SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
August 8, 2001
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Date of Report (Date of earliest event reported)
PepsiCo, Inc.
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(Exact name of registrant as specified in its charter)
North Carolina
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(State or other jurisdiction of incorporation)
1-1183 13-1584302
(Commission File Number) (IRS Employer Identification No.)
700 Anderson Hill Road, Purchase, New York 10577
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(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (914) 253-2000
Item 2. Acqusition or Disposition of Assets
On August 2, 2001, we completed a merger transaction which resulted in The
Quaker Oats Company (Quaker) becoming a wholly-owned subsidiary of PepsiCo.
Under the merger agreement, dated December 2, 2000, Quaker shareholders
received 2.3 shares of PepsiCo common stock for each share of Quaker common
stock, and a cash payment for fractional shares. We issued approximately 306
million shares of our common stock in exchange for all the outstanding common
stock of Quaker.
The transaction was accounted for as a tax-free transaction and as a
pooling-of-interests under Accounting Principles Board Opinion No. 16, Business
Combinations.
Item 5. Other Events
This 8-K makes available the unaudited supplemental pro forma financial
information included in Exhibit 99.1. The information in Exhibit 99.1 is
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
The required financial statements and pro forma information under Article 11 of
Regulation S-X are not being filed with this report on Form 8-K, but will be
filed within the time frame allowed.
(c) Exhibits
99.1 Unaudited supplemental pro forma financial information.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: August 8, 2001 PepsiCo, Inc.
By: /S/ LAWRENCE F. DICKIE
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Lawrence F. Dickie
Vice President,
Associate General Counsel
and Assistant Secretary
3
INDEX TO EXHIBITS
Exhibit Number Description Page
- -------------- ----------- ----
99.1 Unaudited supplemental pro forma 5
financial information.
4
EXHIBIT 99.1
Unaudited Supplemental Pro Forma Information
--------------------------------------------
The following tables contain unaudited supplemental pro forma segment volume,
net sales and operating profit, as well as unaudited supplemental consolidated
pro forma net income and earnings per share for:
o the first and second quarters of 2001,
o all quarters and full year 2000,
o all quarters and full year 1999, and
o full year 1998,
reflecting the combination of PepsiCo, Inc. and The Quaker Oats Company for all
periods presented and the adjustments described below.
Also provided is a reconciliation of unaudited supplemental pro forma net
sales, operating profit and net income to combined results reported on a GAAP
basis.
The unaudited supplemental pro forma results:
o exclude the impact of PepsiCo's fifty-third week in 2000,
o exclude significant impairment and restructuring charges,
o exclude Quaker divested businesses,
o exclude various one-time charges,
o reflect accounting changes, and
o assume that the 1999 bottling transactions and the 1998 Tropicana
acquisition occurred at the beginning of our 1998 fiscal year.
We believe that the unaudited supplemental pro forma presentation facilitates
comparison of the historical results. The unaudited supplemental pro forma
information is not prepared on a basis required by Article 11 of Regulation S-X
and does not purport to represent what PepsiCo's results would have been had
the transactions been completed as of the dates indicated nor does it give
effect to any other events or adjustments other than those described above.
The combined company will have the following six segments:
Frito-Lay North America
- -----------------------
Frito-Lay North America manufactures, markets, sells and distributes salty,
sweet, and grain-based snacks. Products manufactured and sold include Lay's and
Ruffles potato chips, Doritos and Tostitos tortilla chips, Cheetos
cheese-flavored snacks, Fritos corn chips, a variety of dips and salsas, Rold
Gold pretzels, Quaker Chewy granola bars, Grandma's cookies, Oberto's meat
snacks and Cracker Jack candy coated popcorn.
Frito-Lay International
- -----------------------
Frito-Lay International manufactures, markets, sells, and distributes primarily
salty and sweet snacks. Products include Sabritas snack foods and Alegro and
Gamesa sweet snacks in Mexico, Walkers snack foods in the United
5
Kingdom and Smith's snack foods in Australia. Frito-Lay International also
includes non-snack products, including cereals, that are not material.
