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Accumulated Other Comprehensive Loss Attributable to PepsiCo (Tables) | 6 Months Ended
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Jun. 17, 2023
Equity [Abstract] |
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) |
(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 |  |  |
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 |  | 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 |  |  |

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