Accumulated Other Comprehensive Loss and Other Comprehensive Income

3 Months Ended

Apr. 04, 2015

Accumulated Other Comprehensive Loss and Other Comprehensive Income

Accumulated Other Comprehensive Loss and Other Comprehensive Income

Note 10.  Accumulated Other Comprehensive Loss and Other Comprehensive Income

The components of Accumulated Other Comprehensive Loss are presented below:

(In millions)	Pension and Postretirement Benefit Adjustments		Deferred Gains/Losses on Hedge Contracts		Foreign Currency Translation Adjustments		Accumulated Other Comprehensive Loss
For the three months ended April 4, 2015
Beginning balance	$	(1,511)	$	(13)	$	18	$	(1,506)
Other comprehensive loss before reclassifications	—		(16)		(56)		(72)
Reclassified from Accumulated other comprehensive loss	24		4		—		28
Other comprehensive income (loss)	24		(12)		(56)		(44)
Ending balance	$	(1,487)	$	(25)	$	(38)	$	(1,550)
For the three months ended March 29, 2014
Beginning balance	$	(1,110)	$	(10)	$	93	$	(1,027)
Other comprehensive loss before reclassifications	—		(9)		(6)		(15)
Reclassified from Accumulated other comprehensive loss	18		2		—		20
Other comprehensive income (loss)	18		(7)		(6)		5
Ending balance	$	(1,092)	$	(17)	$	87	$	(1,022)

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 April 4, 2015
Pension and postretirement benefits adjustments:
Amortization of net actuarial loss*	$	39	$	(14)	$	25
Amortization of prior service credit*	(2)		1		(1)
Pension and postretirement benefits adjustments, net	37		(13)		24
Deferred gains/losses on hedge contracts:
Current deferrals	(21)		5		(16)
Reclassification adjustments	6		(2)		4
Deferred gains/losses on hedge contracts, net	(15)		3		(12)
Foreign currency translation adjustments	(52)		(4)		(56)
Total	$	(30)	$	(14)	$	(44)
For the three months ended March 29, 2014
Pension and postretirement benefits adjustments:
Amortization of net actuarial loss*	$	29	$	(10)	$	19
Amortization of prior service credit*	(2)		1		(1)
Pension and postretirement benefits adjustments, net	27		(9)		18
Deferred gains/losses on hedge contracts:
Current deferrals	(11)		2		(9)
Reclassification adjustments	2		—		2
Deferred gains/losses on hedge contracts, net	(9)		2		(7)
Foreign currency translation adjustments	(7)		1		(6)
Total	$	11	$	(6)	$	5

*These components of other comprehensive income are included in the computation of net periodic pension cost.  See Note 11 of our 2014 Annual Report on Form 10-K for additional information.