Accumulated Other Comprehensive Loss Attributable to PepsiCo (Tables)

3 Months Ended

Mar. 23, 2024

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		Available-for-sale debt securities and other(a)		Accumulated Other Comprehensive Loss Attributable to PepsiCo
Balance as of December 30, 2023 (b)	$	(13,255)	$	(31)	$	(2,719)	$	471	$	(15,534)
Other comprehensive (loss)/income before reclassifications (c)	(168)		(47)		4		685		474
Amounts reclassified from accumulated other comprehensive loss	—		51		9		—		60
Net other comprehensive (loss)/income	(168)		4		13		685		534
Tax amounts	(14)		(1)		(2)		(162)		(179)
Balance as of March 23, 2024 (b)	$	(13,437)	$	(28)	$	(2,708)	$	994	$	(15,179)

(a)The changes primarily represent fair value increases in available-for-sale debt securities, including our investment in Celsius convertible preferred stock. See Note 9 for further information.

(b)Pension and retiree medical amounts are net of taxes of $1,282 million as of December 30, 2023 and $1,280 million as of March 23, 2024.

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


	Currency Translation Adjustment		Cash Flow Hedges		Pension and Retiree Medical		Available-for-sale debt securities and 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.

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


	12 Weeks Ended
		3/23/2024		3/25/2023		Affected Line Item in the Income Statement



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

Cash flow hedges:
Foreign exchange contracts		$	—	$	(2)	Net revenue
Foreign exchange contracts		9		3		Cost of sales
Interest rate derivatives		21		3		Selling, general and administrative expenses
Commodity contracts		21		10		Cost of sales
Commodity contracts		—		(1)		Selling, general and administrative expenses
Net losses before tax		51		13
Tax amounts		(13)		(4)
Net losses after tax		$	38	$	9

Pension and retiree medical items:
Amortization of prior service credits		$	(7)	$	(7)	Other pension and retiree medical benefits income
Amortization of net losses		16		12		Other pension and retiree medical benefits income

Net losses before tax		9		5
Tax amounts		(2)		(1)
Net losses after tax		$	7	$	4






Total net losses reclassified, net of tax		$	45	$	121

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
		3/23/2024		3/25/2023		Affected Line Item in the Income Statement



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

Cash flow hedges:
Foreign exchange contracts		$	—	$	(2)	Net revenue
Foreign exchange contracts		9		3		Cost of sales
Interest rate derivatives		21		3		Selling, general and administrative expenses
Commodity contracts		21		10		Cost of sales
Commodity contracts		—		(1)		Selling, general and administrative expenses
Net losses before tax		51		13
Tax amounts		(13)		(4)
Net losses after tax		$	38	$	9

Pension and retiree medical items:
Amortization of prior service credits		$	(7)	$	(7)	Other pension and retiree medical benefits income
Amortization of net losses		16		12		Other pension and retiree medical benefits income

Net losses before tax		9		5
Tax amounts		(2)		(1)
Net losses after tax		$	7	$	4






Total net losses reclassified, net of tax		$	45	$	121