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PepsiCo consists of several branches worldwide; the functional currency is in US dollar.  All other international branches which 200 countries are using local currencies for its financial statements as the functioning currency. Each subsidiary’s financial statements are then transferred to the United States financial statements. PepsiCo foreign currency derivatives had a total notional value of $2.0 billion. In their consolidated financial statement, the corporation accepts this change (loss or gain). Any of this can be covered by the hedging policy on the consolidated balance sheet.
https://www.sec.gov/Archives/edgar/data/77476/000007747619000017/pepsico201810-k.htm#s7A041B4575CE54AA80765CDA299BDE1E

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