epsiCo was the worlds largest snack and beverage company, with 2014 net revenues of approximately $66.7 billion. The companys portfolio of businesses in 2015 included Frito-Lay salty snacks, Quaker Chewy granola bars, Pepsi soft-drink products, Tropicana orange juice, Lipton Brisk tea, Gatorade, Propel, SoBe, Quaker Oatmeal, Capn Crunch, Aquafina, Rice-A-Roni, Aunt Jemima pancake mix, and many other regularly consumed products. The company viewed the lineup as highly complementary since most of its products could be consumed together. For example, Tropicana orange juice might be consumed during breakfast with Quaker Oatmeal, and Doritos and a Mountain Dew might be part of someones lunch. In 2015, PepsiCos business lineup included 22 $1 billion global brands.

The companys top managers were focused on sustaining the impressive performance through strategies keyed to product innovation, close relationships with distribution allies, international expansion, and strategic acquisitions. Newly introduced products such as Mountain Dew KickStart, Tostitos Cantina tortilla chips, Quaker Real Medleys, Starbucks Refreshers, and Gatorade Energy Chews accounted for 15 to 20 percent of all new growth in recent years. New product innovations that addressed consumer health and wellness concerns were important contributors to the companys growth, with PepsiCos better-for-you and good-for-you products becoming focal points in the companys new product development initiatives. In 2014, PepsiCos nutrition business accounted for about 20 percent of the companys net revenue.

In addition to focusing on strategies designed to deliver revenue and earnings growth, the company maintained an aggressive dividend policy, with more than $53 billion returned to shareholders between 2003 and 2012. PepsiCo increased its dividend for the 42nd consecutive year in 2014 and paid $8.7 billion to its shareholders through dividends and stock repurchases, which was a 36 percent increase over 2013. The company bolstered its cash returns through carefully considered capital expenditures and acquisitions and a focus on operational excellence. Its Performance with Purpose plan utilized investments in manufacturing automation, a rationalized global manufacturing plan, reengineered distribution systems, and simplified organization structures to drive efficiency. In addition, the companys Performance with Purpose plan was focused on minimizing the companys impact on the environment by lowering energy and water consumption, and reducing its use of packaging material, providing a safe and inclusive workplace for employees, and supporting and investing in the local communities in which it operated. PepsiCo had been listed on the Dow Jones Sustainability World Index for eight consecutive years and listed on the North America Index for nine consecutive years as of 2014.

Even though the company had recorded a number of impressive achievements over the past decade, its growth had slowed since 2011. In fact, the spikes in the companys revenue growth since 2000 had resulted from major acquisitions, such as the $13.6 billion acquisition of Quaker Oats in 2001, the 2010 Page 378acquisition of the previously independent Pepsi Bottling Group and PepsiCo Americas for $8.26 billion, and the acquisition of Russias leading food-and-beverage company, Wimm-Bill-Dann (WBD) Foods, for $3.8 billion in 2011. A summary of PepsiCos financial performance for 2005 through 2014 is shown in Exhibit 1. Exhibit 2tracks PepsiCos market performance between 2004 and July 2014.

COMPANY HISTORY

PepsiCo, Inc., was established in 1965 when Pepsi-Cola and Frito-Lay shareholders agreed to a merger between the salty-snack icon and the soft-drink giant. The new company was founded with annual revenues of $510 million and such well-known brands as Pepsi-Cola, Mountain Dew, Fritos, Lays, Cheetos, Ruffles, and Rold Gold. PepsiCos roots can be traced to 1898, when New Bern, North Carolina, pharmacist Caleb Bradham created the formula for a carbonated beverage he named Pepsi-Cola. The companys salty-snack business began in 1932, when Elmer Doolin, of San Antonio, Texas, began manufacturing and marketing Fritos corn chips and Herman Lay started a potato chip distribution business in Nashville, Tennessee. In 1961, Doolin and Lay agreed to a merger between their businesses to establish the Frito-Lay Company.

During PepsiCos first five years as a snack and beverage company, it introduced new products such as Doritos and Funyuns, entered markets in Japan and eastern Europe, and opened, on average, one new snack-food plant per year. By 1971, PepsiCo had more than doubled its revenues to reach $1 billion. The company began to pursue growth through acquisitions outside snacks and beverages as early as 1968, but its 1977 acquisition of Pizza Hut significantly shaped the strategic direction of PepsiCo for the next 20 years. The acquisitions of Taco Bell in 1978 and Kentucky Fried Chicken in 1986 created a business portfolio described by Wayne Calloway (PepsiCos CEO between 1986 and 1996) as a balanced three-legged stool. Calloway believed the combination of snack foods, soft drinks, and fast food offered considerable cost-sharing and skill-transfer opportunities, and he routinely shifted managers among the companys three divisions as part of the companys management development efforts.

