Accumulated Other Comprehensive Loss Attributable to PepsiCo

6 Months Ended

Jun. 17, 2023

Accumulated Other Comprehensive Loss Attributable to PepsiCo

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)
Other comprehensive (loss)/income before reclassifications (d)	(215)		19		(14)		1		(209)
Amounts reclassified from accumulated other comprehensive loss	—		12		5		—		17
Net other comprehensive (loss)/income	(215)		31		(9)		1		(192)
Tax amounts	17		(7)		3		—		13
Balance as of June 17, 2023 (a)	$	(13,381)	$	(34)	$	(2,371)	$	6	$	(15,780)

(a)Pension and retiree medical amounts are net of taxes of $1,184 million as of both December 31, 2022 and March 25, 2023 and $1,187 million as of June 17, 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.

(d)Currency translation adjustment primarily reflects depreciation of the Russian ruble.


	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)

(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 and $1,352 million as of June 11, 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.

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

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


	12 Weeks Ended				24 Weeks Ended
	6/17/2023		6/11/2022		6/17/2023		6/11/2022		Affected Line Item in the Income Statement



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

Cash flow hedges:
Foreign exchange contracts	$	(1)	$	(2)	$	(3)	$	(4)	Net revenue
Foreign exchange contracts	15		(15)		18		(17)		Cost of sales
Interest rate derivatives	(30)		61		(27)		81		Selling, general and administrative expenses
Commodity contracts	28		(70)		38		(146)		Cost of sales
Commodity contracts	—		(4)		(1)		(6)		Selling, general and administrative expenses
Net losses/(gains) before tax	12		(30)		25		(92)
Tax amounts	(3)		7		(7)		17
Net losses/(gains) after tax	$	9	$	(23)	$	18	$	(75)

Pension and retiree medical items:
Amortization of prior service credits	$	(8)	$	(9)	$	(15)	$	(17)	Other pension and retiree medical benefits income/(expense)
Amortization of net losses	13		39		25		74		Other pension and retiree medical benefits income/(expense)
Settlement/curtailment losses	—		131		—		129		Other pension and retiree medical benefits income/(expense)
Net losses before tax	5		161		10		186
Tax amounts	(1)		(35)		(2)		(41)
Net losses after tax	$	4	$	126	$	8	$	145






Total net losses reclassified, net of tax	$	13	$	103	$	134	$	70