OTHER COMPREHENSIVE INCOME ITEMS

12 Months Ended

Oct. 31, 2021

OTHER COMPREHENSIVE INCOME ITEMS

OTHER COMPREHENSIVE INCOME ITEMS

24. OTHER COMPREHENSIVE INCOME ITEMS

The after-tax components of accumulated other comprehensive income at October 31, 2021, November 1, 2020, and November 3, 2019 in millions of dollars follow:

		2021		2020		2019
Retirement benefits adjustment	$	(1,034)	$	(3,918)	$	(3,915)
Cumulative translation adjustment		(1,478)		(1,596)		(1,651)
Unrealized loss on derivatives		(42)		(58)		(60)
Unrealized gain on debt securities		15		33		19
Total accumulated other comprehensive income (loss)	$	(2,539)	$	(5,539)	$	(5,607)

Following are amounts recorded in and reclassifications out of other comprehensive income (loss), and the income tax effects, in millions of dollars:

	Before		Tax		After
	Tax		(Expense)		Tax
	Amount		Credit		Amount
2021
Cumulative translation adjustment:
Unrealized translation gain (loss)	$	112			$	112
Reclassification of realized (gain) loss to:
Equity in (income) loss of unconsolidated affiliates		6				6
Net unrealized translation gain (loss)		118				118
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		8	$	(2)		6
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		13		(3)		10
Net unrealized gain (loss) on derivatives		21		(5)		16
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(21)		3		(18)
Net unrealized gain (loss) on debt securities		(21)		3		(18)
Retirement benefits adjustment:
Net actuarial gain (loss)		3,492		(845)		2,647
Reclassification to other operating expenses through amortization of: *
Actuarial (gain) loss		283		(69)		214
Prior service (credit) cost		8		(2)		6
Settlements		22		(5)		17
Net unrealized gain (loss) on retirement benefits adjustment		3,805		(921)		2,884
Total other comprehensive income (loss)	$	3,923	$	(923)	$	3,000

*    These accumulated other comprehensive income amounts are included in net periodic pension and OPEB costs. See Note 8 for additional detail.

	Before		Tax		After
	Tax		(Expense)		Tax
	Amount		Credit		Amount
2020
Cumulative translation adjustment:
Unrealized translation gain (loss)	$	18	$	1	$	19
Reclassification of realized (gain) loss to:
Other operating expenses		13				13
Equity in (income) loss of unconsolidated affiliates		23				23
Net unrealized translation gain (loss)		54		1		55
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(18)		2		(16)
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		21		(3)		18
Net unrealized gain (loss) on derivatives		3		(1)		2
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		17		(3)		14
Net unrealized gain (loss) on debt securities		17		(3)		14
Retirement benefits adjustment:
Net actuarial gain (loss)		(302)		65		(237)
Reclassification primarily to other operating expenses through amortization of: *
Actuarial (gain) loss		278		(68)		210
Prior service (credit) cost		7		(2)		5
Settlements		26		(7)		19
Net unrealized gain (loss) on retirement benefits adjustment		9		(12)		(3)
Total other comprehensive income (loss)	$	83	$	(15)	$	68

*    These accumulated other comprehensive income amounts are primarily included in net periodic pension and OPEB costs. See Note 8 for additional detail.

	Before		Tax		After
	Tax		(Expense)		Tax
	Amount		Credit		Amount
2019
Cumulative translation adjustment	$	(447)	$	(1)	$	(448)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(92)		21		(71)
Reclassification of realized (gain) loss to:
Interest rate contracts – Interest expense		(5)		1		(4)
Net unrealized gain (loss) on derivatives		(97)		22		(75)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		36		(7)		29
Net unrealized gain (loss) on debt securities		36		(7)		29
Retirement benefits adjustment:
Net actuarial gain (loss)		(1,028)		274		(754)
Reclassification to other operating expenses through amortization of: *
Actuarial (gain) loss		159		(39)		120
Prior service (credit) cost		(61)		15		(46)
Settlements		3		(1)		2
Net unrealized gain (loss) on retirement benefits adjustment		(927)		249		(678)
Total other comprehensive income (loss)	$	(1,435)	$	263	$	(1,172)

*    These accumulated other comprehensive income amounts are included in net periodic pension and OPEB costs. See Note 8 for additional detail.