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Consolidated Balance Sheet
PepsiCo, Inc. and Subsidiaries
December 27, 2014 and December 28, 2013
(in millions except per share amounts)
2014
2013
$8,958
$10,414
9,052
6,707
18,010
17,121
3,665
3,147
4,466
4,873
3,100
3,277
3,066
2,886
679
—
32,986
31,304
9,947
10,393
3,678
1,119
4,407
4,661
14,633
14,967
6,533
6,744
6,689
7,415
12,100
12,312
1,050
1,140
$92,023
$90,055
$9,234
$9,577
19,130
16,901
3,552
1,024
400
309
58
—
32,374
27,811
19,063
19,154
4,389
3,498
5,636
6,152
1,760
1,760
13,154
12,276
63,408
61,660
(5,777)
(3,432)
(42,225)
(39,091)
30,320
33,173
241
267
30,561
33,440
$92,023
$90,055
The Coca-Cola Company and PepsiCo, Inc.
The financial statements of Coca-Cola and PepsiCo are presented in Appendices C and D, respectively. The companies' complete annual reports, including the notes to the financial statements, are available online.
Instructions
(d)For year-end 2014, what amounts were reported by Coca-Cola and PepsiCo as (1) gross deferred tax assets and (2) gross deferred tax liabilities?
(e)Do either Coca-Cola or PepsiCo disclose any net operating loss carrybacks and/or carryforwards at year-end 2014? What are the amounts, and when do the carryforwards expire?
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THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31,2014
2013
(In millions except par value) ASSETS CURRENT ASSETS Cash and cash equivalents$8,958
$10,414
Short-term investments9,052
6,707
TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS18,010
17,121
Marketable securities3,665
3,147
Trade accounts receivable, less allowances of $331 and $61, respectively4,466
4,873
Inventories3,100
3,277
Prepaid expenses and other assets3,066
2,886
Assets held for sale679
—
TOTAL CURRENT ASSETS32,986
31,304
EQUITY METHOD INVESTMENTS9,947
10,393
OTHER INVESTMENTS3,678
1,119
OTHER ASSETS4,407
4,661
PROPERTY, PLANT AND EQUIPMENT — net14,633
14,967
TRADEMARKS WITH INDEFINITE LIVES6,533
6,744
BOTTLERS' FRANCHISE RIGHTS WITH INDEFINITE LIVES6,689
7,415
GOODWILL12,100
12,312
OTHER INTANGIBLE ASSETS1,050
1,140
TOTAL ASSETS$92,023
$90,055
LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable and accrued expenses$9,234
$9,577
Loans and notes payable19,130
16,901
Current maturities of long-term debt3,552
1,024
Accrued income taxes400
309
Liabilities held for sale58
—
TOTAL CURRENT LIABILITIES32,374
27,811
LONG-TERM DEBT19,063
19,154
OTHER LIABILITIES4,389
3,498
DEFERRED INCOME TAXES5,636
6,152
THE COCA-COLA COMPANY SHAREOWNERS' EQUITY Common stock, $0.25 par value; Authorized — 11,200 shares; Issued — 7,040 and 7,040 shares, respectively1,760
1,760
Capital surplus13,154
12,276
Reinvested earnings63,408
61,660
Accumulated other comprehensive income (loss)(5,777)
(3,432)
Treasury stock, at cost — 2,674 and 2,638 shares, respectively(42,225)
(39,091)
EQUITY ATTRIBUTABLE TO SHAREOWNERS OF THE COCA-COLA COMPANY30,320
33,173
EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS241
267
TOTAL EQUITY30,561
33,440
TOTAL LIABILITIES AND EQUITY$92,023
$90,055
Explanation / Answer
d)For year-end 2014, amounts reported by Coca-Cola (Pg. 118) and PepsiCo (pg. 88 & 90) as Coca-Cola PepsiCo (1) Gross deferred tax assets 4440 4149 (2) Gross deferred tax liabilities -9398 7348 e..NOL Carryforwards YES YES $ 6408 mlns. $ 10.4 blns. Expires in 2015 $ 0.1 bln. Expires bet. Yrs. 2016 & 2034 $ 9.8 bln C/f indefinitely $ 0.5 bln. Expires in next 5 yrs. $ 497 mlns. After 5 yrs. Balance
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