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Appendix B Specimen Financial Statements: PepsiCo, Inc. PepsiCo, Inc. is a world leader in convenient snacks, foods, and beverages. The following are PepsiCo's financial statements as presented in its 2019 annual report. The complete annual report, including notes to the financial statements, is available at the company's website. Consolidated Statement of Income PepsiCo, Inc. and Subsidiaries Fiscal years ended December 28, 2019, December 29, 2018 and December 30, 2017 (in millions except per share amounts) 2019 Net Revenue Cost of sales Gross profit Selling, general and administrative expenses Operating Profit Other pension and retiree medical benefits (expense)/income Interest expense Interest income and other Income before income taxes Provision for/(benefit from) income taxes (See Note 5) Net income Less: Net income attributable to noncontrolling interests Net Income Attributable to PepsiCo Net Income Attributable to PepsiCo per Common Share Basic $ 67,161 30,132 37,029 26,738 10,291 (44) (1,135) 200 9,312 1,959 7,353 2018 2017 $ 64,661 $ 63,525 29,381 28,796 35,280 34.729 25,170 24,453 10,110 10,276 298 233 (1,525) (1,151) 306 244 9,189 9,602 (3,370) 4,694 12,559 4,908 44 51 $ 12,515 $ 4,857 39 $ 7,314 $ 5.23 $ 8.84 $ 3.40 $ 7,314 $ 12,515 $ 4,857 3.40 Net Income Attributable to PepsiCo Net Income Attributable to PepsiCo per Common Share Basic Diluted Weighted-average common shares outstanding Basic Diluted $ $ 5.23 $ 5.20 $ 8.84 $ 8.78 $ 3.38 1,399 1,415 1,425 1,438 1,407 1,425 Consolidated Statement of Comprehensive Income PepsiCo, Inc. and Subsidiaries Fiscal years ended December 28, 2019, December 29, 2018 and December 30, 2017 (in millions) 2019 2018 2017 Net income $ 7,353 $ 12,559 $ 4,908 Other comprehensive income/(loss), net of taxes: Net currency translation adjustment 628 (1,641) 1,109 Net change on cash flow hedges (90) 40 (36) Net pension and retiree medical adjustments 283 (467) (159) Net change on available-for-sale securities (2) (68) Other 16 819 (2,062) 862 Comprehensive income 8,172 10,497 5,770 Comprehensive income attributable to noncontrolling interests (39) (44) (51) Comprehensive Income Attributable to PepsiCo $ 8,133 $ 10,453 $ 5,719 See accompanying notes to the consolidated financial statements. Comprehensive income 8,172 Comprehensive income attributable to noncontrolling interests (39) Comprehensive Income Attributable to PepsiCo $ 8,133 10,497 (44) 10,453 5,770 (51) 5,719 See accompanying notes to the consolidated financial statements. Consolidated Statement of Cash Flows PepsiCo, Inc. and Subsidiaries Fiscal years ended December 28, 2019, December 29, 2018 and December 30, 2017 (in millions) 2019 2018 2017 Operating Activities Net income $ 7.353 $ 4,908 2,369 2,432 292 295 (113) 221 12,559 2,399 256 308 (255) 221 (1,708) (531) (28) (115) (4,347) Depreciation and amortization Share-based compensation expense Restructuring and impairment charges Cash payments for restructuring charges Pension and retiree medical plan expenses Pension and retiree medical plan contributions Deferred income taxes and other tax charges and credits Net tax related to the TCJ Act Tax payments related to the TCJ Act Other net tax benefits related to international reorganizations Change in assets and liabilities: Accounts and notes receivable Inventories 237 370 (350) 519 (716) 453 (8) (423) (2) (220) 619 2,451 (650) (253) (174) (202) (168) (190) (168) 20 (190) (87) 735 (287) 263 (174) 9 882 448 (256) 201 (338) (305) Inventories Prepaid expenses and other current assets Accounts payable and other current liabilities Income taxes payable Other, net Net Cash Provided by Operating Activities Investing Activities Capital spending Sales of property, plant and equipment Acquisition of SodaStream, net of cash and cash equivalents acquired Other acquisitions and investments in noncontrolled affiliates Divestitures Short-term investments, by original maturity: More than three months-purchases More than three months-maturities More than three months-sales Three months or less, net Other investing, net 9,649 9,415 10,030 (4,232) (3,282) (2,969) 170 134 180 (1,939) (1,197) (778) (299) (61) 253 505 267 16 (5,637) (18,385) 12,824 15,744 1,498 790 16 2 62 19 (8) 2 29 Net Cash (Used for)/Provided by Investing Activities (6,437) 4,564 (4,403) Financing Activities Proceeds from issuances of long-term debt Payments of long-term debt Debt redemption/cash tender and exchange offers Short-term borrowings, by original