Pepsi-Cola North America
- ------------------------
Pepsi-Cola North America markets and promotes, and manufactures concentrates
for Pepsi, Mountain Dew, MUG, Sierra Mist, Slice, Fruitworks and other brands
for sale to franchised bottlers. It also sells syrups for these brands to
national fountain accounts. Pepsi-Cola North America also licenses the
processing, distribution and sale of Aquafina bottled water, manufactures,
markets and distributes ready-to-drink tea and coffee products through joint
ventures with Lipton and Starbucks, and manufactures and sells SoBe and Dole
beverages for distribution and sale through our franchise bottling system.
Gatorade/Tropicana North America
- --------------------------------
Gatorade/Tropicana North America produces, markets, sells and distributes
Gatorade sports drinks and Tropicana Pure Premium, Season's Best, Tropicana
Twister and Dole juices.
PepsiCo Beverages International
- -------------------------------
PepsiCo Beverages International (PBI) manufactures concentrates of Pepsi, 7UP,
Mirinda, KAS, Mountain Dew, and other brands internationally for sale to
franchised bottlers and company-owned bottlers. PBI also produces, markets,
sells and distributes Gatorade sports drinks as well as Tropicana and other
juices. In addition, PBI operates bottling plants and distribution facilities
in certain international markets for the production, distribution and sale of
company-owned and licensed brands.
Quaker Foods North America
- --------------------------
Quaker Foods North America manufactures, markets and sells ready-to-eat
cereals, hot cereals, flavored rice and pasta products, mixes and syrups,
hominy grits and cornmeal in North America. Products manufactured and sold
include Quaker oatmeal, Cap'n Crunch and Life ready-to-eat cereals, Rice-A-Roni
products, Aunt Jemima mixes and syrups and Quaker grits.
6
"New" PepsiCo
Unaudited Supplemental Pro Forma Volume
(in millions)
Year-to-Date
First Quarter Second Quarter Second Quarter
---------------- Index ---------------- Index ---------------- Index
2001 2000 01/00 2001 2000 01/00 2001 2000 01/00
------- ------- ----- ------- ------- ----- ------- ------- -----
PepsiCo Total (1) Servings 62,752 59,816 105 61,438 59,025 104 124,190 118,841 105
Frito-Lay North America Pounds 723 712 102 799 776 103 1,522 1,488 102
Frito-Lay International Kilos 326 302 108 389 365 107 715 667 107
Worldwide Snacks(1) Servings 20,470 19,566 105 23,345 22,298 105 43,815 41,864 105
Pepsi-Cola North 8oz. equivalent
America (2) BCS* 816 782 104 654 634 103 1,470 1,416 104
Gatorade/Tropicana Equivalent
North America gallons 192 175 110 304 291 104 496 466 106
PepsiCo Beverages 8oz. equivalent
International BCS* 722 683 106 612 588 104 1,334 1,271 105
Worldwide Beverages(1) Servings 39,992 37,947 105 35,236 33,979 104 75,228 71,926 105
Quaker Foods North
America Pounds 227 228 99 283 272 104 510 500 102
* Bottler Case Sales
(1) Based on the following per seving amounts:
- 30 grams for salty snacks,
- 40 grams for sweet snacks,
- 45 grams for other foods and
- 8 ounces for beverages.
(2) Prior year comparative amounts have been adjusted for trading days.
Note: Indices based on unrounded amounts.
