TableofContents
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington,D.C.20549
FORM 10-K
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AnnualreportpursuanttoSection13or15(d)oftheSecuritiesExchangeActof1934
FortheFiscalYearEndedDecember 27, 2008or
o
TransitionreportpursuanttoSection13or15(d)oftheSecuritiesExchangeActof1934(NoFeeRequired)
Forthetransitionperiodfrom to Commissionfilenumber 333-80361-01
Bottling Group, LLC
(Exact nameofRegistrantasSpecifiedinitsCharter)
OrganizedinDelaware
13-4042452
(StateorotherJurisdictionofIncorporationorOrganization) (I.R.S.EmployerIdentificationNo.)
OnePepsiWay,Somers,NewYork
10589
(AddressofPrincipalExecutiveOffices) (Zipcode)Registrant’s telephone number,includingareacode:(914)767-6000Registrant’s telephone number,includingareacode:(914)767-6000
Securities registeredpursuanttoSection12(b)oftheAct:None
SecuritiesregisteredpursuanttoSection12(g)oftheAct:None Indicatebycheckmarkiftheregistrantisawell-knownseasonedissuer,asdefinedinRule405oftheSecuritiesAct.Yes
˛
No
o
IndicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13orSection15(d)oftheAct.Yes
o
No
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Indicatebycheckmarkwhethertheregistrant:(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months (or for such shorter period that the registrant was required to file such reports) and (2) has beensubjecttosuchfilingrequirements for the past 90 days. Yes
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No
o
IndicatebycheckmarkifdisclosureofdelinquentfilerspursuanttoItem405ofRegulationS-Kisnotcontainedherein,andwillnotbecontained,tothebestofregistrant’sknowledge,indefinitiveproxyorinformation statementsincorporatedbyreferenceinPartIIIofthisForm10-Koranyamendment to this Form10-K.
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Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,orasmallerreportingcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler”and“smallerreportingcompany”inRule12b-2oftheExchangeAct.(Checkone):
Largeacceleratedfiler
o
Acceleratedfiler
o
Non-acceleratedfiler
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(Donotcheckifasmallerreportingcompany) Smallerreportingcompany
o
Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheExchange Act). Yes
o
No
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TheaggregatemarketvalueofBottlingGroup,LLCCapitalStockheldbynon-affiliatesofBottlingGroup,LLCasofJune13,2008was$0.
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TableofContents
PARTI Item1.Business 1Item1A.RiskFactors 8Item1B.UnresolvedStaffComments 12Item2.Properties 12Item3.LegalProceedings 12Item4.Submission of Matters to a VoteofSecurityHolders 12 PARTII Item5.MarketforRegistrant’sCommonEquity,RelatedStockholderMattersandIssuerPurchasesofEquitySecurities 13Item6.SelectedFinancialData 14Item7.Management’s Discussion and Analysis of Financial Condition and Results of Operations 15Item7A.QuantitativeandQualitativeDisclosuresAboutMarketRisk 69Item8.FinancialStatements and Supplementary Data 69Item9.ChangesinandDisagreements With Accountants on Accounting and Financial Disclosure 69Item9A(T).ControlsandProcedures 69Item9B.OtherInformation 70 PARTIII Item10.Directors,ExecutiveOfficersandCorporateGovernance 71Item11.ExecutiveCompensation 72Item12.SecurityOwnershipofCertainBeneficialOwnersandManagement and Related Stockholder Matters 98Item13.CertainRelationshipsandRelatedTransactions,andDirectorIndependence 98Item14.PrincipalAccountantFeesandServices 100 PARTIV Item15.ExhibitsandFinancialStatement Schedules 101 SIGNATURES S-1 INDEXTOFINANCIALSTATEMENTSCHEDULES F-1 INDEXTOEXHIBITS E-1 EX-10.5:DISTRIBUTIONAGREEMENT EX-12:COMPUTATIONOFRATIOOFEARNINGSTOFIXEDCHARGES EX-21:SUBSIDIARIESOFBOTTLINGLLC EX-23.1:CONSENTOFDELOITTE&TOUCHELLP EX-23.2:CONSENTOFDELOITTE&TOUCHELLP EX-23.3:CONSENTOFKPMGLLP EX-31.1:CERTIFICATION EX-31.2:CERTIFICATION EX-32.1:CERTIFICATION EX-32.2:CERTIFICATION EX-99.1:THEPEPSIBOTTLINGGROUPINC.'S2008ANNUALREPORT
