Accumulated Other Comprehensive Loss and Other Comprehensive Income

6 Months Ended

Jun. 28, 2014

Accumulated Other Comprehensive Loss and Other Comprehensive Income

Accumulated Other Comprehensive Loss and Other Comprehensive Income

Note 9.  Accumulated Other Comprehensive Loss and Other Comprehensive Income

The components of Accumulated Other Comprehensive Loss are presented below:

(In millions)	Foreign Currency Translation Adjustments			Pension and Postretirement Benefits Adjustments			Deferred Gains/Losses on Hedge  Contracts		Accumulated Other Comprehensive Loss
For the six months ended June 28, 2014
Beginning balance	$	93		$	(1,110	)	$	(10)	$	(1,027)
Other comprehensive income (loss) before reclassifications	(4		)	9			2		7
Amounts reclassified from Accumulated Other Comprehensive Loss	—			36			5		41
Other comprehensive income (loss)	(4		)	45			7		48
Ending balance	$	89		$	(1,065	)	$	(3)	$	(979)
For the six months ended June 29, 2013
Beginning balance	$	81		$	(1,857	)	$	6	$	(1,770)
Other comprehensive loss before reclassifications	(9		)	—			(11)		(20)
Amounts reclassified from Accumulated Other Comprehensive Loss	—			63			(2)		61
Other comprehensive income (loss)	(9		)	63			(13)		41
Ending balance	$	72		$	(1,794	)	$	(7)	$	(1,729)

The before and after-tax components of Other Comprehensive Income are presented below:

(In millions)	Pre-Tax Amount			Tax (Expense)  Benefit			After-Tax Amount
For the three months ended June 28, 2014
Pension and postretirement benefits adjustments:
Amortization of net actuarial loss*	$	28		$	(10	)	$	18
Amortization of prior service credit*	(1		)	1			—
Amendment to postretirement benefit plan	15			(6		)	9
Pension and postretirement benefits adjustments, net	42			(15		)	27
Deferred gains/losses on hedge contracts:
Current deferrals	13			(2		)	11
Reclassification adjustments	5			(2		)	3
Deferred gains/losses on hedge contracts, net	18			(4		)	14
Foreign currency translation adjustments	—			2			2
Total	$	60		$	(17	)	$	43
For the three months ended June 29, 2013
Pension and postretirement benefits adjustments:
Amortization of net actuarial loss*	$	47		$	(16	)	$	31
Amortization of prior service cost*	1			(1		)	—
Pension and postretirement benefits adjustments, net	48			(17		)	31
Deferred gains/losses on hedge contracts:
Current deferrals	(8		)	2			(6		)
Reclassification adjustments	(1		)	1			—
Deferred gains/losses on hedge contracts, net	(9		)	3			(6		)
Foreign currency translation adjustments	—			1			1
Total	$	39		$	(13	)	$	26
For the six months ended June 28, 2014
Pension and postretirement benefits adjustments:
Amortization of net actuarial loss*	$	57		$	(20	)	$	37
Amortization of prior service credit*	(3		)	2			(1		)
Amendment to postretirement benefit plan	15			(6		)	9
Pension and postretirement benefits adjustments, net	69			(24		)	45
Deferred gains/losses on hedge contracts:
Current deferrals	2			—			2
Reclassification adjustments	7			(2		)	5
Deferred gains/losses on hedge contracts, net	9			(2		)	7
Foreign currency translation adjustments	(7		)	3			(4		)
Total	$	71		$	(23	)	$	48
For the six months ended June 29, 2013
Pension and postretirement benefits adjustments:
Amortization of net actuarial loss*	$	95		$	(33	)	$	62
Amortization of prior service cost*	2			(1		)	1
Pension and postretirement benefits adjustments, net	97			(34		)	63
Deferred gains/losses on hedge contracts:
Current deferrals	(14		)	3			(11		)
Reclassification adjustments	(3		)	1			(2		)
Deferred gains/losses on hedge contracts, net	(17		)	4			(13		)
Foreign currency translation adjustments	(2		)	(7		)	(9		)
Total	$	78		$	(37	)	$	41

*These components of other comprehensive income are included in the computation of net periodic pension cost.  See Note 11 of our 2013 Annual Report on Form 10-K for additional information.