7
"New" PepsiCo
Unaudited Supplemental Pro Forma Volume
(in millions)
First Quarter Second Quarter Third Quarter
---------------- Index ---------------- Index ---------------- Index
2000 1999 00/99 2000 1999 00/99 2000 1999 00/99
------- ------- ----- ------- ------ ----- ------- ------- -----
PepsiCo Total (1) Servings 59,816 57,754 104 58,714 55,006 107 76,130 72,921 104
Frito-Lay North America Pounds 712 681 104 776 740 105 801 759 106
Frito-Lay International Kilos 302 284 106 365 317 115 357 330 108
Worldwide Snacks(1) Servings 19,566 18,522 106 22,298 20,304 110 22,406 20,929 107
Pepsi-Cola North 8oz. equivalent
America (2) BCS* 782 780 100 621 619 100 1,002 993 101
Gatorade/Tropicana Equivalent
North America gallons 175 166 105 291 260 112 316 294 108
PepsiCo Beverages 8oz. equivalent
International BCS* 683 648 105 588 534 110 895 848 106
Worldwide Beverages(1) Servings 37,947 36,931 103 33,668 31,826 106 50,603 48,880 104
Quaker Foods North
America Pounds 228 228 100 272 285 96 310 309 100
Fourth Quarter Index Full Year Full
---------------- ----- ---------------- Index Year Index
2000 1999 00/99 2000 1999 00/99 1998 99/98
------- ------- ----- ------- ------- ------ ------- -----
PepsiCo Total (1) Servings 89,231 85,657 104 283,891 271,338 105 264,992 102
Frito-Lay North America Pounds 956 923 104 3,245 3,103 105 2,987 104
Frito-Lay International Kilos 507 466 109 1,531 1,397 110 1,340 104
Worldwide Snacks(1) Servings 29,042 27,298 106 93,312 87,053 107 83,327 104
Pepsi-Cola North 8oz. equivalent
America (2) BCS* 1,147 1,131 101 3,552 3,523 101 3,475 102
Gatorade/Tropicana Equivalent
North America gallons 282 250 113 1,064 970 110 900 108
PepsiCo Beverages 8oz. equivalent
International BCS* 988 946 104 3,154 2,976 106 2,967 100
Worldwide Beverages(1) Servings 55,748 53,855 104 177,966 171,492 104 169,016 101
Quaker Foods North
America Pounds 441 447 99 1,251 1,269 99 1,255 101
* Bottler Case Sales
(1) Based on the following per seving amounts:
- 30 grams for salty snacks,
- 40 grams for sweet snacks,
- 45 grams for other foods and
- 8 ounces for beverages.
(2) Prior year comparative amounts have been adjusted for trading days.
Note: Indices based on unrounded amounts.
8
"New" PepsiCo
Unaudited Supplemental Pro Forma Information
(in millions, except per share amounts)
Year-to-Date
First Quarter Second Quarter Second Quarter
------------------ Index ------------------ Index ------------------ Index
2001 2000 01/00 2001 2000 01/00 2001 2000 01/00
------- ------- ----- ------- ------- ----- ------- ------- -----
Net Sales
- ---------
Frito-Lay North America $2,024 $1,916 106 $2,249 $2,119 106 $ 4,273 $ 4,035 106
Frito-Lay International 1,069 1,005 106 1,225 1,166 105 2,294 2,171 106
------ ------ ------ ------ ------- -------
Worldwide Snacks 3,093 2,921 106 3,474 3,285 106 6,567 6,206 106
------ ------ ------ ------ ------- -------
Pepsi-Cola North America 771 639 121 962 798 120 1,733 1,437 121
Gatorade/Tropicana North America 716 653 110 1,095 1,011 108 1,811 1,664 109
PepsiCo Beverages International 380 356 107 737 731 101 1,117 1,087 103
------ ------ ------ ------ ------- -------
Worldwide Beverages 1,867 1,648 113 2,794 2,540 110 4,661 4,188 111
------ ------ ------ ------ ------- -------
Quaker Foods North America 370 372 100 445 425 105 815 797 102
------ ------ ------ ------ ------- -------
Total Net Sales $5,330 $4,941 108 $6,713 $6,250 107 $12,043 $11,191 108
====== ====== ====== ====== ======= =======
Operating Profit
- ----------------
Frito-Lay North America $ 426 $ 388 110 $ 492 $ 455 108 $ 918 $ 843 109
Frito-Lay International 141 107 132 143 129 111 284 236 120
------ ------ ------ ------ ------- -------
Worldwide Snacks 567 495 115 635 584 109 1,202 1,079 111
------ ------ ------ ------ ------- -------
Pepsi-Cola North America 182 158 115 249 224 111 431 382 113
Gatorade/Tropicana North America 89 83 107 172 166 104 261 249 105
PepsiCo Beverages International 31 19 159 94 69 137 125 88 142
------ ------ ------ ------ ------- -------
