Accumulated Other Comprehensive Loss Attributable to PepsiCo (Tables)

8 Months Ended

Sep. 03, 2022

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes in the balances of each component of accumulated other comprehensive loss attributable to PepsiCo are as follows:


	Currency Translation Adjustment		Cash Flow Hedges		Pension and Retiree Medical		Other		Accumulated Other Comprehensive Loss Attributable to PepsiCo
Balance as of December 25, 2021 (a)	$	(12,309)	$	159	$	(2,750)	$	2	$	(14,898)
Other comprehensive (loss)/income before reclassifications (b)	(549)		200		(8)		—		(357)
Amounts reclassified from accumulated other comprehensive loss	—		(62)		25		—		(37)
Net other comprehensive (loss)/income	(549)		138		17		—		(394)
Tax amounts	(11)		(32)		(4)		(4)		(51)
Balance as of March 19, 2022 (a)	$	(12,869)	$	265	$	(2,737)	$	(2)	$	(15,343)
Other comprehensive income/(loss) before reclassifications (c)	1,298		(107)		(484)		5		712
Amounts reclassified from accumulated other comprehensive loss	—		(30)		161		—		131
Net other comprehensive income/(loss)	1,298		(137)		(323)		5		843
Tax amounts	(24)		35		73		—		84
Balance as of June 11, 2022 (a)	$	(11,595)	$	163	$	(2,987)	$	3	$	(14,416)
Other comprehensive (loss)/income before reclassifications (d)	(292)		(191)		50		2		(431)
Amounts reclassified from accumulated other comprehensive loss	—		44		90		—		134
Net other comprehensive (loss)/income	(292)		(147)		140		2		(297)
Tax amounts	(32)		34		(32)		—		(30)
Balance as of September 3, 2022 (a)	$	(11,919)	$	50	$	(2,879)	$	5	$	(14,743)

(a)Pension and retiree medical amounts are net of taxes of $1,283 million as of December 25, 2021, $1,279 million as of March 19, 2022, $1,352 million as of June 11, 2022 and $1,320 million as of September 3, 2022.

(b)Currency translation adjustment primarily reflects depreciation of the Russian ruble, partially offset by appreciation of the South African rand, Brazilian real and Canadian dollar.

(c)Currency translation adjustment primarily reflects appreciation of the Russian ruble.

(d)Currency translation adjustment primarily reflects depreciation of the South African rand, Mexican peso and British pound sterling.


	Currency Translation Adjustment		Cash Flow Hedges		Pension and Retiree Medical		Other		Accumulated Other Comprehensive Loss Attributable to PepsiCo
Balance as of December 26, 2020 (a)	$	(11,940)	$	4	$	(3,520)	$	(20)	$	(15,476)
Other comprehensive income/(loss) before reclassifications (b)	128		97		(20)		—		205
Amounts reclassified from accumulated other comprehensive loss	18		(1)		52		—		69
Net other comprehensive income	146		96		32		—		274
Tax amounts	(15)		(24)		(5)		—		(44)
Balance as of March 20, 2021 (a)	$	(11,809)	$	76	$	(3,493)	$	(20)	$	(15,246)
Other comprehensive income/(loss) before reclassifications (c)	255		175		(28)		2		404
Amounts reclassified from accumulated other comprehensive loss	—		(53)		57		—		4
Net other comprehensive income	255		122		29		2		408
Tax amounts	13		(29)		(5)		—		(21)
Balance as of June 12, 2021 (a)	$	(11,541)	$	169	$	(3,469)	$	(18)	$	(14,859)
Other comprehensive (loss)/income before reclassifications (d)	(319)		(45)		49		—		(315)
Amounts reclassified from accumulated other comprehensive loss	—		14		67		—		81
Net other comprehensive (loss)/income	(319)		(31)		116		—		(234)
Tax amounts	(16)		10		(26)		—		(32)
Balance as of September 4, 2021 (a)	$	(11,876)	$	148	$	(3,379)	$	(18)	$	(15,125)

(a)Pension and retiree medical amounts are net of taxes of $1,514 million as of December 26, 2020, $1,509 million as of March 20, 2021, $1,504 million as of June 12, 2021 and $1,478 million as of September 4, 2021.

(b)Currency translation adjustment primarily reflects appreciation of the Canadian dollar, British pound sterling and Russian ruble.

(c)Currency translation adjustment primarily reflects appreciation of the South African rand, Canadian dollar and Russian ruble.

(d)Currency translation adjustment primarily reflects depreciation of the Canadian dollar, South African rand and British pound sterling.

Reclassifications out of Accumulated Other Comprehensive Loss

The reclassifications from accumulated other comprehensive loss to the income statement are summarized as follows:


	12 Weeks Ended				36 Weeks Ended
	9/3/2022		9/4/2021		9/3/2022		9/4/2021		Affected Line Item in the Income Statement



Currency translation:
Divestiture	$	—	$	—	$	—	$	18	Selling, general and administrative expenses

Cash flow hedges:
Foreign exchange contracts	$	(5)	$	2	$	(9)	$	6	Net revenue
Foreign exchange contracts	6		25		(11)		61		Cost of sales
Interest rate derivatives	94		53		175		2		Selling, general and administrative expenses
Commodity contracts	(45)		(65)		(191)		(108)		Cost of sales
Commodity contracts	(6)		(1)		(12)		(1)		Selling, general and administrative expenses
Net losses/(gains) before tax	44		14		(48)		(40)
Tax amounts	(12)		(3)		5		10
Net losses/(gains) after tax	$	32	$	11	$	(43)	$	(30)

Pension and retiree medical items:
Amortization of prior service credits	$	(9)	$	(10)	$	(26)	$	(30)	Other pension and retiree medical benefits income
Amortization of net losses	40		67		114		196		Other pension and retiree medical benefits income
Settlement/curtailment losses	59		10		188		10		Other pension and retiree medical benefits income
Net losses before tax	90		67		276		176
Tax amounts	(19)		(14)		(60)		(37)
Net losses after tax	$	71	$	53	$	216	$	139






Total net losses reclassified, net of tax	$	103	$	64	$	173	$	127