PepsiCo strengthened its portfolio of snack foods and beverages during the 1980s and 1990s with the acquisitions of Mug Root Beer, 7-Up International, Smartfood ready-to-eat popcorn, Walkers Crisps (United Kingdom), Smiths Crisps (United Kingdom), Mexican cookie company Gamesa, and Sunchips. Calloway added quick-service restaurants Hot-n-Now in 1990; California Pizza Kitchens in 1992; and East Side Marios, DAngelo Sandwich Shops, and Chevys Mexican Restaurants in 1993. The company expanded beyond carbonated beverages through a 1992 agreement with Ocean Spray to distribute single-serving juices, the introduction of Lipton ready-to-drink (RTD) teas in 1993, and the introduction of Aquafina bottled water and Frappuccino ready-to-drink coffees in 1994.

Page 379By 1996, it had become clear to PepsiCo management that the potential strategic-fit benefits existing between restaurants and PepsiCos core beverage and snack businesses were difficult to capture. In addition, any synergistic benefits achieved were more than offset by the fast-food industrys fierce price competition and low profit margins. In 1997, CEO Roger Enrico spun off the companys restaurants as an independent, publicly traded company to focus PepsiCo on food and beverages. Soon after the spin-off of PepsiCos fast-food restaurants was completed, Enrico acquired Cracker Jack, Tropicana, Smiths Snackfood Company in Australia, SoBe teas and alternative beverages, Tasali Snack Foods (the leader in the Saudi Arabian salty-snack market), and the Quaker Oats Company.

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The 2001 Acquisition of Quaker Oats

At $13.9 billion, Quaker Oats was PepsiCos largest acquisition and gave it the number-one brand of oatmeal in the United States, with more than a 60 percent category share; the leading brand of rice cakes and granola snack bars; and other well-known grocery brands such as Capn Crunch, Rice-A-Roni, and Aunt Jemima. However, Quakers most valuable asset in its arsenal of brands was Gatorade.

Gatorade was developed by University of Florida researchers in 1965, but it was not marketed commercially until the formula was sold to Stokely-Van Camp in 1967. When Quaker Oats acquired the brand from Stokely-Van Camp in 1983, Gatorade gradually made a transformation from a regionally distributed product with annual sales of $90 million to a $2 billion powerhouse. Gatorade was able to increase sales by more than 10 percent annually during the 1990s, with no new entrant to the sports beverage category posing a serious threat to the brands dominance. PepsiCo, Coca-Cola, Frances Danone Group, and Swiss food giant Nestl all were attracted to Gatorade because of its commanding market share and because of the expected growth in the isotonic sports beverage category. PepsiCo became the successful bidder for Quaker Oats and Gatorade with an agreement struck in December 2000, but the merger would not receive U.S. Federal Trade Commission (FTC) approval until August 2001. The FTCs primary concern over the merger was that Gatorades inclusion in PepsiCos portfolio of snacks and beverages might give the company too much leverage in negotiations with convenience stores and ultimately force smaller snack-food and beverage companies out of convenience store channels. In its approval of the merger, the FTC stipulated that Gatorade and PepsiCos soft drinks could not be jointly distributed for 10 years.

Acquisitions After 2001

After the completion of the Quaker Oats acquisition in 2001, the company focused on integration of Quaker Oatss food, snack, and beverage brands into the PepsiCo portfolio. The company made a number of tuck-in acquisitions of small, fast-growing food and beverage companies in the United States and internationally to broaden its portfolio of brands. Tuck-in acquisitions in 2006 included Stacys bagel and pita chips, Izze carbonated beverages, Netherlands-based Duyvis nuts, and Star Foods (Poland). Acquisitions made during 2007 included Naked Juice fruit beverages, Sandora juices in the Ukraine, New Zealands Bluebird snacks, Penelopa nuts and seeds in Bulgaria, and Brazilian snack producer Lucky. The company also entered into a joint venture with the Strauss Group in 2007 to market Sabra, the top-selling and fastest-growing brand of hummus in the United States and Canada. The company acquired the Russian beverage producer Lebedyansky in 2008 for $1.8 billion, and in 2010, it acquired Marbo, a potato chip production operation in Serbia.

