Summary
PepsiCo, Inc. (PEP) filed this Current Report on Form 8-K on August 27, 2009, to restate and update certain historical financial information previously reported in its 2008 Form 10-K. The primary purpose of this filing is to reflect the retrospective adoption of Statement of Financial Accounting Standards No. 160 (SFAS 160), which governs the accounting for noncontrolling interests in consolidated financial statements and the loss of control of subsidiaries. While the adoption of SFAS 160 changes the presentation basis for consolidated financial statements, PepsiCo states that it did not have a material impact on the company's consolidated financial statements and footnotes. This filing also supersedes a previous 8-K filed on March 24, 2009, which had reclassified historical segment information and updated bottler case sales volume reporting. Investors should note that this 8-K updates specific sections of the 2008 Form 10-K, including business descriptions, selected financial data, Management's Discussion and Analysis, financial statements, and notes. All other information from the 2008 10-K remains unchanged and is not updated for subsequent events.
Key Highlights
- 1PepsiCo is retrospectively adopting SFAS 160 concerning noncontrolling interests and loss of control of subsidiaries.
- 2The adoption of SFAS 160 did not have a material impact on PepsiCo's consolidated financial statements.
- 3This filing supersedes a previous 8-K filed on March 24, 2009.
- 4The 8-K updates specific sections of the 2008 Form 10-K, including business, selected financial data, MD&A, and financial statements.
- 5Revised information regarding related party transactions and joint venture revenue presentation is included.
- 6A revised Computation of Ratio of Earnings to Fixed Charges is provided as an exhibit.