Common-Size Balance Sheet: Assets
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PepsiCo Inc. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
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PepsiCo Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2024-12-28), 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).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets declined from 8.81% in 2020 to a low of 5.37% in 2022, followed by a recovery to 9.66% in 2023 and a slight decrease to 8.55% in 2024. This fluctuation suggests periods of varying liquidity management and cash reserves over the five-year span.
- Short-term Investments
- Short-term investments consistently represented a small fraction of total assets, generally below 1%. There was a noticeable dip from 1.47% in 2020 to around 0.29-0.43% in the subsequent years, with a slight increase to 0.77% in 2024, indicating a conservative approach towards more liquid investment holdings.
- Accounts and Notes Receivable, Net
- The percentage of accounts and notes receivable increased from 9.04% in 2020 to a peak of 11.02% in 2022, followed by minor decreases to 10.39% in 2024. This trend may reflect changes in credit sales or collection policies during the period.
- Inventories
- Inventories as a share of total assets demonstrated a general rise from 4.49% in 2020 to 5.66% in 2022, with a slight decrease and stabilization around 5.31-5.33% during 2023 and 2024. This suggests inventory levels were maintained near a slightly higher level compared to the start of the period.
- Prepaid Expenses and Other Current Assets
- The proportion fluctuated modestly between 0.79% and 1.06% across the years, indicating relatively stable prepaid and current asset management without significant variation.
- Assets Held for Sale
- This category appeared only in 2021 (1.94%) and was absent in other years, implying a one-time event or disposal activity during that year.
- Current Assets
- Current assets fluctuated slightly, dipping from 24.75% in 2020 to 23.36% in 2022, then increasing sharply to 26.82% in 2023 before settling down at 25.96% in 2024. This indicates variability in short-term asset composition or liquidity over the timeframe.
- Property, Plant and Equipment, Net
- There was a steady increase in the share of property, plant, and equipment assets from 23% in 2020 to 28.16% in 2024, suggesting ongoing investment or capital expenditure in fixed assets.
- Amortizable Intangible Assets, Net
- The relative value of amortizable intangible assets declined gradually from 1.83% in 2020 to 1.11% in 2024, reflecting possible amortization or divestiture over time.
- Goodwill
- Goodwill as a percentage of total assets showed a gradual decrease from 20.19% in 2020 to 17.63% in 2024, indicating either impairment charges, disposals, or slower acquisition activity relative to total assets.
- Other Indefinite-Lived Intangible Assets
- This category experienced a marked decline from 18.95% in 2020 to approximately 13.7% by 2024, contributing significantly to the overall reduction in total intangible assets.
- Intangible Assets
- The total intangible assets share (combining goodwill and other intangibles) declined substantially from 40.97% in 2020 to around 32.5% in 2023-2024. This downward trend suggests a shifting asset composition with reduced weight on intangibles within the company’s asset base.
- Investments in Noncontrolled Affiliates
- The portion of investments in noncontrolled affiliates fluctuated moderately, peaking at 3.33% in 2022 before settling back to 2% in 2024, indicating some variability in strategic investments outside direct control.
- Deferred Income Taxes
- The deferred income tax asset proportion showed a gradual decrease from 4.71% in 2020 to 4.39% in 2024, suggesting slight changes in tax timing differences or tax strategies over time.
- Noncurrent Notes and Accounts Receivable
- This asset class remained minimal throughout the period, ranging narrowly from 0.11% to 0.22%, pointing to a stable and minor role in the asset structure.
- Deferred Marketplace Spending
- The ratio was relatively stable at about 0.10-0.14%, indicating consistent deferred marketplace-related expenditures within the long-term asset pool.
- Pension Plans
- The percentage allocated to pension plans varied moderately, with an increase from 0.98% in 2020 to 1.20% in 2024, possibly reflecting changes in pension fund valuations or funding levels.
- Operating Lease Right-of-Use Assets
- Tangible growth was observed in operating lease right-of-use assets, rising from 1.80% in 2020 to 3.40% in 2024, pointing to increased capitalized lease obligations consistent with lease accounting standards.
- Other Investments
- Other investments showed growth from 0.30% in 2021 to a peak of 1.61% in 2023 before decreasing slightly in 2024 to 1.35%, reflecting an expanding and then slightly contracted investment portfolio in this category.
- Other Assets
- There was a marked increase in other assets from 3.56% in 2020 to 6.99% in 2024, suggesting the addition of miscellaneous long-term assets or reclassifications contributing significantly to asset composition.
- Noncurrent Assets
- Noncurrent assets remained the dominant portion of total assets, fluctuating slightly between 73.18% and 76.64%, with a mild downward trend starting in 2023. This indicates a consistently asset-heavy structure weighted towards long-term assets.
- Total Assets
- The total assets represent 100% in each year by definition, serving as the base for all ratios and illustrating relative shifts among asset categories over time.