In 2010 and 2011, the company executed its largest acquisitions since the 2001 acquisition of Quaker Oats. In 2010, PepsiCo acquired the previously independent Pepsi Bottling Group and PepsiCo Americas for $8.26 billion in cash and PepsiCo common shares. The acquisition was designed to better integrate its global distribution system for its beverage business. In 2011, it acquired Russias leading food and beverage company, Wimm-Bill-Dann Foods, for $3.8 billion. The combination of acquisitions and the strength of PepsiCos core snacks and beverages business allowed the companys revenues to increase from approximately $29 billion in 2004 to more than $66 billion in 2013. Exhibit 3 presents PepsiCos consolidated statements of income for 20122014, while the companys consolidated balance sheets for 20132014 are presented in Exhibit 4. The companys calculation of free cash flow for 20112014 is shown in Exhibit 5.

BUILDING SHAREHOLDER VALUE IN 2015

Three people had held the position of CEO since the company began its portfolio restructuring in 1997. Even though Roger Enrico was the chief architect of the business lineup as it stood in 2007, his successor, Steve Reinemund, and Indra Nooyi, the companys CEO in 2007, were both critically involved in the restructuring. Nooyi joined PepsiCo in 1994 and developed a reputation as a tough negotiator who engineered the 1997 spin-off of Pepsis restaurants, spearheaded the 1998 acquisition of Tropicana, and played a critical role in the 1999 IPO of Pepsis bottling operations. After being promoted to chief financial officer, Nooyi was also highly involved in the 2001 acquisition of Quaker Oats. Nooyi was selected as the companys CEO upon Reinemunds retirement in October 2006. Nooyi had emigrated to the United States in 1978 to attend Yales Graduate School of Business, and she worked with the Boston Consulting Group, Motorola, and Asea Brown Boveri before arriving at PepsiCo in 1994. In the eight years under Nooyis leadership, PepsiCos revenues had increased by nearly 90 percent, and its share price had grown by 50 percent.

In 2014, PepsiCos corporate strategy had diversified the company into salty and sweet snacks, soft drinks, orange juice, bottled water, ready-to-drink teas and coffees, purified and functional waters, isotonic beverages, hot and ready-to-eat breakfast cereals, grain-based products, and breakfast condiments. Most PepsiCo brands had achieved number-one or number-two positions in their respective food and beverage categories through strategies keyed to product innovation, close relationships with distribution allies, international expansion, and strategic acquisitions. The company was committed to producing the highest-quality products in each category and was working diligently on product reformulations to make snack foods and beverages less unhealthy. The company believed that its efforts to develop good-for-you and better-for-you products would create growth opportunities from the intersection of business and public interests.

Page 383PepsiCo was organized into six business divisions, which all followed the corporations general strategic approach. Frito-Lay North America manufactured, marketed, and distributed such snack foods as Lays potato chips, Doritos tortilla chips, Cheetos cheese snacks, Fritos corn chips, Grandmas cookies, and Smartfood popcorn. Quaker Foods North America manufactured and marketed cereals, rice and pasta dishes, granola bars, and other food items that were sold in supermarkets. Latin American Foods manufactured, marketed, and distributed snack foods and many Quaker-branded cereals and snacks in Latin America. PepsiCo Americas Beverages manufactured, marketed, and sold beverage concentrates, fountain syrups, and finished goods under such brands as Pepsi, Gatorade, Aquafina, Tropicana, Lipton, Dole, and SoBe throughout North and South America. PepsiCo Europe manufactured, marketed, and sold snacks and beverages throughout Europe, while the companys Asia, Middle East, and Africa division produced, marketed, and distributed snack brands and beverages in more than 150 countries in those regions. A full listing of Frito-Lay snacks, PepsiCo beverages, and Quaker Oats products is presented in Exhibit 6. Select financial information for PepsiCos six reporting units is presented in Exhibit 7.

