
|
|
|
$
|
2,480
|
|
|
$
|
2,408
|
|
|
QFNA
|
196
|
|
|
127
|
|
|
346
|
|
|
265
|
|
||||
|
PBNA
|
397
|
|
|
690
|
|
|
694
|
|
|
1,079
|
|
||||
|
LatAm
|
219
|
|
|
278
|
|
|
450
|
|
|
508
|
|
||||
|
Europe
|
351
|
|
|
339
|
|
|
497
|
|
|
454
|
|
||||
|
AMESA
|
59
|
|
|
236
|
|
|
193
|
|
|
341
|
|
||||
|
APAC
|
189
|
|
|
116
|
|
|
331
|
|
|
222
|
|
||||
|
Total division
|
$
|
2,689
|
|
|
$
|
3,035
|
|
|
$
|
4,991
|
|
|
$
|
5,277
|
|
|
Corporate unallocated expenses
|
(370
|
)
|
|
(306
|
)
|
|
(748
|
)
|
|
(540
|
)
|
||||
|
Total
|
$
|
2,319
|
|
|
$
|
2,729
|
|
|
$
|
4,243
|
|
|
$
|
4,737
|
|
Operating profit in the 12 and 24 weeks ended June 13, 2020 includes certain pre-tax charges taken as a result of the COVID-19 pandemic. These pre-tax charges by division are as follows:
|
|
12 Weeks Ended 6/13/2020
|
||||||||||||||||||||||||||
|
|
Allowances for Expected Credit Losses(a)
|
|
Upfront Payments to Customers(b)
|
|
Inventory Write-Downs and Product Returns(c)
|
|
Employee Compensation Expense(d)
|
|
Employee Protection Costs(e)
|
|
Other(f)
|
|
Total
|
||||||||||||||
|
FLNA (g)
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
100
|
|
|
$
|
33
|
|
|
$
|
—
|
|
|
$
|
135
|
|
|
QFNA
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
1
|
|
|
—
|
|
|
7
|
|
|||||||
|
PBNA
|
4
|
|
|
2
|
|
|
7
|
|
|
84
|
|
|
31
|
|
|
9
|
|
|
137
|
|
|||||||
|
LatAm
|
1
|
|
|
—
|
|
|
6
|
|
|
16
|
|
|
8
|
|
|
3
|
|
|
34
|
|
|||||||
|
Europe
|
—
|
|
|
1
|
|
|
10
|
|
|
9
|
|
|
8
|
|
|
17
|
|
|
45
|
|
|||||||
|
AMESA
|
1
|
|
|
—
|
|
|
1
|
|
|
7
|
|
|
4
|
|
|
4
|
|
|
17
|
|
|||||||
|
APAC
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
3
|
|
|||||||
|
Total
|
$
|
4
|
|
|
$
|
3
|
|
|
$
|
28
|
|
|
$
|
224
|
|
|
$
|
86
|
|
|
$
|
33
|
|
|
$
|
378
|
|
10
|
|
24 Weeks Ended 6/13/2020
|
||||||||||||||||||||||||||
|
|
Allowances for Expected Credit Losses(a)
|
|
Upfront Payments to Customers(b)
|
|
Inventory Write-Downs and Product Returns(c)
|
|
Employee Compensation Expense(d)
|
|
Employee Protection Costs(e)
|
|
Other(f)
|
|
Total
|
||||||||||||||
|
FLNA
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
100
|
|
|
$
|
33
|
|
|
$
|
3
|
|
|
$
|
162
|
|
|
QFNA
|
2
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
1
|
|
|
—
|
|
|
9
|
|
|||||||
|
PBNA
|
45
|
|
|
46
|
|
|
29
|
|
|
84
|
|
|
31
|
|
|
10
|
|
|
245
|
|
|||||||
|
LatAm
|
1
|
|
|
—
|
|
|
6
|
|
|
16
|
|
|
8
|
|
|
3
|
|
|
34
|
|
|||||||
|
Europe
|
4
|
|
|
1
|
|
|
10
|
|
|
9
|
|
|
8
|
|
|
17
|
|
|
49
|
|
|||||||
|
AMESA
|
1
|
|
|
—
|
|
|
1
|
|
|
7
|
|
|
4
|
|
|
4
|
|
|
17
|
|
|||||||
|
APAC
|
—
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
5
|
|
|||||||
|
Total
|
$
|
72
|
|
|
$
|
47
|
|
|
$
|
54
|
|
|
$
|
224
|
|
|
$
|
86
|
|
|
$
|
38
|
|
|
$
|
521
|
|
|
(a)
|
Allowances reflect the expected impact of the global economic uncertainty caused by COVID-19, leveraging estimates of credit worthiness, default and recovery rates for certain of our customers, including foodservice and vending businesses.
