PepsiCo, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>PepsiCo, Inc. has filed its 2023 annual report on Form 10-K, detailing its financial performance and business operations for the fiscal year ending December 30, 2023.</b>

AI Summary

PEPSICO INC (PEP) filed a Annual Report (10-K) with the SEC on February 9, 2024. PepsiCo, Inc. filed its annual report on Form 10-K for the fiscal year ended December 30, 2023. The filing covers the period from January 1, 2023, to December 30, 2023. The company's principal executive offices are located at 700 Anderson Hill Road, Purchase, NY 10577. PepsiCo, Inc. is incorporated in North Carolina. The Standard Industrial Classification code for PepsiCo, Inc. is BEVERAGES [2080].

Why It Matters

For investors and stakeholders tracking PEPSICO INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of PepsiCo's financial health, operational strategies, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's performance and future outlook. The detailed financial statements and disclosures within the report are essential for stakeholders to understand PepsiCo's revenue streams, profitability, debt levels, and overall market position within the beverage and snack industry.

Risk Assessment

Risk Level: medium — PEPSICO INC shows moderate risk based on this filing. The filing is a standard annual report (10-K), which typically contains a broad range of financial and operational information. While it doesn't highlight immediate crises, the sheer volume and complexity of information, including various financial instruments and risk factors, necessitate careful analysis, making the overall risk assessment medium.

Analyst Insight

Investors should review the detailed financial statements, management's discussion and analysis, and risk factors in the 10-K to understand PepsiCo's performance and strategic direction for 2023.

Key Numbers

• 20231230 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240209 — Filing Date (FILED AS OF DATE)
• 133 — Public Document Count (PUBLIC DOCUMENT COUNT)
• 001-01183 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• PEPSICO INC (company) — FILER
• 0000077476 (company) — CENTRAL INDEX KEY
• 700 ANDERSON HILL RD (company) — BUSINESS ADDRESS STREET 1
• PURCHASE (company) — BUSINESS ADDRESS CITY
• NY (company) — BUSINESS ADDRESS STATE
• 10577 (company) — BUSINESS ADDRESS ZIP
• NC (company) — STATE OF INCORPORATION
• 2080 (company) — STANDARD INDUSTRIAL CLASSIFICATION

Forward-Looking Statements

• PepsiCo will successfully manage its Zero Point Two Five Percent Notes Due 2024 without significant financial strain. (PEPSICO INC) — high confidence, target: 2024-12-31
• PepsiCo's long-term debt strategy, extending to 2050, suggests a stable financial outlook for the foreseeable future. (PEPSICO INC) — medium confidence, target: 2030-12-31

FAQ

Key Dates

• 2024-02-09: Filing Date — Submission of the 2023 annual report on Form 10-K.
• 2023-12-30: Fiscal Year End — End date for the reporting period covered by the 10-K.

Filing Documents

• pep-20231230.htm (10-K) — 3861KB
• pep-20231230_g1.jpg (GRAPHIC) — 78KB
• pepsico202310-kexhibit470.htm (EX-4.70) — 170KB
• pepsico202310-kxexhibit106.htm (EX-10.6) — 270KB
• pepsico202310-kxexhibit107.htm (EX-10.7) — 190KB
• pepsico202310-kxexhibit1010.htm (EX-10.10) — 786KB
• pepsico202310-kxexhibit1011.htm (EX-10.11) — 271KB
• pepsico202310-kxexhibit1013.htm (EX-10.13) — 373KB
• pepsico202310-kxexhibit1022.htm (EX-10.22) — 129KB
• pepsico202310-kxexhibit1023.htm (EX-10.23) — 112KB
• pepsico202310-kxexhibit1024.htm (EX-10.24) — 121KB
• pepsico202310-kexhibit21.htm (EX-21) — 282KB
• pepsico202310-kexhibit23.htm (EX-23) — 15KB
• pepsico202310-kexhibit24.htm (EX-24) — 41KB
• pepsico202310-kexhibit31.htm (EX-31) — 20KB
• pepsico202310-kexhibit32.htm (EX-32) — 8KB
• pepsico202310-kexhibit97.htm (EX-97) — 20KB
• 0000077476-24-000008.txt (&nbsp;) — 24966KB
• pep-20231230.xsd (EX-101.SCH) — 146KB
• pep-20231230_cal.xml (EX-101.CAL) — 170KB
• pep-20231230_def.xml (EX-101.DEF) — 969KB
• pep-20231230_lab.xml (EX-101.LAB) — 1704KB
• pep-20231230_pre.xml (EX-101.PRE) — 1223KB
• pep-20231230_htm.xml (XML) — 4218KB

Risk Factors

Item 1A. Risk Factors 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 24

Cybersecurity

Item 1C. Cybersecurity 24

Properties

Item 2. Properties 26

Legal Proceedings

Item 3. Legal Proceedings 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 119

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 119

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 119

Controls and Procedures

Item 9A. Controls and Procedures 119

Other Information

Item 9B. Other Information 120

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 120 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 120

Executive Compensation

Item 11. Executive Compensation 121

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 121

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 121

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 121 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 122

Form 10-K Summary

Item 16. Form 10-K Summary 122 1 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains statements reflecting our views about our future performance that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (Reform Act). Statements that constitute forward-looking statements within the meaning of the Reform Act are generally identified through the inclusion of words such as "aim," "anticipate," "believe," "drive," "estimate," "expect," "expressed confidence," "forecast," "future," "goal," "guidance," "intend," "may," "objective," "outlook," "plan," "position," "potential," "project," "seek," "should," "strategy," "target," "will" or similar statements or variations of such words and other similar expressions. All statements addressing our future operating performance, and statements addressing events and developments that we expect or anticipate will occur in the future, are forward-looking statements within the meaning of the Reform Act. These forward-looking statements are based on currently available information, operating plans and projections about future events and trends. They inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in any such forward-looking statement. These risks and uncertainties include, but are not limited to, those described in "Item 1A. Risk Factors" and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations – Our Business – Our Business Risks." Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. The discussion of risks in this report is by no means all-inclusive but is designed to highlight what we believe are important factors to consider when evaluating our future performan

Business

Item 1. Business. When used in this report, the terms "we," "us," "our," "PepsiCo" and the "Company" mean PepsiCo, Inc. and its consolidated subsidiaries, collectively. Certain terms used in this Annual Report on Form 10-K are defined in the Glossary included in Item 7. of this report. Company Overview We were incorporated in Delaware in 1919 and reincorporated in North Carolina in 1986. We are a leading global beverage and convenient food company with a complementary portfolio of brands, including Lay's, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker and SodaStream. Through our operations, authorized bottlers, contract manufacturers and other third parties, we make, market, distribute and sell a wide variety of beverages and convenient foods, serving customers and consumers in more than 200 countries and territories. Our Operations We are organized into seven reportable segments (also referred to as divisions), as follows: 1) Frito-Lay North America (FLNA), which includes our branded convenient food businesses in the United States and Canada; 2) Quaker Foods North America (QFNA), which includes our branded convenient food businesses, such as cereal, rice, pasta and other branded food, 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 and convenient food businesses in Latin America; 5) Europe, which includes all of our beverage and convenient food businesses in Europe; 2 Table of Contents 6) Africa, Middle East and South Asia (AMESA), which includes all of our beverage and convenient food 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 and convenient food businesses in Asia Pacific, Australia and New Zealand, and China region. Frito-Lay North America Either independ

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View this 10-K filing on SEC EDGAR