maturity: More than three months-proceeds 4,621 7,509 (3,970) (4,007) (4,406) (1,007) (1,589) 6 3 91 Appendix Specimen Financial Statements: The Coca-Cola Company The Coca-Cola Company is a global leader in the beverage industry. It offers hundreds of brands, including soft drinks, fruit juices, sports drinks, and other beverages, in more than 200 countries. The following are Coca-Cola's financial statements as presented in its 2019 annual report. The complete annual report, including notes to the financial statements, is available at the company's website. THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In millions except per share data) Year Ended December 31, 2019 2018 2017 Net Operating Revenue $ 37,266 $ 34,300 $ 36,212 Cost of goods sold 14,619 13,067 13,721 Gross Profit 22,647 21,233 22,491 Selling, general and administrative expenses 12,103 11,002 12,834 Other operating charges 458 1,079 1,902 Operating Income 10,086 9,152 7,755 Interest income 563 689 679 Interest expense 946 950 853 Equity income (loss)-net 1,049 1,008 1,072 Other income (loss)-net 34 (1,674) (1,763) Income Before Income Taxes 10,786 8,225 6,890 Income taxes 1,801 1,749 5,607 Consolidated Net Income 8,985 6,476 1,283 Less: Net income (loss) attributable to noncontrolling interests 65 42 35 Net Income Attributable to Shareowners of The Coca-Cola Company $ 8,920 $ 6,434 $ 1,248 Basic Net Income Per Share! $ 2.09 $ 1.51 S 0.29 Diluted Net Income Per Share 2.07 $ 1.50 $ 0.29 Average Shares Outstanding-Basic 4,276 4,259 4,272 S 2.09 $ 0.29 2.07 $ Basic Net Income Per Share Diluted Net Income Per Share Average Shares Outstanding-Basic Effect of dilutive securities Average Shares Outstanding-Diluted 1.51 $ 1.50 $ 4,259 4,276 0.29 4,272 52 4,324 40 38 4,314 4,299 Calculated based on net income attributable to shareowners of The Coca-Cola Company. Refer to Notes to Consolidated Financial Statements. THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) Year Ended December 31, 2019 2018 2017 Consolidated Net Income $ 8,985 $ 6,476 $ 1,283 Other comprehensive income: Net foreign currency translation adjustments 74 (2,035) 861 Net gains (losses) on derivatives (54) (7) (433) Net change in unrealized gains (losses) on available-for-sale securities 18 (34) 188 Net change in pension and other benefit liabilities (159) 29 322 Total Comprehensive Income 8,864 4,429 2,221 Less: Comprehensive income attributable to noncontrolling interests 110 95 73 Total Comprehensive Income Attributable to Shareowners of The Coca-Cola Company $ 8,754 $ 4,334 $ 2,148 Refer to Notes to Consolidated Financial Statements. THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions except par value) December 31, 2019 2018 View Policies Current Attempt in Progress PepsiCo's financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. The complete annual reports of PepsiCo and Coca-Cola, including the notes to the financial statements, are available at each company's respective website. Click here to view Appendix B. Click here to view Appendix C. Based on the information contained in these financial statements, determine each of the following for each company. (a1) The percentage increase (decrease) in net sales and net income from 2018 to 2019. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to 1 decimal place, e.g. 15.2%.) PepsiCo Coca-Cola Company Percentage increase/decrease in net sales % % Percentage increase/decrease in net income % % (22) The percentage increase in total assets and total common stockholders' (shareholders') equity from 2018 to 2019. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45). Round answers to 1 decimal place, e.g. 15.2%.) (a2) The percentage increase in total assets and total common stockholders' (shareholders') equity from 2018 to 2019. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to 1 decimal place, e.g. 15.2%.) PepsiCo Coca-Cola Company Percentage increase/decrease in total assets % 9 Percentage increase/decrease in total common stockholders' equity % 9 (a3) The basic earnings per share and price-earnings ratio for 2019. (For both PepsiCo and Coca-Cola, use the basic earnings per share.) Coca-Cola's common stock had a market price of $55.35 at the end of fiscal-year 2019, and PepsiCo's common stock had a market price of $137.54.(Round Earnings per share answers to 2 decimal places, e.g. 15.25 and Price-earnings ratio answers to 1 decimal place, e.g 15.2.) PepsiCo Coca-Cola Company Basic earnings per share $ $ Price-earnings ratio times times e Textbook and Media