Keurig Dr Pepper Inc
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
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14. Accumulated Other Comprehensive Income (Loss)
- Accumulated Other Comprehensive Income (Loss)
The following table provides a summary of changes in AOCI, net of taxes:
| (in millions) | Foreign Currency Translation | Pension and PRMB Liabilities | Cash Flow Hedges | AOCI |
|---|---|---|---|---|
| Balance as of December 31, 2020 | $95 | $(4) | $(14) | $77 |
| OCI before reclassifications | (14) | — | (102) | (116) |
| Amounts reclassified from AOCI | — | — | 13 | 13 |
| Net current period other comprehensive loss | (14) | — | (89) | (103) |
| Balance as of December 31, 2021 | 81 | (4) | (103) | (26) |
| OCI before reclassifications | (167) | (6) | 329 | 156 |
| Amounts reclassified from AOCI | — | — | (1) | (1) |
| Net current period other comprehensive income (loss) | (167) | (6) | 328 | 155 |
| Balance as of December 31, 2022 | (86) | (10) | 225 | 129 |
| OCI before reclassifications | 288 | (5) | (41) | 242 |
| Amounts reclassified from AOCI | — | 1 | (57) | (56) |
| Net current period other comprehensive income (loss) | 288 | (4) | (98) | 186 |
| Balance as of December 31, 2023 | $202 | (14) | $127 | $315 |
The following table presents the amount of losses reclassified from AOCI into the Consolidated Statements of Income:
| For the Year Ended December 31, | ||||
|---|---|---|---|---|
| (in millions) | Income Statement Caption | 2023 | 2022 | 2021 |
| Pension and PRMB liabilities | SG&A expenses | $1 | $— | $— |
| Income tax benefit | — | — | — | |
| Total, net of tax | $1 | $— | $— | |
| Cash flow hedges: | ||||
| Interest rate contracts(1) | Interest expense, net | $(74) | $(6) | $— |
| FX contracts | Cost of sales | — | 5 | 18 |
| Total | (74) | (1) | 18 | |
| Income tax expense (benefit) | 17 | — | (5) | |
| Total, net of tax | $(57) | $(1) | $13 | |
(1)Amounts reclassified from AOCI into Interest expense, net during the year ended December 31, 2023 include the realized gains associated with the termination of forward starting swaps designated as cash flow hedges of approximately $66 million. Refer to Note 5 for additional information on the terminated forward starting swaps.
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