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Accumulated Other Comprehensive (Loss) Income (AOCI) (Tables)
3 Months Ended
Mar. 27, 2015
Equity [Abstract]  
Summary of Amounts Reclassified from AOCI into Net Income

The changes in the AOCI balances, including amounts reclassified from AOCI into net income for the quarterly periods ended March 27, 2015 and March 28, 2014 are presented in the table below.

 

     Foreign
currency
translation
    Unrealized
(losses)
gains on
hedging
instruments
    Unrecognized
losses and
prior service
cost, net
    Total
accumulated
other
comprehensive
(loss) income
 
     (in millions)  

Balance at December 31, 2014

   $ 19      $ (5   $ (598   $ (584

Other comprehensive loss before reclassifications, net of tax

     (87     (5     —         (92

Amounts reclassified from AOCI, net of tax

     —         2        11        13   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net current period other comprehensive (loss) income

  (87   (3   11      (79
  

 

 

   

 

 

   

 

 

   

 

 

 

Balance at March 27, 2015

$ (68 $ (8 $ (587 $ (663
  

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2013

$ 142    $ 1    $ (253 $ (110

Other comprehensive loss before reclassifications, net of tax

  (16   (8   —       (24

Amounts reclassified from AOCI, net of tax

  —       3      3      6   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net current period other comprehensive (loss) income

  (16   (5   3      (18
  

 

 

   

 

 

   

 

 

   

 

 

 

Balance at March 28, 2014

$ 126    $ (4 $ (250 $ (128
  

 

 

   

 

 

   

 

 

   

 

 

 

 

Further details regarding the amounts reclassified from AOCI into net income are presented in the table below.

 

     Amount Reclassified from AOCI(a)    

Affected Line Item in the

Unaudited Condensed Consolidated

Statements of Operations

     First Quarter Ended    

Details About AOCI Components

   March 27,
2015
    March 28,
2014
   
     (in millions)      

Loss on hedging instruments

   $ (2   $ (5   Cost of sales-products
  

 

 

   

 

 

   
  (2   (5 Income before income taxes
  —        2    Provision for income taxes
  

 

 

   

 

 

   
$ (2 ) $ (3 Net income
  

 

 

   

 

 

   

Amortization of defined benefit pension items:

Net loss

$ (17 $ (4 (b)
  

 

 

   

 

 

   
  (17 )   (4 Income before income taxes
  6      1    Provision for income taxes
  

 

 

   

 

 

   
$ (11 ) $ (3 Net income
  

 

 

   

 

 

   

Total reclassification for the period

$ (13 ) $ (6 Net income
  

 

 

   

 

 

   

 

(a) 

Amounts in parenthesis indicate charges to the unaudited condensed consolidated statements of operations.

 

(b)

Amounts related to pension and postretirement benefit plans were reclassified from AOCI and recorded as a component of net periodic benefit cost (see Note 18 for additional information).