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PepsiCo Inc. (PEP) | Analysis of Income Taxes

Income Tax Expense (Benefit)

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PepsiCo Inc., income tax expense (benefit), continuing operations

USD $ in millions

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  12 months ended Dec 25, 2010 Dec 26, 2009 Dec 27, 2008 Dec 29, 2007 Dec 30, 2006
U.S. Federal
Foreign
State
Current
U.S. Federal
Foreign
State
Deferred
Provision for income taxes

Source: Based on data from PepsiCo Inc. Annual Reports

Item Description The company
Current The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable income (loss) from continuing operations. PepsiCo Inc.'s current increased from 2008 to 2009 but then slightly declined from 2009 to 2010.
Deferred The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. PepsiCo Inc.'s deferred increased from 2008 to 2009 but then declined significantly from 2009 to 2010.
Provision for income taxes The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to pretax income (loss) from continuing operations; income tax expense (benefit) may include interest and penalties on tax uncertainties based on the entity's accounting policy. PepsiCo Inc.'s provision for income taxes increased from 2008 to 2009 but then slightly declined from 2009 to 2010 not reaching 2008 level.

Effective Income Tax Rate (EITR)

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PepsiCo Inc., effective income tax rate (EITR) reconciliation

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    Dec 25, 2010 Dec 26, 2009 Dec 27, 2008 Dec 29, 2007 Dec 30, 2006
U.S. Federal statutory tax rate % % % % %
State income tax, net of U.S. Federal tax benefit % % % % %
Lower taxes on foreign results % % % % %
Tax settlements % % % % %
Acquisitions of PBG and PAS % % % % %
Other, net % % % % %
Annual tax rate % % % % %

Source: Based on data from PepsiCo Inc. Annual Reports

Item Description The company
Annual tax rate A ratio calculated by dividing the reported amount of income tax expense attributable to continuing operations for the period by GAAP-basis pretax income from continuing operations. PepsiCo Inc.'s annual tax rate declined from 2008 to 2009 and from 2009 to 2010.

Deferred Tax Assets (Liabilities), Net

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PepsiCo Inc., deferred tax assets (liabilities), net

USD $ in millions

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    Dec 25, 2010 Dec 26, 2009 Dec 27, 2008 Dec 29, 2007 Dec 30, 2006
Net carryforwards
Stock-based compensation
Retiree medical benefits
Other employee-related benefits
Pension benefits
Deductible state tax and interest benefits
Long-term debt obligations acquired
Other
Gross deferred tax assets
Valuation allowances
Deferred tax assets, net
Investments in noncontrolled affiliates
Debt guarantee of wholly owned subsidiary
Property, plant and equipment
Intangible assets other than nondeductible goodwill
Pension benefits
Other
Deferred tax liabilities
Net deferred tax assets (liabilities)

Source: Based on data from PepsiCo Inc. Annual Reports

Item Description The company
Gross deferred tax assets The sum of the tax effects as of the balance sheet date of the amounts of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws (before the valuation allowance, if any, to reduce such sum amount to net realizable value). Includes any tax benefit realized in deferred tax assets for significant impacts of tax planning strategies. PepsiCo Inc.'s gross deferred tax assets declined from 2008 to 2009 but then increased from 2009 to 2010 exceeding 2008 level.
Deferred tax assets, net The aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; net of deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. PepsiCo Inc.'s deferred tax assets, net declined from 2008 to 2009 but then increased from 2009 to 2010 exceeding 2008 level.
Net deferred tax assets (liabilities) For entities that net deferred tax assets and tax liabilities, represents the unclassified net amount of deferred tax assets and liabilities as of the balance sheet date, which result from applying the applicable enacted tax rate to net temporary differences and carryforwards pertaining to assets or liabilities. A temporary difference is a difference between the tax basis of an asset or liability and its carrying amount in the financial statements prepared in accordance with generally accepted accounting principles that will reverse in ensuing periods. PepsiCo Inc.'s net deferred tax assets (liabilities) declined from 2008 to 2009 and from 2009 to 2010.

February 7, 2012

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