Worldwide Beverages 302 260 116 515 459 112 817 719 114
------ ------ ------ ------ ------- -------
Quaker Foods North America 78 90 87 87 69 124 165 159 103
------ ------ ------ ------ ------- -------
Total Segment Operating Profit 947 845 112 1,237 1,112 111 2,184 1,957 112
Corporate Unallocated (78) (69) 114 (84) (69) 121 (162) (138) 117
------ ------ ------ ------ ------- -------
Total Operating Profit 869 776 112 1,153 1,043 111 2,022 1,819 111
Bottling Equity Income, net 5 5 109 63 54 116 68 59 116
Interest Expense, net (32) (44) 73 (41) (58) 70 (73) (102) 72
------ ------ ------ ------ ------- -------
Income Before Taxes 842 737 114 1,175 1,039 113 2,017 1,776 114
Provision for Income Taxes 270 241 112 375 340 111 645 581 111
------ ------ ------ ------ ------- -------
Net Income $ 572 $ 496 115 $ 800 $ 699 114 $ 1,372 $ 1,195 115
====== ====== ====== ====== ======= =======
Average Shares Outstanding
- Diluted 1,800 1,786 1,810 1,784 1,805 1,785
Earnings Per Share
Basic $0.326 $0.283 116 $0.452 $0.400 113 $ 0.779 $ 0.682 114
Diluted $0.318 $0.277 115 $0.441 $0.392 113 $ 0.759 $ 0.669 114
Note: Indices based on unrounded amounts.
9
"New" PepsiCo
Unaudited Supplemental Pro Forma Information
(in millions, except per share amounts)
First Quarter Second Quarter Third Quarter
---------------- Index -------------- Index ---------------- Index
2000 1999 00/99 2000 1999 00/99 2000 1999 00/99
------ ------ ----- ------ ------ ----- ------- ------- -----
Net Sales
- ---------
Frito-Lay North America $1,916 $1,802 106 $2,119 $1,972 107 $2,172 $2,010 108
Frito-Lay International 1,005 868 116 1,166 997 117 1,101 997 110
------ ------ ------ ------ ------ ------
Worldwide Snacks 2,921 2,670 109 3,285 2,969 111 3,273 3,007 109
------ ------ ------ ------ ------ ------
Pepsi-Cola North America 639 613 104 798 751 106 821 774 106
Gatorade/Tropicana North America 653 603 108 1,011 909 111 1,122 1,031 109
PepsiCo Beverages International 356 330 108 731 669 109 716 696 103
------ ------ ------ ------ ------ ------
Worldwide Beverages 1,648 1,546 107 2,540 2,329 109 2,659 2,501 106
------ ------ ------ ------ ------ ------
Quaker Foods North America 372 364 102 425 447 95 489 493 99
------ ------ ------ ------ ------ ------
Total Net Sales $4,941 $4,580 108 $6,250 $5,745 109 $6,421 $6,001 107
====== ====== ====== ====== ====== ======
Operating Profit
- ----------------
Frito-Lay North America $ 388 $ 351 111 $ 455 $ 403 113 $ 478 $ 425 112
Frito-Lay International 107 84 127 129 102 126 128 111 115
------ ------ ------ ------ ------ ------
Worldwide Snacks 495 435 114 584 505 115 606 536 113
------ ------ ------ ------ ------ ------
Pepsi-Cola North America 158 172 92 224 205 110 211 174 121
Gatorade/Tropicana North America 83 54 152 166 142 117 171 176 97
PepsiCo Beverages International 19 14 143 69 45 150 81 65 125
------ ------ ------ ------ ------ ------
Worldwide Beverages 260 240 108 459 392 117 463 415 111
------ ------ ------ ------ ------ ------
Quaker Foods North America 90 86 104 69 69 100 104 88 119
------ ------ ------ ------ ------ ------
Total Segment Operating Profit 845 761 111 1,112 966 115 1,173 1,039 113
Corporate Unallocated (69) (61) 113 (69) (88) 78 (73) (60) 121
------ ------ ------ ------ ------ ------
Total Operating Profit 776 700 111 1,043 878 119 1,100 979 112
Bottling Equity Income, net 5 -- N/A 54 30 180 76 52 146
Interest Expense, net (44) (49) 90 (58) (55) 105 (47) (48) 99
------ ------ ------ ------ ------ ------
Income Before Taxes 737 651 113 1,039 853 122 1,129 983 115
Provision for Income Taxes 241 209 116 340 284 120 370 322 115
------ ------ ------ ------ ------ ------
Net Income $ 496 $ 442 112 $ 699 $ 569 123 $ 759 $ 661 115
====== ====== ====== ====== ====== ======
Average Shares Outstanding
- Diluted 1,786 1,833 1,784 1,830 1,796 1,815
Earnings Per Share
Basic $0.283 $0.247 114 $0.400 $0.319 126 $0.433 $0.372 116
Diluted $0.277 $0.241 115 $0.392 $0.311 126 $0.422 $0.364 116
Note: Indices based on unrounded amounts.
