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Accumulated Other Comprehensive Loss (Tables)
 9 Months Ended
Sep. 30, 2015
Accumulated Other Comprehensive Loss  
Summary of accumulated other comprehensive loss

 

 

 

 

 

Deferred

 

 

 

Unrealized

 

Accumulated

 

 

 

Cumulative

 

Gain/(Loss)

 

Pension/

 

Loss

 

Other

 

 

 

Translation

 

on Hedging

 

Postretirement

 

on

 

Comprehensive

 

(in millions)

 

Adjustment

 

Activities

 

Adjustment

 

Investment

 

Loss

 

Balance, December 31, 2014

 

$
(701

)

$
(19

)

$
(61

)

$
(1

)

$
(782

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses on cash-flow hedges, net of income tax effect of $8

 

 

 
(18

)

 

 

 

 
(18

)

Amount of losses on cash-flow hedges reclassified to earnings, net of income tax effect of $10

 

 

 
23

 

 

 

 

 
23

 

Actuarial gains on pension and postretirement obligations, settlements and plan amendments, net of income tax effect of $2

 

 

 

 

 
6

 

 

 
6

 

Losses related to pension and other postretirement obligations reclassified to earnings, net of income tax effect

 

 

 

 

 
1

 

 

 
1

 

Currency translation adjustment

 
(283

)

 

 

 

 

 

 
(283

)

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2015

 

$
(984

)

$
(14

)

$
(54

)

$
(1

)

$
(1,053

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred

 

 

 

Unrealized

 

Accumulated

 

 

 

Cumulative

 

Gain/(Loss)

 

Pension/

 

Loss

 

Other

 

 

 

Translation

 

on Hedging

 

Postretirement

 

on

 

Comprehensive

 

(in millions)

 

Adjustment

 

Activities

 

Adjustment

 

Investment

 

Loss

 

Balance, December 31, 2013

 

$
(489

)

$
(40

)

$
(53

)

$
(1

)

$
(583

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses on cash-flow hedges, net of income tax effect of $21

 

 

 
(47

)

 

 

 

 
(47

)

Amount of losses on cash-flow hedges reclassified to earnings, net of income tax effect of $11

 

 

 
24

 

 

 

 

 
24

 

Losses related to pension and other postretirement obligations reclassified to earnings, net of income tax effect

 

 

 

 

 
3

 

 

 
3

 

Currency translation adjustment

 
(116

)

 

 

 

 

 

 
(116

)

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2014

 

$
(605

)

$
(63

)

$
(50

)

$
(1

)

$
(719

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of reclassifications from AOCI into net income

 

 

Amount Reclassified from AOCI

 

 

 

 

 

Three Months ended

 

Nine Months ended

 

Affected Line Item in

 

Details about AOCI Components

 

September 30,

 

September 30,

 

Condensed Consolidated

 

(in millions)

 

2015

 

2014

 

2015

 

2014

 

Statements of Income

 

Gains (losses) on cash-flow hedges:

 

 

 

 

 

 

 

 

 

 

 

Commodity and foreign currency contracts

 

$
(9

)

$
(15

)

$
(31

)

$
(33

)

Cost of sales

 

Interest rate contracts

 
(1

)
(1

)
(2

)
(2

)

Financing costs, net

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses related to pension and other postretirement obligations

 

—

 
(1

)
(1

)
(4

)

(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total before tax reclassifications

 

$
(10

)

$
(17

)

$
(34

)

$
(39

)

 

 

Income tax benefit

 
3

 
5

 
10

 
12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total after-tax reclassifications

 

$
(7

)

$
(12

)

$
(24

)

$
(27

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) This component is included in the computation of net periodic benefit cost and affects both cost of sales and operating expenses on the Condensed Consolidated Statements of Income.