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TableofContentsPARTIITEM1.BUSINESSIntroduction
BottlingGroup,LLC(“BottlingLLC”)istheprincipaloperatingsubsidiaryofThePepsiBottlingGroup,Inc.(“PBG”) and consists of substantially all of the operations and assets of PBG.BottlingLLC,whichisfullyconsolidatedbyPBG, consists of bottling operations locatedintheUnitedStates,Canada,Spain,Greece,Russia,TurkeyandMexico.Priortoitsformation,BottlingLLCwasanoperatingunitofPepsiCo,Inc.(“PepsiCo”).WhenusedinthisReport,“BottlingLLC,”“we,”“us,”“our”andthe“Company”eachreferstoBottlingGroup,LLCand,whereappropriate,itssubsidiaries. PBGwasincorporatedinDelawareinJanuary,1999,asawhollyownedsubsidiaryofPepsiCotoeffecttheseparationofmost of PepsiCo’scompany-owned bottling businesses. PBGbecameapubliclytradedcompanyonMarch31,1999.AsofJanuary23,2009,PepsiCo’sownershiprepresented 33.1% of the outstanding common stock and 100% of the outstanding Class B commonstock,togetherrepresenting40.2%ofthevotingpowerofallclassesofPBG’s voting stock. PepsiCoandPBGcontributed bottling businesses and assets used in the bottling business to Bottling LLC in connection with theformation of Bottling LLC. As result of the contributions of assets and other subsequent transactions, PBGowns93.4%ofBottlingLLCandPepsiCoownstheremaining6.6%asofDecember27,2008. We operate in one industry, carbonated soft drinksand other ready-to-drink beverages, and all of our segments derive revenue fromthese products. We conduct business in all or a portion of the United States, Mexico,Canada,Spain,Russia,GreeceandTurkey.BottlingLLCmanages and reports operating results through three reportable segments:U.S.&Canada,Europe(whichincludesSpain,Russia,Greece andTurkey)andMexico.Operationally,theCompanyisorganizedalonggeographiclineswithspecificregionalmanagement teams havingresponsibilityforthefinancialresultsineachreportablesegment. In2008,approximately75%ofournetrevenuesweregeneratedintheU.S.&Canada,15%ofournetrevenuesweregeneratedinEurope,and the remaining10%ofournetrevenuesweregeneratedinMexico.See“Management’s Discussion and Analysis of Financial ConditionandResultsofOperations”andNote13intheNotestoConsolidatedFinancialStatementsforadditionalinformation regarding the businessand operating results of our reportable segments.
PrincipalProducts
Wearetheworld’slargestmanufacturer,selleranddistributorofPepsi-Colabeverages.Inaddition,insomeofourterritorieswehavetherighttomanufacture, sell and distribute soft drink products of companiesotherthanPepsiCo,includingDrPepper,CrushandSquirt.Wealsohave the right in someofourterritoriestomanufacture, sell and distribute beverages under trademarksthatweown,includingElectropura,e- pura and GarciCrespo.Themajorityofourvolumeisderivedfrombrands licensed fromPepsiCoorPepsiCojointventures. Wehavetheexclusiverighttomanufacture,sellanddistributePepsi-Colabeveragesinalloraportionof42statesandtheDistrictof ColumbiaintheUnitedStates,nineCanadianprovinces,Spain,Greece,Russia,Turkeyand23statesinMexico. In2008,approximately74%ofoursalesvolumeintheU.S.&Canadawasderivedfromcarbonated soft drinks and the remaining26%wasderivedfromnon-carbonated beverages, 69% of our sales volumeinEuropewasderivedfromcarbonated soft drinks and the remaining31%wasderivedfromnon-carbonated beverages, and 52% of our Mexico sales volumewasderivedfromcarbonated soft drinks and the remaining48%wasderivedfromnon-carbonatedbeverages.Ourprincipalbeveragebrandsincludethefollowing:
U.S. & Canada
Pepsi SierraMist LiptonDietPepsi SierraMistFree SoBeDietPepsiMax Aquafina SoBeNoFear WildCherryPepsi AquafinaFlavorSplash SoBeLifeWater PepsiLime G2fromGatorade Starbucks Frappuccino®PepsiONE Propel DoleMountainDew Crush MuscleMilk DietMountainDew Tropicanajuicedrinks AMP MugRootBeer MountainDewCodeRed TrademarkDrPepper 1
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