|
|
(b)
|
Upfront payments relate to promotional spending for which benefit will not be received.
|
|
(c)
|
Inventory write-downs and product returns include a reserve for product returns of $9 million and $16 million in the 12 and 24 weeks ended June 13, 2020, respectively.
|
|
(d)
|
Includes incremental frontline incentive pay, crisis child care and other leave benefits and labor costs.
|
|
(e)
|
Includes costs associated with personal protective equipment, temperature scans, cleaning and other sanitization services.
|
|
(f)
|
Includes write-downs of property, plant and equipment, donations of cash and product and other certain costs.
|
|
(g)
|
Income amount represents adjustments for changes in estimates of previously recorded amounts.
|
Note 2 - Recently Issued Accounting Pronouncements
Adopted
In 2016, the Financial Accounting Standards Board (FASB) issued guidance that changes the impairment model used to measure credit losses for most financial assets. For our trade receivables, certain other receivables and certain other financial instruments, we are required to use a new forward-looking expected credit loss model that replaced the existing incurred credit loss model. The new model generally results in earlier recognition of allowances for credit losses. We adopted this guidance in the first quarter of 2020 and the adoption did not have a material impact on our condensed consolidated financial statements or disclosures. On initial recognition, we recorded an after-tax cumulative effect decrease to retained earnings of $34 million ($44 million pre-tax) as of the beginning of 2020.
Not Yet Adopted
In 2019, the FASB issued guidance to simplify the accounting for income taxes. The guidance primarily addresses how to (1) recognize a deferred tax liability after we transition to or from the equity method of accounting, (2) evaluate if a step-up in the tax basis of goodwill is related to a business combination or is a separate transaction, (3) recognize all of the effects of a change in tax law in the period of enactment, including adjusting the estimated annual tax rate, and (4) include the amount of tax based on income in the income tax provision and any incremental amount as a tax not based on income for hybrid tax regimes. The guidance is effective in the first quarter of 2021 with early adoption permitted. We are currently evaluating the impact of this guidance on our financial statements and the timing of adoption.
11
Note 3 - Restructuring and Impairment Charges
2019 Multi-Year Productivity Plan
We publicly announced a multi-year productivity plan on February 15, 2019 (2019 Productivity Plan) that will leverage new technology and business models to further simplify, harmonize and automate processes; re-engineer our go-to-market and information systems, including deploying the right automation for each market; and simplify our organization and optimize our manufacturing and supply chain footprint. In connection with this plan, we expect to incur pre-tax charges of approximately $2.5 billion and cash expenditures of approximately $1.6 billion. These pre-tax charges are expected to consist of approximately 70% of severance and other employee-related costs, 15% for asset impairments (all non-cash) resulting from plant closures and related actions, and 15% for other costs associated with the implementation of our initiatives. We expect to complete this plan by 2023.
The total expected plan pre-tax charges are expected to be incurred by division approximately as follows:
|
|
FLNA
|
|
QFNA
|
|
PBNA
|
|
LatAm
|
|
Europe
|
|
AMESA
|
|
APAC
|
|
Corporate
|
||||||||
|
Expected pre-tax charges
|
11
|
%
|
|
2
|
%
|
|
30
|
%
|
|
10
|
%
|
|
25
|
%
|
|
8
|
%
|
|
5
|
%
|
|
9
|
%
|
A summary of our 2019 Productivity Plan charges is as follows:
|
|
12 Weeks Ended
|
|
24 Weeks Ended
|
||||||||||||
|
|
6/13/2020
|
|
|
6/15/2019
|
|
|
6/13/2020
|
|
6/15/2019
|
|
|||||
|
Cost of sales
|
$
|
1
|
|
|
$
|
82
|
|
|
$
|
3
|
|
|
$
|
90
|
|
|
Selling, general and administrative expenses
|
23
|
|
|
76
|
|
|
53
|
|
|
99
|
|
||||
|
Other pension and retiree medical benefits expense/(income) (a)
|
1
|
|
|
—
|
|
|
7
|
|
|
(5
|
)
|
||||
|
Total restructuring and impairment charges
|
$
|
25
|
|
|
$
|
158
|
|
|
$
|
63
|
|
|
$
|
184
|
|
|
After-tax amount
|
$
|
21
|
|
|
$
|
120
|
|
|
$
|
53
|
|
|
$
|
143
|
|
|
Net income attributable to PepsiCo per common share
|
$
|
0.02
|
|
|
$
|
0.08
|
|
|
$
|
0.04
|
|
|
$
|
0.10
|
|
|
(a)
|
Income amount represents adjustments for changes in estimates of previously recorded amounts.
