Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Apr. 27, 2014

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income (Loss)

The components of Accumulated other comprehensive income (loss) consisted of the following:

	Foreign Currency Translation Adjustment (1)			Gains (Losses) on Cash Flow Hedges (2)			Pension and Postretirement Benefit Plan Adjustments (3)			Total Accumulated Comprehensive Income (Loss)
Balance at July 28, 2013	$	170		$	5		$	(740	)	$	(565	)
Other comprehensive income (loss) before reclassifications	(2		)	(2		)	5			1
Amounts reclassified from accumulated other comprehensive income (loss)	(19		)	1			55			37
Net current-period other comprehensive income (loss)	(21		)	(1		)	60			38
Balance at April 27, 2014	$	149		$	4		$	(680	)	$	(527	)

_____________________________________

⁽¹⁾  Included a tax expense of $7 as of April 27, 2014, and $9 as of July 28, 2013. The amount reclassified from other comprehensive income was related to the divestiture of the European simple meals business and was included in earnings from discontinued operations.

⁽²⁾  Included a tax expense of $1 as of April 27, 2014, and $3 as of July 28, 2013.

⁽³⁾  Included a tax benefit of $392 as of April 27, 2014, and $424 as of July 28, 2013. The amount reclassified from other comprehensive income included a pre-tax settlement charge of $18, or $11 after tax.

The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following:

	Three Months Ended						Nine Months Ended
Details about Accumulated Other Comprehensive Income Components	April 27, 2014			April 28, 2013			April 27, 2014			April 28, 2013			Location of (Gain) Loss Recognized in Earnings
	Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
(Gains) losses on cash flow hedges:
Foreign exchange forward contracts	$	(1	)	$	(1	)	$	(2	)	$	(2	)	Cost of products sold
Foreign exchange forward contracts	1			—			—			—			Other expenses / (income)
Forward starting interest rate swaps	1			1			3			3			Interest expense
Total before tax	1			—			1			1
Tax expense (benefit)	—			—			—			—
(Gain) loss, net of tax	$	1		$	—		$	1		$	1
Amortization of pension and postretirement benefit adjustments:
Prior service credits	$	(1	)	$	—		$	(2	)	$	(2	)	(1)
Net actuarial losses	40			31			87			93			(1)
Total before tax	39			31			85			91
Tax expense (benefit)	(14		)	(11		)	(30		)	(32		)
(Gain) loss, net of tax	$	25		$	20		$	55		$	59

_____________________________________

⁽¹⁾  Net actuarial losses of $2 were recognized in earnings from discontinued operations as a result of the sale of the European simple meals business. Excluding the net actuarial losses related to the sale of the business, these items are included in the components of net periodic benefit costs (see Note 11 for additional details).

In the nine-month period ended April 27, 2014, a pre-tax loss of $22 ($19 after tax) on foreign currency translation adjustments was also reclassified from Accumulated other comprehensive income. The loss was related to the divestiture of the European simple meals business and was included in earnings from discontinued operations.