Frito-Lay North America

As of 2015, three key trends that were shaping the industry were convenience, a growing awareness of the nutritional content of snack foods, and indulgent snacking. A product manager for a regional snack producer explained, Many consumers want to reward themselves with great-tasting, gourmet flavors and styles. . . . The indulgent theme carries into seasonings as well. Overall, upscale, restaurant-influenced flavor trends are emerging to fill consumers desires to escape from the norm and taste snacks from a wider, often global, palate.1 Most manufacturers had developed new flavors of salty snacks such as jalapeno and cheddar tortilla chips and pepper jack potato chips to attract the interest of indulgent snackers. Manufacturers had also begun using healthier oils when processing chips and had expanded lines of baked and natural salty snacks to satisfy the demands of health-conscious consumers. Snacks packaged in smaller bags not only addressed overeating concerns but also were convenient to take along on an outing. In 2013, Frito-Lay owned the top-selling chip brand in each U.S. salty-snack category and held more than a 2-to-1 lead over the next-largest snack-food maker in the United States. Frito-Lays 36.6 percent market share of convenience foods sold in the United States was more than five times greater than runner-up Kelloggs market share of 6.9 percent. Convenience foods included both salty and sweet snacks, such as chips, pretzels, ready-to-eat popcorn, crackers, dips, snack nuts and seeds, candy bars, and cookies.

PepsiCos Performance with Purpose goals applied to all of its business units. Frito-Lay North Americas (FLNAs) net revenues increased by 3 percent during 2014, its volume increased by 2 percent, and its operating profit increased by 5 percent. The divisions management believed that growth in snack foods remained possible since typical individuals, on average, consumed snacks 67 times per month. On average, consumers chose Frito-Lay snacks only eight times per month. To increase its share of snack consumption, FLNA was focused on developing additional better-for-you (BFY) snacks such as Baked Cheetos and Doritos packaged in smaller portion sizes. Between 2008 and 2014, improving the performance of the divisions core salty brands and further developing health and wellness products were key strategic initiatives. The company had eliminated trans fats from all Lays, Fritos, Ruffles, Cheetos, Tostitos, and Doritos varieties, marketed a wide variety of gluten-free products, and was looking for further innovations to make its salty snacks more healthy. The company had introduced Lays Classic Potato Chips cooked in sunflower oil that retained Lays traditional flavor but contained 50% less saturated fat.

Good-for-you (GFY) snacks, such as Flat Earth fruit and vegetable snacks, offered an opportunity for the company to exploit consumers desires for healthier snacks and address a deficiency in most diets. Americans, on average, consumed only about 50 percent of the U.S. Department of Agricultures recommended daily diet of fruits and vegetables. Other GFY snacks included Stacys Pita Chips, Sabra hummus, salsas and dips, and Quaker Chewy granola bars. In 2013, FLNA manufactured and marketed baked versions of its most popular products, such as Cheetos, Lays potato chips, Ruffles potato chips, and Tostitos Scoops! tortilla chips.

Quaker Foods North America

Quaker Foods produced, marketed, and distributed hot and ready-to-eat cereals, pancake mixes and syrups, and rice and pasta side dishes in the United States and Canada. In 2014, the division recorded sales of approximately $2.56 billion, down 2 percent, and sales volume was even with the prior year. The sales volume of Quaker Foods products decreased by nearly 1 percent annually between 2011 and 2013 with Quaker Oatmeal, Life cereal, and Capn Crunch cereal volumes competing in mature industries with weak competitive positions relative to Kelloggs and General Mills. Sales of Aunt Jemima syrup and pancake mix, and Rice-A-Roni rice and pasta kits also declined between 2011 and 2013. Quaker Oats was the star product of the division, with a commanding share of the North American market for oatmeal in 2013. Rice-A-Roni also held a number-one market share in the rice and pasta side-dish segment of the consumer food industry. More than one-half of Quaker Foods 2013 revenues was generated by BFY and GFY products.

Latin American Foods

PepsiCo management believed international markets offered the companys greatest opportunity for growth since per capita consumption of snacks in the United States averaged 6.6 servings per month, while per capita consumption in other developed countries averaged 4 servings per month and in developing countries averaged 0.4 serving per month. PepsiCo executives expected China and Brazil to become the two largest international markets for snacks. The United Kingdom was estimated to be the third-largest international market for snacks, Page 387while developing markets Mexico and Russia were expected to be the fourth- and fifth-largest international markets, respectively.

Developing an understanding of consumer taste preferences was a key to expanding into international markets. Taste preferences for salty snacks were more similar from country to country than were preferences for many other food items, and this allowed PepsiCo to make only modest modifications to its snacks in most countries. For example, classic varieties of Lays, Doritos, and Cheetos snacks were sold in Latin America. In addition, consumer characteristics in the United States that had forced snack-food makers to adopt better-for-you or good-for-you snacks applied in most other developed countries as well.

