PepsiCo Inc. Files 10-Q for Period Ending March 23, 2024

TL;DR

<b>PepsiCo Inc. has filed its Q1 2024 10-Q report, detailing financial positions and various debt obligations.</b>

AI Summary

PEPSICO INC (PEP) filed a Quarterly Report (10-Q) with the SEC on April 23, 2024. PepsiCo Inc. filed a 10-Q report for the period ending March 23, 2024. The filing covers the first quarter of fiscal year 2024. Key financial data points such as common stock, additional paid-in capital, retained earnings, and treasury stock are detailed. Various debt instruments, including notes due in 2024, 2026, 2027, 2028, 2029, 2031, 2032, 2033, 2034, 2039, and 2050, are listed. The company's principal executive offices are located at 700 Anderson Hill Rd, Purchase, NY.

Why It Matters

For investors and stakeholders tracking PEPSICO INC, this filing contains several important signals. This filing provides investors with an updated view of PepsiCo's financial health and capital structure as of the end of the first quarter of 2024. The detailed listing of numerous debt instruments offers insight into the company's financing strategies and maturity profiles.

Risk Assessment

Risk Level: — PEPSICO INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate significant new risks or positive developments beyond normal business operations.

Analyst Insight

Review the detailed financial statements and debt schedules within the 10-Q to understand PepsiCo's current financial standing and leverage.

Key Numbers

• 2024-03-23 — Report Date (Conformed period of report)
• 2024-04-23 — Filing Date (Filed as of date)
• 2024 — Fiscal Year (Fiscal year end)
• 10-Q — Form Type (Form type)

Key Players & Entities

• PEPSICO INC (company) — Filer name
• 700 ANDERSON HILL RD (location) — Business address
• PURCHASE (location) — Business address city
• NY (location) — Business address state
• 10577 (location) — Business address zip

FAQ

Industry Context

PepsiCo operates in the food and beverage industry, a sector characterized by strong brand loyalty, extensive distribution networks, and significant competition.

Regulatory Implications

As a publicly traded company, PepsiCo is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity compared to prior periods.
2. Examine the notes to the financial statements for details on accounting policies and significant transactions.
3. Review the debt schedule to understand the company's borrowing arrangements and maturity dates.

Key Dates

• 2024-03-23: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-23: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from the previous fiscal year-end filings.

Filing Documents

• pep-20240323.htm (10-Q) — 1588KB
• pep-20240323_g1.jpg (GRAPHIC) — 78KB
• exhibit101-q12024.htm (EX-10.1) — 120KB
• exhibit15-q12024.htm (EX-15) — 15KB
• exhibit22-q12024.htm (EX-22) — 3KB
• exhibit31-q12024.htm (EX-31) — 20KB
• exhibit32-q12024.htm (EX-32) — 9KB
• 0000077476-24-000017.txt (&nbsp;) — 9512KB
• pep-20240323.xsd (EX-101.SCH) — 67KB
• pep-20240323_cal.xml (EX-101.CAL) — 102KB
• pep-20240323_def.xml (EX-101.DEF) — 384KB
• pep-20240323_lab.xml (EX-101.LAB) — 777KB
• pep-20240323_pre.xml (EX-101.PRE) — 596KB
• pep-20240323_htm.xml (XML) — 1546KB

Financial Information

Part I Financial Information

Condensed Consolidated Financial Statements 2

Item 1. Condensed Consolidated Financial Statements 2 Condensed Consolidated Statement of Income – 12 Weeks Ended March 23 , 202 4 and March 25 , 20 23 2 Condensed Consolidated Statement of Comprehensive Income – 12 Weeks Ended March 23, 2024 and March 25 , 20 23 3 Condensed Consolidated Statement of Cash Flows – 12 Weeks Ended March 23, 2024 and March 25, 202 3 4 Condensed Consolidated Balance Sheet – March 23, 2024 and December 3 0 , 202 3 6 Condensed Consolidated Statement of Equity – 12 Weeks Ended March 23, 2024 and March 25, 2023 7 Notes to the Condensed Consolidated Financial Statements 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Report of Independent Registered Public Accounting Firm 38

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 39

Controls and Procedures

Item 4. Controls and Procedures 39

Other Information

Part II Other Information

Legal Proceedings

Item 1. Legal Proceedings 40

Risk Factors

Item 1A. Risk Factors 40

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40

Other Information

Item 5. Other Information 40

Exhibits

Item 6. Exhibits 40 1 Table of Contents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

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 3/23/2024 3/25/2023 Net Revenue $ 18,250 $ 17,846 Cost of sales 8,248 7,988 Gross profit 10,002 9,858 Selling, general and administrative expenses 7,285 7,229 Operating Profit 2,717 2,629 Other pension and retiree medical benefits income 58 61 Net interest expense and other ( 202 ) ( 200 ) Income before income taxes 2,573 2,490 Provision for income taxes 520 546 Net income 2,053 1,944 Less: Net income attributable to noncontrolling interests 11 12 Net Income Attributable to PepsiCo $ 2,042 $ 1,932 Net Income Attributable to PepsiCo per Common Share Basic $ 1.49 $ 1.40 Diluted $ 1.48 $ 1.40 Weighted-average common shares outstanding Basic 1,375 1,378 Diluted 1,380 1,384 See accompanying notes to the condensed consolidated financial statements. 2 Table of Contents Condensed Consolidated Statement of Comprehensive Income PepsiCo, Inc. and Subsidiaries (in millions, unaudited) 12 Weeks Ended 3/23/2024 3/25/2023 Net income $ 2,053 $ 1,944 Other comprehensive income/(loss), net of taxes: Net currency translation adjustment ( 182 ) ( 235 ) Net change on cash flow hedges 3 ( 59 ) Net pension and retiree medical adjustments 11 ( 4 ) Net change on available-for-sale debt securities and other 523 ( 1 ) 355 ( 299 ) Comprehensive income 2,408 1,645 Less: Comprehensive income attributable to noncontrolling interests 11 12 Comprehensive Income Attributable to PepsiCo $ 2,397 $ 1,633 See accompanying notes to the condensed consolidated financial statements. 3 Table of Contents Condensed Consolidated Statement of Cash Flows PepsiCo, Inc. and Subsidiaries (in millions, unaudited) 12 Weeks Ended 3/23/2024 3/25/2023 Operating Activities Net income $ 2,053 $ 1,944 Depreciation and amortization 641 590 Impairment and other charges/(

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View this 10-Q filing on SEC EDGAR