Note 8, “Noncontrolled Bottling Affiliates” (Appendix A), indicates that PepsiCo owns approximately 40 percent of the common stock of some of its bottlers.
2010, James M. Wahlen, Clyde P. Stickney, Paul Brown, Stephen P. Baginski, Mark Bradshaw, Financial Reporting, Financial Statement Analysis, and Valuation: A Strategic Perspective, 7th edition, page 278