Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

PepsiCo Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
Net income	9,155)	8,978)	7,679)	7,175)	7,353)
Depreciation and amortization	2,948)	2,763)	2,710)	2,548)	2,432)
Gain associated with the Juice Transaction	—)	(3,321)	—)	—)	—)
Impairment and other charges	1,230)	3,618)	—)	—)	—)
Product recall-related impact	136)	—)	—)	—)	—)
Operating lease right-of-use asset amortization	570)	517)	505)	478)	412)
Stock-based compensation expense	380)	343)	301)	264)	237)
Restructuring and impairment charges	445)	411)	247)	289)	370)
Cash payments for restructuring charges	(434)	(224)	(256)	(255)	(350)
Acquisition and divestiture-related charges	41)	80)	(4)	255)	55)
Cash payments for acquisition and divestiture-related charges	(41)	(46)	(176)	(131)	(10)
Pension and retiree medical plan expenses	150)	419)	123)	408)	519)
Pension and retiree medical plan contributions	(410)	(384)	(785)	(562)	(716)
Deferred income taxes and other tax charges and credits	(271)	(873)	298)	361)	453)
Tax expense (benefit) related to the TCJ Act	—)	86)	190)	—)	(8)
Tax payments related to the TCJ Act	(309)	(309)	(309)	(78)	(423)
Accounts and notes receivable	(793)	(1,763)	(651)	(420)	(650)
Inventories	(261)	(1,142)	(582)	(516)	(190)
Prepaid expenses and other current assets	(13)	118)	159)	26)	(87)
Accounts payable and other current liabilities	420)	1,842)	1,762)	766)	735)
Income taxes payable	310)	57)	30)	(159)	(287)
Change in assets and liabilities	(337)	(888)	718)	(303)	(479)
Other, net	189)	(359)	375)	164)	(196)
Net cash provided by operating activities	13,442)	10,811)	11,616)	10,613)	9,649)
Capital spending	(5,518)	(5,207)	(4,625)	(4,240)	(4,232)
Sales of property, plant and equipment	198)	251)	166)	55)	170)
Acquisitions, net of cash acquired, investments in noncontrolled affiliates and purchases of intangible and other assets	(314)	(873)	(61)	(6,372)	(2,717)
Proceeds associated with the Juice Transaction	—)	3,456)	—)	—)	—)
Other divestitures, sales of investments in noncontrolled affiliates and other assets	75)	49)	169)	4)	253)
Short-term investments, original maturity more than three months, purchases	(555)	(291)	—)	(1,135)	—)
Short-term investments, original maturity more than three months, maturities	556)	150)	1,135)	—)	16)
Short-term investments, original maturity more than three months, sales	12)	—)	—)	—)	62)
Short-term investments, original maturity three months or less, net	3)	24)	(58)	27)	19)
Other investing, net	48)	11)	5)	42)	(8)
Net cash used for investing activities	(5,495)	(2,430)	(3,269)	(11,619)	(6,437)
Proceeds from issuances of long-term debt	5,482)	3,377)	4,122)	13,809)	4,621)
Payments of long-term debt	(3,005)	(2,458)	(3,455)	(1,830)	(3,970)
Debt redemptions/cash tender offers	—)	(1,716)	(4,844)	(1,100)	(1,007)
Short-term borrowings, original maturity more than three months, proceeds	5,428)	1,969)	8)	4,077)	6)
Short-term borrowings, original maturity more than three months, payments	(3,106)	(1,951)	(397)	(3,554)	(2)
Short-term borrowings, original maturity three months or less, net	(29)	(31)	434)	(109)	(3)
Payments of acquisition-related contingent consideration	—)	—)	(773)	—)	—)
Cash dividends paid	(6,682)	(6,172)	(5,815)	(5,509)	(5,304)
Share repurchases, common	(1,000)	(1,500)	(106)	(2,000)	(3,000)
Proceeds from exercises of stock options	116)	138)	185)	179)	329)
Withholding tax payments on restricted stock units (RSUs) and performance stock units (PSUs) converted	(140)	(107)	(92)	(96)	(114)
Other financing	(73)	(72)	(47)	(48)	(45)
Net cash provided by (used for) financing activities	(3,009)	(8,523)	(10,780)	3,819)	(8,489)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(277)	(465)	(114)	(129)	78)
Net increase (decrease) in cash and cash equivalents and restricted cash	4,661)	(607)	(2,547)	2,684)	(5,199)
Cash and cash equivalents and restricted cash, beginning of year	5,100)	5,707)	8,254)	5,570)	10,769)
Cash and cash equivalents and restricted cash, end of year	9,761)	5,100)	5,707)	8,254)	5,570)

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	PepsiCo Inc. net cash provided by operating activities decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Net cash used for investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	PepsiCo Inc. net cash used for investing activities increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Net cash provided by (used for) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	PepsiCo Inc. net cash provided by (used for) financing activities increased from 2021 to 2022 and from 2022 to 2023.

PepsiCo Inc. (NASDAQ:PEP)

Cash Flow Statement