10
"New" PepsiCo
Unaudited Supplemental Pro Forma Information
(in millions, except per share amounts)
Fourth Quarter Full Year Full Year
--------------- Index ----------------- Index --------- Index
2000 1999 00/99 2000 1999 00/99 1998 99/98
------ ------ ----- -------- ------- ----- --------- -----
Net Sales
- ---------
Frito-Lay North America $2,600 $2,448 106 $ 8,807 $ 8,232 107 $ 7,821 105
Frito-Lay International 1,542 1,412 109 4,814 4,274 113 4,077 105
------ ------ ------- ------- -------
Worldwide Snacks 4,142 3,860 107 13,621 12,506 109 11,898 105
------ ------ ------- ------- -------
Pepsi-Cola North America 995 867 115 3,253 3,005 108 2,912 103
Gatorade/Tropicana North America 1,022 909 112 3,808 3,452 110 3,079 112
PepsiCo Beverages International 728 734 99 2,531 2,429 104 2,368 103
------ ------ ------- ------- -------
Worldwide Beverages 2,745 2,510 109 9,592 8,886 108 8,359 106
------ ------ ------- ------- -------
Quaker Foods North America 686 689 100 1,972 1,993 99 1,928 103
------ ------ ------- ------- -------
Total Net Sales $7,573 $7,059 107 $25,185 $23,385 108 $22,185 105
====== ====== ======= ======= =======
Operating Profit
- ----------------
Frito-Lay North America $ 554 $ 500 111 $ 1,875 $ 1,679 112 $ 1,515 111
Frito-Lay International 172 158 108 536 455 117 397 115
------ ------ ------- ------- -------
Worldwide Snacks 726 658 110 2,411 2,134 113 1,912 112
------ ------ ------- ------- -------
Pepsi-Cola North America 227 200 113 820 751 109 738 102
Gatorade/Tropicana North America 75 61 127 495 433 115 333 130
PepsiCo Beverages International -- (16) N/A 169 108 156 116 93
------ ------ ------- ------- -------
Worldwide Beverages 302 245 123 1,484 1,292 115 1,187 109
------ ------ ------- ------- -------
Quaker Foods North America 129 120 107 392 363 108 331 110
------ ------ ------- ------- -------
Total Segment Operating Profit 1,157 1,023 113 4,287 3,789 113 3,430 110
Corporate Unallocated (119) (121) 99 (330) (330) 100 (276) 119
------ ------ ------- ------- -------
Total Operating Profit 1,038 902 115 3,957 3,459 114 3,154 110
Bottling Equity Income, net (10) -- N/A 125 82 152 46 179
Interest Expense, net (53) (51) 101 (202) (203) 99 (223) 92
------ ------ ------- ------- -------
Income Before Taxes 975 851 115 3,880 3,338 116 2,977 112
Provision for Income Taxes 319 278 115 1,270 1,093 116 974 112
------ ------ ------- ------- -------
Net Income $ 656 $ 573 115 $ 2,610 $ 2,245 116 $ 2,003 112
====== ====== ======= ======= =======
Average Shares Outstanding
- Diluted 1,798 1,799 1,791 1,817 1,848
Earnings Per Share
Basic $0.375 $0.324 116 $ 1.490 $ 1.263 118 $ 1.113 113
Diluted $0.365 $0.318 115 $ 1.456 $ 1.234 118 $ 1.083 114
11
Note: Indices based on unrounded amounts.