|
|
|
12 Weeks Ended
|
|
24 Weeks Ended
|
|
Plan to Date
|
|
|||||||||||||
|
|
6/13/2020
|
|
|
6/15/2019
|
|
|
6/13/2020
|
|
|
6/15/2019
|
|
|
through 6/13/2020
|
|
|||||
|
FLNA
|
$
|
2
|
|
|
$
|
6
|
|
|
$
|
7
|
|
|
$
|
6
|
|
|
$
|
60
|
|
|
QFNA
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
8
|
|
|||||
|
PBNA
|
—
|
|
|
10
|
|
|
3
|
|
|
16
|
|
|
94
|
|
|||||
|
LatAm
|
4
|
|
|
21
|
|
|
9
|
|
|
21
|
|
|
80
|
|
|||||
|
Europe
|
8
|
|
|
53
|
|
|
16
|
|
|
59
|
|
|
121
|
|
|||||
|
AMESA
|
5
|
|
|
8
|
|
|
7
|
|
|
16
|
|
|
48
|
|
|||||
|
APAC
|
3
|
|
|
34
|
|
|
3
|
|
|
37
|
|
|
52
|
|
|||||
|
Corporate
|
2
|
|
|
26
|
|
|
10
|
|
|
34
|
|
|
64
|
|
|||||
|
|
24
|
|
|
158
|
|
|
56
|
|
|
189
|
|
|
527
|
|
|||||
|
Other pension and retiree medical benefits expense/(income) (a)
|
1
|
|
|
—
|
|
|
7
|
|
|
(5
|
)
|
|
44
|
|
|||||
|
Total
|
$
|
25
|
|
|
$
|
158
|
|
|
$
|
63
|
|
|
$
|
184
|
|
|
$
|
571
|
|
|
(a)
|
Income amount represents adjustments for changes in estimates of previously recorded amounts.
|
12
|
|
12 Weeks Ended
|
|
24 Weeks Ended
|
|
Plan to Date
|
|
|||||||||||||
|
|
6/13/2020
|
|
|
6/15/2019
|
|
|
6/13/2020
|
|
|
6/15/2019
|
|
|
through 6/13/2020
|
|
|||||
|
Severance and other employee costs
|
$
|
2
|
|
|
$
|
43
|
|
|
$
|
24
|
|
|
$
|
40
|
|
|
$
|
310
|
|
|
Asset impairments
|
4
|
|
|
76
|
|
|
5
|
|
|
84
|
|
|
97
|
|
|||||
|
Other costs (a)
|
19
|
|
|
39
|
|
|
34
|
|
|
60
|
|
|
164
|
|
|||||
|
Total
|
$
|
25
|
|
|
$
|
158
|
|
|
$
|
63
|
|
|
$
|
184
|
|
|
$
|
571
|
|
|
(a)
|
Includes other costs associated with the implementation of our initiatives, including contract termination costs, consulting and other professional fees.
|
A summary of our 2019 Productivity Plan activity for the 24 weeks ended June 13, 2020 is as follows:
|
|
Severance and Other Employee Costs
|
|
Asset
Impairments
|
|
Other Costs
|
|
Total
|
||||||||
|
Liability as of December 28, 2019
|
$
|
128
|
|
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
149
|
|
|
2020 restructuring charges
|
24
|
|
|
5
|
|
|
34
|
|
|
63
|
|
||||
|
Cash payments
|
(59
|
)
|
|
—
|
|
|
(50
|
)
|
|
(109
|
)
|
||||
|
Non-cash charges and translation
|
(11
|
)
|
|
(5
|
)
|
|
3
|
|
|
(13
|
)
|
||||
|
Liability as of June 13, 2020
|
$
|
82
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
90
|
|
Substantially all of the restructuring accrual at June 13, 2020 is expected to be paid by the end of 2020.
Other Productivity Initiatives
There were no material charges related to other productivity and efficiency initiatives outside the scope of the 2019 Productivity Plan.
We regularly evaluate different productivity initiatives beyond the productivity plan and other initiatives described above.