PepsiCo operated 50 snack-food manufacturing and processing plants and 640 warehouses in Latin America, with its largest facilities located in Guarulhos, Brazil; Monterrey, Mexico; Mexico City, Mexico; and Celaya, Mexico. PepsiCo was the second-largest seller of snacks and beverages in Mexico, and its Doritos, Marias Gamesa, Cheetos, Ruffles, Emperador, Saladitas, Sabritas, and Tostitos brands were popular throughout most of Latin America. The divisions revenues had grown from $7.2 billion in 2011 to $8.4 billion in 2014 and accounted for 11 percent of 2014 total net revenues.

PepsiCo Americas Beverages

PepsiCo was the largest seller of liquid refreshments in the United States, with a 24 percent share of the market in 2013. Coca-Cola was the second-largest nonalcoholic beverage producer, with a 21 percent market share. Dr. Pepper Snapple Group was the third-largest beverage seller in 2013, with a market share of 8.9 percent. Private-label sellers of beverages collectively held an 8 percent market share in 2013. As with Frito-Lay, PepsiCos beverage business contributed greatly to the corporations overall profitability and free cash flows.

In 2014, PepsiCo Americas Beverages (PAB) accounted for 32 percent of the corporations total revenues and 26 percent of its operating profits. The PAB divisions $1 billion brands included Gatorade, Tropicana fruit juices, Lipton ready-to-drink tea, Pepsi, Diet Pepsi, Mountain Dew, Diet Mountain Dew, Aquafina, Miranda, Sierra Mist, Dole fruit drinks, Starbucks cold-coffee drinks, and SoBe. Gatorade was the number-one brand of sports drink sold worldwide; Tropicana was the number-two seller of juice and juice drinks globally; and PAB was the second-largest seller of carbonated soft drinks worldwide, with a 29 percent market share in 2014. Market leader Coca-Cola held a 42 percent share of the carbonated soft-drink (CSD) industry in 2014. Carbonated soft drinks were the most consumed type of beverage in the United States, with industry sales of $20.4 billion, but the industry had declined by 1 to 2 percent annually for nearly a decade. The overall decline in CSD consumption was a result of consumers interest in healthier food and beverage choices. In contrast, flavored and enhanced water, energy drinks, ready-to-drink teas, and bottled water were growing beverage categories that were capturing a larger share of the stomachs in the United States and internationally.

PepsiCos Carbonated Soft-Drink Business Among Pepsis most successful strategies to sustain volume and share in soft drinks was its Power of One strategy, which attempted to achieve the synergistic benefits of a combined Pepsi-Cola and Frito-Lay envisioned by shareholders of the two companies in 1965. The Power of One strategy called for supermarkets to place Pepsi and Frito-Lay products side by side on shelves. The company was also focused on soft-drink innovation to sustain sales and market share, including new formulations to lower the calorie content of nondiet drinks.

PepsiCos Noncarbonated Beverage Brands Although carbonated beverages made up the largest percentage of PABs total beverage volume, much of the divisions growth was attributable to the success of its noncarbonated beverages. Aquafina was the number-one brand of bottled water in the United States. Gatorade, Tropicana, Aquafina, SoBe, Starbucks Frappuccino, Lipton RTD teas, and Propel were all leading BFY and GFY beverages in the markets where they were sold.

PepsiCo Europe

All of PepsiCos global brands were sold in Europe, as well as its country- or region-specific brands, such as Domik v Derevne, Chjudo, and Agusha. PespiCo Europe operated 125 plants and approximately 525Page 388warehouses, distribution centers, and offices in eastern and western Europe. The companys acquisition of Wimm-Bill-Dann Foods, along with sales of its long-time brands, made it the number-one food and beverage company in Russia, with a 2-to-1 advantage over its nearest competitor. It was also the leading seller of snacks and beverages in the United Kingdom. PepsiCo Europe management believed further opportunities in other international markets existed, with opportunities to distribute many of its newest brands and product formulations throughout Europe. PepsiCo Europe provided 20% of the corporations net revenues and 12% of its operating profit in 2014. PepsiCo Europes net sales fell 3 percent in 2014 over the prior year but contributed 20 percent to the corporations total revenue.

