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  "documentTitle": "PepsiCo (PEP)",
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  "presentationDate": "2013-07-01 00:00:00",
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      "text": "PepsiCo’s EBIT(1) margin (before advertising expense) is well below the peer group",
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      "text": "2012 EBIT Before Advertising: % of Net Sales",
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      "text": "PepsiCo's EBIT(1) margin (before advertising expense) is well below the peer group\nWhy aren't lower margin bottling assets being offset by higher margin businesses like beverage concentrates, Quaker NA and Frito-Lay NA?",
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      "text": "EBIT margin: 18%",
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      "kind": "source-note",
      "text": "Source: Company SEC Filings\n(1) EBIT defined as earning before interest and taxes\n(2) All companies add back only advertising expense except Dr Pepper Snapple. Dr Pepper Snapple only discloses “Advertising and Marketing Production Costs Related to TV, Print, Radio and Other Marketing Investments,” so this figure is added back to operating income.",
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      "text": "EBIT Margin Before Advertising At Low End Of Peers",
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