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 31, 2022 (b)	$	(12,948)	$	1	$	(2,361)	$	6	$	(15,302)
Other comprehensive (loss)/income before reclassifications (c)	(442)		(188)		(493)		608		(515)
Amounts reclassified from accumulated other comprehensive loss	108		146		37		—		291
Net other comprehensive (loss)/income	(334)		(42)		(456)		608		(224)
Tax amounts	27		10		98		(143)		(8)
Balance as of December 30, 2023 (b)	(13,255)		(31)		(2,719)		471		(15,534)
Other comprehensive loss before reclassifications (d)	(1,965)		(6)		(280)		(306)		(2,557)
Amounts reclassified from accumulated other comprehensive loss	—		158		285		—		443
Net other comprehensive (loss)/income	(1,965)		152		5		(306)		(2,114)
Tax amounts	3		(39)		—		72		36
Balance as of December 28, 2024 (b)	(15,217)		82		(2,714)		237		(17,612)
Other comprehensive income before reclassifications (e)	1,633		186		234		482		2,535
Amounts reclassified from accumulated other comprehensive loss	—		(132)		362		—		230
Net other comprehensive income	1,633		54		596		482		2,765
Tax amounts	90		(10)		(144)		(113)		(177)
Balance as of December 27, 2025 (b)	$	(13,494)	$	126	$	(2,262)	$	606	$	(15,024)

(a)The movements 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 $1,184 million as of December 31, 2022, $1,282 million as of both December 30, 2023 and December 28, 2024 and $1,138 million as of December 27, 2025.

(c)Currency translation adjustment primarily reflects depreciation of the Russian ruble and South African rand, partially offset by appreciation of the Mexican peso.

(d)Currency translation adjustment primarily reflects depreciation of the Mexican peso and Russian ruble.

(e)Currency translation adjustment primarily reflects appreciation of the Russian ruble and Mexican peso.

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


	Amount Reclassified from Accumulated Other Comprehensive Loss						Affected Line Item in the Income Statement
	2025		2024		2023
Currency translation:
Divestitures	$	—	$	—	$	108	Selling, general and administrative expenses

Cash flow hedges:
Foreign exchange contracts	(1)		(1)		(3)		Net revenue
Foreign exchange contracts	13		(5)		64		Cost of sales
Cross-currency contracts	(67)		48		(31)		Selling, general and administrative expenses
Interest rate swap contracts	—		(7)		(9)		Selling, general and administrative expenses
Commodity contracts	(79)		122		126		Cost of sales
Commodity contracts	2		1		(1)		Selling, general and administrative expenses
Net (gains)/losses before tax	(132)		158		146
Tax amounts	32		(37)		(39)
Net (gains)/losses after tax	(100)		121		107

Pension and retiree medical items:
Amortization of net prior service credit	(3)		(31)		(33)		Other pension and retiree medical benefits (expense)/income
Amortization of net losses	86		73		56		Other pension and retiree medical benefits (expense)/income
Settlement/curtailment losses	279		243		14		Other pension and retiree medical benefits (expense)/income
Net losses before tax	362		285		37
Tax amounts	(79)		(62)		(7)
Net losses after tax	283		223		30






Total net losses reclassified for the year, net of tax	$	183	$	344	$	245