"New" PepsiCo
Reconciliation of Unaudited Supplemental Pro Forma Information to Combined GAAP Amounts
(in millions)
First Quarter Second Quarter Third Quarter Fourth Quarter
------------------------- -------------------------- ----------------- -----------------
2001 2000 1999 2001 2000 1999 2000 1999 2000 1999
------ ------ ------- ------- ------- ------- ------- ------- ------- -------
Total Pro Forma Net Sales $5,330 $4,941 $4,580 $6,713 $6,250 $5,745 $6,421 $6,001 $7,573 $7,059
53rd week -- -- -- -- -- -- -- -- 294 --
Quaker divested businesses -- -- 6 -- -- -- -- -- -- --
Bottling transactions -- -- 1,230 -- -- 460 -- 12 -- --
Tropicana -- -- -- -- -- -- -- -- -- --
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total Combined GAAP Net Sales $5,330 $4,941 $5,816 $6,713 $6,250 $6,205 $6,421 $6,013 $7,867 $7,059
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Total Pro Forma Operating
Profit $ 869 $ 776 $ 700 $1,153 $1,043 $ 878 $1,100 $ 979 $1,038 $ 902
53rd week -- -- -- -- -- -- -- -- 62 --
Quaker divested businesses -- -- -- -- -- -- -- -- -- --
Bottling operating profit -- -- 29 -- -- 23 -- 1 -- --
Tropicana -- -- -- -- -- -- -- -- -- --
Impairment and restructuring (4) -- (65) (4) (171) -- (7) -- (6) (8)
Accounting changes -- 3 -- -- (11) -- (2) 6 (9) --
One-time items -- -- 28 2 (3) 8 1 -- 4 2
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total Combined GAAP
Operating Profit $ 865 $ 779 $ 692 $1,151 $ 858 $ 909 $1,092 $ 986 $1,089 $ 896
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Total Pro Forma Net Income $ 572 $ 496 $ 442 $ 800 $ 699 $ 569 $ 759 $ 661 $ 656 $ 573
53rd week -- -- -- -- -- -- -- -- 44 --
Quaker divested businesses -- -- -- -- -- -- -- -- -- --
Bottling transactions -- -- 26 -- -- 289 -- (22) -- 1
Tropicana -- -- -- -- -- -- -- -- -- --
Interest proforma adjustment -- -- (64) -- -- (12) -- (2) -- (4)
One-time tax items -- -- 8 -- -- 38 -- -- -- 13
Impairment and restructuring (2) -- (40) (3) (103) 1 (4) -- (4) (6)
Other one-time items -- -- 28 1 (2) 6 -- -- 2 --
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total Combined GAAP Net Income $ 570 $ 496 $ 400 $ 798 $ 594 $ 891 $ 755 $ 637 $ 698 $ 577
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
12
"New" PepsiCo
Reconciliation of Unaudited Supplemental Pro Forma Information to Combined GAAP Amounts
(in millions)
Full Full Full
Year Year Year
2000 1999 1998
------- ------- -------
Total Pro Forma Net Sales $25,185 $23,385 $22,185
53rd week 294 -- --
Quaker divested businesses -- 6 284
Bottling transactions -- 1,702 6,048
Tropicana -- -- (1,326)
------- ------- -------
Total Combined GAAP Net Sales $25,479 $25,093 $27,191
======= ======= =======
Total Pro Forma Operating
Profit $ 3,957 $ 3,459 $ 3,154
53rd week 62 -- --
Quaker divested businesses -- -- (2)
Bottling operating profit -- 53 150
Tropicana -- -- (70)
Impairment and restructuring (184) (73) (260)
Accounting changes (19) 6 --
One-time items 2 38 64
------- ------- -------
Total Combined GAAP
Operating Profit $ 3,818 $ 3,483 $ 3,036
======= ======= =======
Total Pro Forma Net Income $ 2,610 $ 2,245 $ 2,003
53rd week 44 -- --
Quaker divested businesses -- -- (2)
Bottling transactions -- 294 55
Tropicana -- -- (28)
Interest proforma adjustment -- (82) (154)
One-time tax items -- 59 494
Impairment and restructuring (111) (45) (157)
Other one-time items -- 34 67
------- ------- -------
Total Combined GAAP Net Income $ 2,543 $ 2,505 $ 2,278
======= ======= =======
13