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Accumulated Other Comprehensive Income/(Losses) (Notes)
12 Months Ended
Dec. 25, 2021
Equity [Abstract]  
Accumulated Other Comprehensive Income/(Losses) 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 AdjustmentsNet Postemployment Benefit Plan AdjustmentsNet Cash Flow Hedge AdjustmentsTotal
Balance as of December 29, 2018$(2,476)$492 $41 $(1,943)
Foreign currency translation adjustments239 — — 239 
Net deferred gains/(losses) on net investment hedges— — 
Amounts excluded from the effectiveness assessment of net investment hedges22 — — 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— — 
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 adjustments324 — — 324 
Net deferred gains/(losses) on net investment hedges(321)— — (321)
Amounts excluded from the effectiveness assessment of net investment hedges26 — — 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 hedges169 — — 169 
Amounts excluded from the effectiveness assessment of net investment hedges35 — — 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)206 143 
Balance at December 25, 2021$(2,285)$364 $97 $(1,824)
(a)    In the first quarter of 2019, we adopted ASU 2018-02 related to reclassifying tax effects stranded in accumulated other comprehensive income/(losses). See Note 3, New Accounting Standards, in our Annual Report on Form 10-K for the year ended December 28, 2019 for additional information.
The gross amount and related tax benefit/(expense) recorded in, and associated with, each component of other comprehensive income/(loss) were as follows (in millions):
December 25, 2021December 26, 2020December 28, 2019
Before Tax AmountTaxNet of Tax AmountBefore Tax AmountTaxNet of Tax AmountBefore Tax AmountTaxNet of Tax Amount
Foreign currency translation adjustments$(242)$— $(242)$324 $— $324 $239 $— $239 
Net deferred gains/(losses) on net investment hedges220 (51)169 (426)105 (321)(2)
Amounts excluded from the effectiveness assessment of net investment hedges46 (11)35 28 (2)26 29 (7)22 
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss)(38)(29)(23)(17)(23)(16)
Net deferred gains/(losses) on cash flow hedges(152)61 (91)209 (65)144 (16)(10)
Amounts excluded from the effectiveness assessment of cash flow hedges28 (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)(41)
Net actuarial gains/(losses) arising during the period308 (76)232 (30)(27)(65)(5)(70)
Prior service credits/(costs) arising during the period— — — — — — — 
Net postemployment benefit losses/(gains) reclassified to net income/(loss)(32)(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, 2021December 26, 2020December 28, 2019
Losses/(gains) on net investment hedges:
Foreign exchange contracts(a)
$— $— $Other expense/(income)
Foreign exchange contracts(b)
(2)Interest expense
Cross-currency contracts(b)
(36)(25)(30)Interest expense
Losses/(gains) on cash flow hedges:
Foreign exchange contracts(c)
— — Net sales
Foreign exchange contracts(c)
49 (19)(23)Cost of products sold
Foreign exchange contracts(c)
— — 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)
Interest expense
Losses/(gains) on hedges before income taxes100 (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)$(7)
Amortization of prior service costs/(credits)(e)
(8)(122)(306)
Settlement and curtailment losses/(gains)(e)
(11)(24)— 
Other losses/(gains) on postemployment benefits— — 
Losses/(gains) on postemployment benefits before income taxes(32)(158)(312)
Losses/(gains) on postemployment benefits, income taxes40 78 
Losses/(gains) on postemployment benefits$(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.