Accumulated Other Comprehensive Loss Attributable to PepsiCo (Tables)

8 Months Ended

Sep. 09, 2023

Schedule of Accumulated Other Comprehensive Income (Loss)

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)
Other comprehensive income/(loss) before reclassifications (e)	19		(96)		(15)		3		(89)
Amounts reclassified from accumulated other comprehensive loss	—		81		5		—		86
Net other comprehensive income/(loss)	19		(15)		(10)		3		(3)
Tax amounts	(17)		4		2		—		(11)
Balance as of September 9, 2023 (a)	$	(13,379)	$	(45)	$	(2,379)	$	9	$	(15,794)

(a)Pension and retiree medical amounts are net of taxes of $1,184 million as of both December 31, 2022 and March 25, 2023, $1,187 million as of June 17, 2023 and $1,189 million as of September 9, 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.

(e)Currency translation adjustment primarily reflects appreciation of the euro, Mexican peso and South African rand, partially offset by the 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)
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 the 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.

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


	12 Weeks Ended				36 Weeks Ended
	9/9/2023		9/3/2022		9/9/2023		9/3/2022		Affected Line Item in the Income Statement



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

Cash flow hedges:
Foreign exchange contracts	$	—	$	(5)	$	(3)	$	(9)	Net revenue
Foreign exchange contracts	26		6		44		(11)		Cost of sales
Interest rate derivatives	31		94		4		175		Selling, general and administrative expenses
Commodity contracts	23		(45)		61		(191)		Cost of sales
Commodity contracts	1		(6)		—		(12)		Selling, general and administrative expenses
Net losses/(gains) before tax	81		44		106		(48)
Tax amounts	(20)		(12)		(27)		5
Net losses/(gains) after tax	$	61	$	32	$	79	$	(43)

Pension and retiree medical items:
Amortization of prior service credits	$	(8)	$	(9)	$	(23)	$	(26)	Other pension and retiree medical benefits income
Amortization of net losses	13		40		38		114		Other pension and retiree medical benefits income
Settlement/curtailment losses	—		59		—		188		Other pension and retiree medical benefits income
Net losses before tax	5		90		15		276
Tax amounts	(1)		(19)		(3)		(60)
Net losses after tax	$	4	$	71	$	12	$	216






Total net losses reclassified, net of tax	$	65	$	103	$	199	$	173

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
	9/9/2023		9/3/2022		9/9/2023		9/3/2022		Affected Line Item in the Income Statement



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

Cash flow hedges:
Foreign exchange contracts	$	—	$	(5)	$	(3)	$	(9)	Net revenue
Foreign exchange contracts	26		6		44		(11)		Cost of sales
Interest rate derivatives	31		94		4		175		Selling, general and administrative expenses
Commodity contracts	23		(45)		61		(191)		Cost of sales
Commodity contracts	1		(6)		—		(12)		Selling, general and administrative expenses
Net losses/(gains) before tax	81		44		106		(48)
Tax amounts	(20)		(12)		(27)		5
Net losses/(gains) after tax	$	61	$	32	$	79	$	(43)

Pension and retiree medical items:
Amortization of prior service credits	$	(8)	$	(9)	$	(23)	$	(26)	Other pension and retiree medical benefits income
Amortization of net losses	13		40		38		114		Other pension and retiree medical benefits income
Settlement/curtailment losses	—		59		—		188		Other pension and retiree medical benefits income
Net losses before tax	5		90		15		276
Tax amounts	(1)		(19)		(3)		(60)
Net losses after tax	$	4	$	71	$	12	$	216






Total net losses reclassified, net of tax	$	65	$	103	$	199	$	173