Asia, Middle East, and Africa

PepsiCos business unit operating in Asia, the Middle East, and Africa manufactured and marketed all of the companys global brands and many regional brands such as Kurkure and Chipsy. PepsiCo operated 45 plants, 490 distribution centers, warehouses, and offices located in Egypt, Jordan, and China, and was the number-one brand of beverages and snacks in India, Egypt, Saudi Arabia, United Arab Emirates, and China. The divisions revenues had declined from $7.4 billion in 2011 to $6.5 billion in 2013 but rebounded to $6.7 billion in 2014, while its operating profit declined from $1,210 to $1,080 over the period 2011 to 2014. In 2014, Asia, Middle East, and Africa provided 10% of the corporations net revenues and 9% of its operating profit.

Value Chain Alignment Between PepsiCo Brands and Products

PepsiCos management team was dedicated to capturing strategic-fit benefits within the business lineup throughout the value chain. The companys procurement activities were coordinated globally to achieve the greatest possible economies of scale, and best practices were routinely transferred among its more than 200 plants, over 3,500 distribution systems, and 120,000 service routes around the world. PepsiCo also shared market research information with its divisions to better enable each division to develop new products likely to be hits with consumers, and the company coordinated its Power of One activities across product lines.

PepsiCo management had a proven ability to capture strategic fits between the operations of new acquisitions and its other businesses. The Quaker Oats integration produced a number of noteworthy successes, including $160 million in cost savings resulting from corporatewide procurement of product ingredients and packaging materials and an estimated $40 million in cost savings attributed to the joint distribution of Quaker snacks and Frito-Lay products. In total, the company estimated that the synergies among its business units generated approximately $1 billion annually in productivity savings.

PEPSICOS STRATEGIC SITUATION IN 2015

For the most part, PepsiCos strategies seemed to be firing on all cylinders in 2015. PepsiCos chief managers expected the companys lineup of snack, beverage, and grocery items to generate operating cash flows sufficient to reinvest in its core businesses, provide a 7.3 percent increase in cash dividends to shareholders, fund a $4.5 billion to $5 billion share-buyback plan, and pursue acquisitions that would provide attractive returns. Nevertheless, the low relative profit margins of PepsiCos international businesses created the need for a continued examination of its strategy and operations to better exploit strategic fits between the companys international business units.

The company had developed a new divisional structure in 2008 to combine its food and beverage businesses in Latin America into a common division. Also, the companys international businesses were reorganized to boost profit margins in Europe and Asia, the Middle East, and Africa. However, more than six years after the reorganization, the performance of the companys international businesses continued to lag that of its North AmericanPage 389businesses by a meaningful margin. Some food and beverage industry analysts had speculated that additional corporate strategy changes might also be required to improve the profitability of PepsiCos international operations and to help restore previous revenue and earnings growth rates. Possible actions might include a reprioritization of internal uses of cash, new acquisitions, further efforts to capture strategic fits existing between the companys various businesses, or the divestiture of businesses with poor prospects of future growth and minimal strategic fit with PepsiCos other businesses.

1) Does PepsiCos portfolio exhibit good strategic fit? What value-chain match-ups do you see? What opportunities for skills transfer, cost sharing, or brand sharing do you see?

2) Does PepsiCos portfolio exhibit good resource fit? What are the cash flow characteristics of each of PepsiCos six segments? Which businesses are the strongest contributors to PepsiCos free cash flows?

3) Based on the preceding analysis, what is your overall evaluation of PepsiCos business portfolio in 2015? Does the portfolio provide the companys shareholders with an opportunity for above-average market returns?

EXHIBIT1 Flnanclal Summary for PopsiCo, Inc., 2006-2014 (In millons, excopt per Share amounts) 2014 2013 2012 2011 2010 2009 2007 2006 2006 Net revenue Net income Income per common share-basic, continuing operations Cash dividends declared per common share Total assets Long-term debt $66,683 $66,415 $65,492 $66,504 $57,838 $43,232 $43.251 $39,474 $35,137 $32,562 4,078 $4.31 $437 $3.96 $4.08 $3.97$3.81 $3.26 $3.38 $3.00 $2.43 $1.01 $70,509 77,478 74.638 72,882 68,153 39,848 35,994 34,628 29,930 37727 2,313 6,558 6,787 6,214 6,443 6,320 5,946 5,142 5,599 5,065 $2.53 $2.24 $2.13 $2.03 $1.89 $1.78 $165 $1.42 $116 23,821 24,333 23,544 20,568 19,999 7400 7858 4,203 2,550