Accumulated Other Comprehensive Income/(Losses) The components of, and changes in, accumulated other comprehensive income/(losses), net of tax, were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Foreign Currency Translation Adjustments | | Net Postemployment Benefit Plan Adjustments | | Net Cash Flow Hedge Adjustments | | Total | Balance as of December 29, 2018 | $ | (2,476) | | | $ | 492 | | | $ | 41 | | | $ | (1,943) | | Foreign currency translation adjustments | 239 | | | — | | | — | | | 239 | | Net deferred gains/(losses) on net investment hedges | 1 | | | — | | | — | | | 1 | | Amounts excluded from the effectiveness assessment of net investment hedges | 22 | | | — | | | — | | | 22 | | Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) | (16) | | | — | | | — | | | (16) | | Net deferred gains/(losses) on cash flow hedges | — | | | — | | | (10) | | | (10) | | Amounts excluded from the effectiveness assessment of cash flow hedges | — | | | — | | | 29 | | | 29 | | Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) | — | | | — | | | (41) | | | (41) | | Net actuarial gains/(losses) arising during the period | — | | | (70) | | | — | | | (70) | | Prior service credits/(costs) arising during the period | — | | | 1 | | | — | | | 1 | | Net postemployment benefit losses/(gains) reclassified to net income/(loss) | — | | | (234) | | | — | | | (234) | | Cumulative effect of accounting standards adopted in the period(a) | — | | | 114 | | | 22 | | | 136 | | Total other comprehensive income/(loss) | 246 | | | (189) | | | — | | | 57 | | Balance at December 28, 2019 | (2,230) | | | 303 | | | 41 | | | (1,886) | | Foreign currency translation adjustments | 324 | | | — | | | — | | | 324 | | Net deferred gains/(losses) on net investment hedges | (321) | | | — | | | — | | | (321) | | Amounts excluded from the effectiveness assessment of net investment hedges | 26 | | | — | | | — | | | 26 | | Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) | (17) | | | — | | | — | | | (17) | | Net deferred gains/(losses) on cash flow hedges | — | | | — | | | 144 | | | 144 | | Amounts excluded from the effectiveness assessment of cash flow hedges | — | | | — | | | 24 | | | 24 | | Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) | — | | | — | | | (116) | | | (116) | | Net actuarial gains/(losses) arising during the period | — | | | (27) | | | — | | | (27) | | | | | | | | | | Net postemployment benefit losses/(gains) reclassified to net income/(loss) | — | | | (118) | | | — | | | (118) | | | | | | | | | | Total other comprehensive income/(loss) | 12 | | | (145) | | | 52 | | | (81) | | Balance at December 26, 2020 | (2,218) | | | 158 | | | 93 | | | (1,967) | | Foreign currency translation adjustments | (242) | | | — | | | — | | | (242) | | Net deferred gains/(losses) on net investment hedges | 169 | | | — | | | — | | | 169 | | Amounts excluded from the effectiveness assessment of net investment hedges | 35 | | | — | | | — | | | 35 | | Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) | (29) | | | — | | | — | | | (29) | | Net deferred gains/(losses) on cash flow hedges | — | | | — | | | (91) | | | (91) | | Amounts excluded from the effectiveness assessment of cash flow hedges | — | | | — | | | 27 | | | 27 | | Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) | — | | | — | | | 68 | | | 68 | | Net actuarial gains/(losses) arising during the period | — | | | 232 | | | — | | | 232 | | Net postemployment benefit losses/(gains) reclassified to net income/(loss) | — | | | (26) | | | — | | | (26) | | Total other comprehensive income/(loss) | (67) | | | 206 | | | 4 | | | 143 | | Balance at December 25, 2021 | $ | (2,285) | | | $ | 364 | | | $ | 97 | | | $ | (1,824) | |
(a) In the first quarter of 2019, we adopted ASU 2018-02 related to reclassifying tax effects stranded in accumulated other comprehensive income/(losses). See Note 3, New Accounting Standards, in our Annual Report on Form 10-K for the year ended December 28, 2019 for additional information. The gross amount and related tax benefit/(expense) recorded in, and associated with, each component of other comprehensive income/(loss) were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 25, 2021 | | December 26, 2020 | | December 28, 2019 | | Before Tax Amount | | Tax | | Net of Tax Amount | | Before Tax Amount | | Tax | | Net of Tax Amount | | Before Tax Amount | | Tax | | Net of Tax Amount | Foreign currency translation adjustments | $ | (242) | | | $ | — | | | $ | (242) | | | $ | 324 | | | $ | — | | | $ | 324 | | | $ | 239 | | | $ | — | | | $ | 239 | | Net deferred gains/(losses) on net investment hedges | 220 | | | (51) | | | 169 | | | (426) | | | 105 | | | (321) | | | (2) | | | 3 | | | 1 | | Amounts excluded from the effectiveness assessment of net investment hedges | 46 | | | (11) | | | 35 | | | 28 | | | (2) | | | 26 | | | 29 | | | (7) | | | 22 | | Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss) | (38) | | | 9 | | | (29) | | | (23) | | | 6 | | | (17) | | | (23) | | | 7 | | | (16) | | Net deferred gains/(losses) on cash flow hedges | (152) | | | 61 | | | (91) | | | 209 | | | (65) | | | 144 | | | (16) | | | 6 | | | (10) | | Amounts excluded from the effectiveness assessment of cash flow hedges | 28 | | | (1) | | | 27 | | | 24 | | | — | | | 24 | | | 30 | | | (1) | | | 29 | | Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss) | 138 | | | (70) | | | 68 | | | (175) | | | 59 | | | (116) | | | (48) | | | 7 | | | (41) | | Net actuarial gains/(losses) arising during the period | 308 | | | (76) | | | 232 | | | (30) | | | 3 | | | (27) | | | (65) | | | (5) | | | (70) | | Prior service credits/(costs) arising during the period | — | | | — | | | — | | | — | | | — | | | — | | | 1 | | | — | | | 1 | | Net postemployment benefit losses/(gains) reclassified to net income/(loss) | (32) | | | 6 | | | (26) | | | (158) | | | 40 | | | (118) | | | (312) | | | 78 | | | (234) | |
The amounts reclassified from accumulated other comprehensive income/(losses) were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | Accumulated Other Comprehensive Income/(Losses) Component | | Reclassified from Accumulated Other Comprehensive Income/(Losses) to Net Income/(Loss) | | Affected Line Item in the Statements of Income | | | December 25, 2021 | | December 26, 2020 | | December 28, 2019 | | | Losses/(gains) on net investment hedges: | | | | | | | | | Foreign exchange contracts(a) | | $ | — | | | $ | — | | | $ | 6 | | | Other expense/(income) | Foreign exchange contracts(b) | | (2) | | | 2 | | | 1 | | | Interest expense | Cross-currency contracts(b) | | (36) | | | (25) | | | (30) | | | Interest expense | Losses/(gains) on cash flow hedges: | | | | | | | | | Foreign exchange contracts(c) | | 1 | | | — | | | — | | | Net sales | Foreign exchange contracts(c) | | 49 | | | (19) | | | (23) | | | Cost of products sold | Foreign exchange contracts(c) | | 1 | | | — | | | — | | | SG&A | Foreign exchange contracts(c) | | — | | | — | | | 22 | | | Other expense/(income) | Cross-currency contracts(c) | | 64 | | | (169) | | | (51) | | | Other expense/(income) | Cross-currency contracts(c) | | 22 | | | 11 | | | — | | | Interest expense | Interest rate contracts(d) | | 1 | | | 2 | | | 4 | | | Interest expense | Losses/(gains) on hedges before income taxes | | 100 | | | (198) | | | (71) | | | | Losses/(gains) on hedges, income taxes | | (61) | | | 65 | | | 14 | | | | Losses/(gains) on hedges | | $ | 39 | | | $ | (133) | | | $ | (57) | | | | | | | | | | | | | Losses/(gains) on postemployment benefits: | | | | | | | | | Amortization of unrecognized losses/(gains)(e) | | $ | (13) | | | $ | (12) | | | $ | (7) | | | | Amortization of prior service costs/(credits)(e) | | (8) | | | (122) | | | (306) | | | | Settlement and curtailment losses/(gains)(e) | | (11) | | | (24) | | | — | | | | Other losses/(gains) on postemployment benefits | | — | | | — | | | 1 | | | | Losses/(gains) on postemployment benefits before income taxes | | (32) | | | (158) | | | (312) | | | | Losses/(gains) on postemployment benefits, income taxes | | 6 | | | 40 | | | 78 | | | | Losses/(gains) on postemployment benefits | | $ | (26) | | | $ | (118) | | | $ | (234) | | | |
(a) Represents the reclassification of hedge losses/(gains) resulting from the complete or substantially complete liquidation of our investment in the underlying foreign operations. (b) Represents recognition of the excluded component in net income/(loss). (c) Includes amortization of the excluded component and the effective portion of the related hedges. (d) Represents amortization of realized hedge losses that were deferred into accumulated other comprehensive income/(losses) through the maturity of the related long-term debt instruments. (e) These components are included in the computation of net periodic postemployment benefit costs. See Note 12, Postemployment Benefits, for additional information. In this note we have excluded activity and balances related to noncontrolling interest due to their insignificance. This activity was primarily related to foreign currency translation adjustments.
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