Note 4 - Intangible Assets
A summary of our amortizable intangible assets is as follows:
|
|
|
6/13/2020
|
|
12/28/2019
|
||||||||||||||||||||
|
|
|
Gross
|
|
Accumulated Amortization
|
|
Net
|
|
Gross
|
|
Accumulated Amortization
|
|
Net
|
||||||||||||
|
Acquired franchise rights
|
|
$
|
838
|
|
|
$
|
(162
|
)
|
|
$
|
676
|
|
|
$
|
846
|
|
|
$
|
(158
|
)
|
|
$
|
688
|
|
|
Reacquired franchise rights
|
|
105
|
|
|
(105
|
)
|
|
—
|
|
|
106
|
|
|
(105
|
)
|
|
1
|
|
||||||
|
Brands
|
|
1,300
|
|
|
(1,061
|
)
|
|
239
|
|
|
1,326
|
|
|
(1,066
|
)
|
|
260
|
|
||||||
|
Other identifiable intangibles
|
|
873
|
|
|
(323
|
)
|
|
550
|
|
|
810
|
|
|
(326
|
)
|
|
484
|
|
||||||
|
Total
|
|
$
|
3,116
|
|
|
$
|
(1,651
|
)
|
|
$
|
1,465
|
|
|
$
|
3,088
|
|
|
$
|
(1,655
|
)
|
|
$
|
1,433
|
|
13
The change in the book value of indefinite-lived intangible assets is as follows:
|
|
Balance
12/28/2019
|
|
Acquisitions
|
|
Translation
and Other |
|
Balance
6/13/2020
|
||||||||
|
|
|
|
|
||||||||||||
|
FLNA (a)
|
|
|
|
|
|
|
|
||||||||
|
Goodwill
|
$
|
299
|
|
|
$
|
160
|
|
|
$
|
(4
|
)
|
|
$
|
455
|
|
|
Brands
|
162
|
|
|
176
|
|
|
(1
|
)
|
|
337
|
|
||||
|
Total
|
461
|
|
|
336
|
|
|
(5
|
)
|
|
792
|
|
||||
|
QFNA
|
|
|
|
|
|
|
|
||||||||
|
Goodwill
|
189
|
|
|
—
|
|
|
—
|
|
|
189
|
|
||||
|
Brands
|
11
|
|
|
—
|
|
|
—
|
|
|
11
|
|
||||
|
Total
|
200
|
|
|
—
|
|
|
—
|
|
|
200
|
|
||||
|
PBNA (b)
|
|
|
|
|
|
|
|
||||||||
|
Goodwill
|
9,898
|
|
|
1,968
|
|
|
(16
|
)
|
|
11,850
|
|
||||
|
Reacquired franchise rights
|
7,089
|
|
|
—
|
|
|
(28
|
)
|
|
7,061
|
|
||||
|
Acquired franchise rights
|
1,517
|
|
|
141
|
|
|
(6
|
)
|
|
1,652
|
|
||||
|
Brands
|
763
|
|
|
2,700
|
|
|
1
|
|
|
3,464
|
|
||||
|
Total
|
19,267
|
|
|
4,809
|
|
|
(49
|
)
|
|
24,027
|
|
||||
|
LatAm
|
|
|
|
|
|
|
|
||||||||
|
Goodwill
|
501
|
|
|
—
|
|
|
(58
|
)
|
|
443
|
|
||||
|
Brands
|
125
|
|
|
—
|
|
|
(21
|
)
|
|
104
|
|
||||
|
Total
|
626
|
|
|
—
|
|
|
(79
|
)
|
|
547
|
|
||||
|
Europe (c)
|
|
|
|
|
|
|
|
||||||||
|
Goodwill
|
3,961
|
|
|
(3
|
)
|
|
(216
|
)
|
|
3,742
|
|
||||
|
Reacquired franchise rights
|
505
|
|
|
—
|
|
|
(30
|
)
|
|
475
|
|
||||
|
Acquired franchise rights
|
157
|
|
|
—
|
|
|
(1
|
)
|
|
156
|
|
||||
|
Brands
|
4,181
|
|
|
—
|
|
|
(211
|
)
|
|
3,970
|
|
||||
|
Total
|
8,804
|
|
|
(3
|
)
|
|
(458
|
)
|
|
8,343
|
|
||||
|
AMESA (d)
|
|
|
|
|
|
|
|
||||||||
|
Goodwill
|
446
|
|
|
533
|
|
|
(10
|
)
|
|
969
|
|
||||
|
Brands
|
—
|
|
|
208
|
|
|
(3
|
)
|
|
205
|
|
||||
|
Total
|
446
|
|
|
741
|
|
|
(13
|
)
|
|
1,174
|
|
||||
|
APAC
|
|
|
|
|
|
|
|
||||||||
|
Goodwill
|
207
|
|
|
—
|
|
|
(10
|
)
|
|
197
|
|
||||
|
Brands
|
100
|
|
|
—
|
|
|
(5
|
)
|
|
95
|
|
||||
|
Total
|
307
|
|
|
—
|
|
|
(15
|
)
|
|
292
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Total goodwill
|
15,501
|
|
|
2,658
|
|
|
(314
|
)
|
|
17,845
|
|
||||
|
Total reacquired franchise rights
|
7,594
|
|
|
—
|
|
|
(58
|
)
|
|
7,536
|
|
||||
|
Total acquired franchise rights
|
1,674
|
|
|
141
|
|
|
(7
|
)
|
|
1,808
|
|
||||
|
Total brands
|
5,342
|
|
|
3,084
|
|
|
(240
|
)
|
|
8,186
|
|
||||
|
Total
|
$
|
30,111
|
|
|
$
|
5,883
|
|
|
$
|
(619
|
)
|
|
|||