Most long-term contractual commitments, except for our long-term debt obligations, are not recorded on our balance sheet. Our products are made, manufactured, distributed or sold in more than 200 countries and territories. securities in the market to raise the company’s capital. Water is also a limited resource in many parts of the world. *, Form of Stock Option Retention Award Agreement, which is incorporated herein by reference to Exhibit 99.4 to PepsiCo, Inc.'s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 2, 2006. For example, we believe that continued consumer focus on health and wellness and changes in consumer and distribution channels will provide us with new opportunities to expand our product offerings and interact with our customers and consumers. Based on recently reported market transactions, primarily swap arrangements. An appreciation of our critical accounting policies is necessary to understand our financial results. See Note 5 to our consolidated financial statements. Credit Facilities and Long-Term Contractual Commitments. In June 2014, the Financial Accounting Standards Board (FASB) issued accounting guidance for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. Stock Prices â The composite quarterly high and low closing sales prices for PepsiCo Common Stock as reported on the New York Stock Exchange for each fiscal quarter of 2014 and 2013 are contained in our Selected Financial Data included on page 117. In particular, increasing regulation of fuel emissions could substantially increase the cost of energy, including fuel, required to operate our facilities or transport and distribute our products, thereby substantially increasing the distribution and supply chain costs associated with our products. Continue to broaden the range of our product portfolio, including expanding our offerings of more nutritious products. We hold assets and incur liabilities, earn revenues and pay expenses in a variety of currencies other than the U.S. dollar. In total, this net charge had an after-tax impact of $ 111 million or $ 0.07 per share. This next generation of productivity initiatives will focus on the following areas: increasing automation in our operations to reduce costs and increase capacity; expanding shared services, restructuring our manufacturing operations to optimize our assets and capabilities globally; restructuring our go-to-market systems to optimize our distribution network; and increasing organizational effectiveness and efficiencies through the ongoing evolution of our operating model. Also as previously disclosed, on May 8, 2011, Kozep-Duna-Volgyi Kornyezetvedelmi, Termeszetvedelmi es Vizugyi Felugyeloseg (Budapest), the regional Hungarian governmental authority (the Hungarian Authority), notified our subsidiary, Fovarosi Asvanyviz-es Uditoipari Zrt. In our business dealings, we are also required to comply with the Foreign Corrupt Practices Act, the U.K. On July 30, 2013, the Polish Authority alleged that the plant was not in compliance in 2009 with applicable regulations governing the taking of water samples for analysis of the plant's waste and sought monetary sanctions of $650,000. The amount of impairment loss is equal to the excess of the carrying value of the goodwill over the implied fair value of that goodwill. Net revenue increased 1%, primarily reflecting favorable effective net pricing, including 7 percentage points related to inflation-based pricing in Venezuela, partially offset by volume declines. The estimated amounts to be amortized from accumulated other comprehensive loss into expense in 2015 for our pension and retiree medical plans are as follows: The following table provides the weighted-average assumptions used to determine projected benefit liability and benefit expense for our pension and retiree medical plans: The following table provides selected information about plans with liability for service to date and total projected benefit liability in excess of plan assets: Selected information for plans with liability for service to date in excess of plan assets, Selected information for plans with projected benefit liability in excess of plan assets. In March 2014, the Venezuelan government introduced an additional auction-based foreign exchange system (SICAD 2) which permitted all companies incorporated or domiciled in Venezuela to bid for U.S. dollars for any purpose. We own or license and market more than 500 nonalcoholic beverage brands” (Coca-Cola Annual, 2013). or financial results may be adversely impacted by these unfavorable economic conditions, including: adverse changes in interest rates, tax laws or tax rates; volatile commodity markets; highly inflationary currency, devaluation or fluctuation; contraction in the availability of credit in the marketplace due to legislation or other economic conditions; the effects of government initiatives to manage economic conditions, including changes to or cessation of any such initiatives; reduced demand for our products resulting from a slow-down in the general global economy or a shift in consumer preferences for economic reasons or otherwise to regional, local or private label products or other economy products, or to less profitable channels; or a decrease in the fair value of pension or post-retirement assets that could increase future employee benefit costs and/or funding requirements of our pension or post-retirement plans. The Latin America volume performance primarily reflected a double-digit decrease in Brazil and a low-single-digit decrease in Argentina, offset by a double-digit increase in Venezuela and a low-single-digit increase in Mexico. The amount above excludes a fourth quarter reduction of our reserve for uncertain tax positions for the tax year 2013 of $107 million, reversing in full amounts accrued in the first three quarters of 2013; this reduction was more than offset by other tax related adjustments in the fourth quarter of 2013. Certain executives are granted performance-based stock units which require the achievement of specified financial and/or operational performance metrics. See additional unaudited information in "Items Affecting Comparability" in Management's Discussion and Analysis of Financial Condition and Results of Operations. As such, we are subject to tax laws and regulations of various federal, state and local governments in the United States, as well as to tax laws and regulations outside the United States. Our other significant accounting policies are disclosed as follows: Property, Plant and Equipment and Intangible Assets â Note 4.
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