Accumulated Other Comprehensive Loss Attributable to PepsiCo (Tables)

3 Months Ended

Mar. 25, 2023

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 31, 2022 (a)	$	(12,948)	$	1	$	(2,361)	$	6	$	(15,302)
Other comprehensive (loss) before reclassifications (b)	(350)		(92)		(9)		(1)		(452)
Amounts reclassified from accumulated other comprehensive loss (c)	108		13		5		—		126
Net other comprehensive (loss)	(242)		(79)		(4)		(1)		(326)
Tax amounts	7		20		—		—		27
Balance as of March 25, 2023 (a)	$	(13,183)	$	(58)	$	(2,365)	$	5	$	(15,601)

(a)Pension and retiree medical amounts are net of taxes of $1,184 million as of both December 31, 2022 and March 25, 2023.

(b)Currency translation adjustment primarily reflects depreciation of the Egyptian pound and Russian ruble.

(c)Release of currency translation adjustment is in relation to the sale of a non-strategic brand and an investment within our AMESA division.


	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)

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

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

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
		3/25/2023		3/19/2022		Affected Line Item in the Income Statement



Currency translation:
Divestitures		$	108	$	—	Selling, general and administrative expenses

Cash flow hedges:
Foreign exchange contracts		$	(2)	$	(2)	Net revenue
Foreign exchange contracts		3		(2)		Cost of sales
Interest rate derivatives		3		20		Selling, general and administrative expenses
Commodity contracts		10		(76)		Cost of sales
Commodity contracts		(1)		(2)		Selling, general and administrative expenses
Net losses/(gains) before tax		13		(62)
Tax amounts		(4)		10
Net losses/(gains) after tax		$	9	$	(52)

Pension and retiree medical items:
Amortization of prior service credits		$	(7)	$	(8)	Other pension and retiree medical benefits income
Amortization of net losses		12		35		Other pension and retiree medical benefits income
Settlement/curtailment gains		—		(2)		Other pension and retiree medical benefits income
Net losses before tax		5		25
Tax amounts		(1)		(6)
Net losses after tax		$	4	$	19






Total net losses/(gains) reclassified, net of tax		$	121	$	(33)