Accumulated Other Comprehensive Loss Attributable to PepsiCo

8 Months Ended

Sep. 07, 2024

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)
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.

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