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Accumulated Other Comprehensive Loss Attributable to PepsiCo (Tables) | 8 Months Ended
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Sep. 07, 2024
Equity [Abstract] |
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 |  |  |  | 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) |
Other comprehensive (loss)/income before reclassifications (d) | (295) |  |  | 3 |  |  | (1) |  |  |  |  | (511) |  |  | (804) |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 53 |  |  | 12 |  |  |  |  | — |  |  | 65 |
Net other comprehensive (loss)/income | (295) |  |  | 56 |  |  | 11 |  |  |  |  | (511) |  |  | (739) |
Tax amounts | 28 |  |  | (14) |  |  | (2) |  |  |  |  | 120 |  |  | 132 |
Balance as of June 15, 2024 (b) | (13,704) |  |  | 14 |  |  | (2,699) |  |  |  |  | 603 |  |  | (15,786) |
Other comprehensive (loss)/income before reclassifications (e) | (544) |  |  | (34) |  |  | — |  |  |  |  | (460) |  |  | (1,038) |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 7 |  |  | 25 |  |  |  |  | — |  |  | 32 |
Net other comprehensive (loss)/income | (544) |  |  | (27) |  |  | 25 |  |  |  |  | (460) |  |  | (1,006) |
Tax amounts | 32 |  |  | 3 |  |  | (4) |  |  |  |  | 109 |  |  | 140 |
Balance as of September 7, 2024 (b) | $ | (14,216) |  |  | $ | (10) |  |  | $ | (2,678) |  |  |  |  | $ | 252 |  |  | $ | (16,652) |
(a)The movements during the quarters primarily represent fair value changes 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, $1,280 million as of March 23, 2024, $1,278 million as of June 15, 2024 and $1,274 million as of September 7, 2024. (c)Currency translation adjustment primarily reflects depreciation of the South African rand, Canadian dollar and Russian ruble. (d)Currency translation adjustment primarily reflects depreciation of the Egyptian pound. (e)Currency translation adjustment primarily reflects depreciation of the Mexican peso.
| 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) |
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.
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 |  |
|  | 9/7/2024 |  | 9/9/2023 |  | 9/7/2024 |  | 9/9/2023 |  | Affected Line Item in the Income Statement
Currency translation: |  |  |  |  |  |  |  |  |  |
Divestitures |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 108 |  |  | Selling, general and administrative expenses
Cash flow hedges: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | (1) |  |  | $ | — |  |  | $ | (1) |  |  | $ | (3) |  |  | Net revenue
Foreign exchange contracts |  | (2) |  |  | 26 |  |  | 16 |  |  | 44 |  |  | Cost of sales
Cross currency contracts and interest rate derivatives |  | (24) |  |  | 31 |  |  | 11 |  |  | 4 |  |  | Selling, general and administrative expenses
Commodity contracts |  | 34 |  |  | 23 |  |  | 85 |  |  | 61 |  |  | Cost of sales
Commodity contracts |  | — |  |  | 1 |  |  | — |  |  | — |  |  | Selling, general and administrative expenses
Net losses before tax |  | 7 |  |  | 81 |  |  | 111 |  |  | 106 |  |  |
Tax amounts |  | (1) |  |  | (20) |  |  | (28) |  |  | (27) |  |  |
Net losses after tax |  | $ | 6 |  |  | $ | 61 |  |  | $ | 83 |  |  | $ | 79 |  |  |
Pension and retiree medical items: |  |  |  |  |  |  |  |  |  |
Amortization of prior service credits |  | $ | (7) |  |  | $ | (8) |  |  | $ | (21) |  |  | $ | (23) |  |  | Other pension and retiree medical benefits income
Amortization of net losses |  | 17 |  |  | 13 |  |  | 50 |  |  | 38 |  |  | Other pension and retiree medical benefits income
Settlement losses |  | 15 |  |  | — |  |  | 17 |  |  | — |  |  | Other pension and retiree medical benefits income
Net losses before tax |  | 25 |  |  | 5 |  |  | 46 |  |  | 15 |  |  |
Tax amounts |  | (5) |  |  | (1) |  |  | (9) |  |  | (3) |  |  |
Net losses after tax |  | $ | 20 |  |  | $ | 4 |  |  | $ | 37 |  |  | $ | 12 |  |  |
Total net losses reclassified, net of tax |  | $ | 26 |  |  | $ | 65 |  |  | $ | 120 |  |  | $ | 199 |  |  |

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