Accumulated Other Comprehensive Income/(Losses) (Notes)

3 Months Ended

Mar. 28, 2020

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 Adjustments		Net Postemployment Benefit Plan Adjustments		Net Cash Flow Hedge Adjustments		Total
Balance as of December 28, 2019	$	(2,230)	$	303	$	41	$	(1,886)
Foreign currency translation adjustments	(776)		—		—		(776)
Net deferred gains/(losses) on net investment hedges	166		—		—		166
Amounts excluded from the effectiveness assessment of net investment hedges	5		—		—		5
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss)	(6)		—		—		(6)
Net deferred gains/(losses) on cash flow hedges	—		—		101		101
Amounts excluded from the effectiveness assessment of cash flow hedges	—		—		5		5
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss)	—		—		(10)		(10)
Net postemployment benefit losses/(gains) reclassified to net income/(loss)	—		(25)		—		(25)
Total other comprehensive income/(loss)	(611)		(25)		96		(540)
Balance as of March 28, 2020	$	(2,841)	$	278	$	137	$	(2,426)

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):

	For the Three Months Ended
	March 28, 2020						March 30, 2019
	Before Tax Amount		Tax		Net of Tax Amount		Before Tax Amount		Tax		Net of Tax Amount
Foreign currency translation adjustments	$	(776)	$	—	$	(776)	$	207	$	—	$	207
Net deferred gains/(losses) on net investment hedges	222		(56)		166		(19)		5		(14)
Amounts excluded from the effectiveness assessment of net investment hedges	7		(2)		5		6		(2)		4
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss)	(8)		2		(6)		—		2		2
Net deferred gains/(losses) on cash flow hedges	114		(13)		101		(18)		2		(16)
Amounts excluded from the effectiveness assessment of cash flow hedges	5		—		5		6		—		6
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss)	(10)		—		(10)		(12)		4		(8)
Net actuarial gains/(losses) arising during the period	—		—		—		(1)		1		—
Net postemployment benefit losses/(gains) reclassified to net income/(loss)	(34)		9		(25)		(78)		20		(58)

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
	For the Three Months Ended
	March 28, 2020		March 30, 2019
Losses/(gains) on net investment hedges:
Foreign exchange contracts(a)	$	—	$	6	Other expense/(income)
Foreign exchange contracts(b)	—		1		Interest expense
Cross-currency contracts(b)	(8)		(7)		Interest expense
Losses/(gains) on cash flow hedges:
Foreign exchange contracts(c)	(1)		(8)		Cost of products sold
Foreign exchange contracts(c)	—		22		Other expense/(income)
Cross-currency contracts(b)	(10)		(27)		Other expense/(income)
Interest rate contracts(d)	1		1		Interest expense
Losses/(gains) on hedges before income taxes	(18)		(12)
Losses/(gains) on hedges, income taxes	2		6
Losses/(gains) on hedges	$	(16)	$	(6)
Losses/(gains) on postemployment benefits:
Amortization of unrecognized losses/(gains)(e)	$	(3)	$	(2)
Amortization of prior service costs/(credits)(e)	(31)		(77)
Other losses/(gains) on postemployment benefits	—		1
Losses/(gains) on postemployment benefits before income taxes	(34)		(78)
Losses/(gains) on postemployment benefits, income taxes	9		20
Losses/(gains) on postemployment benefits	$	(25)	$	(58)

(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 11, Postemployment Benefits, for additional information.

In this note we have excluded activity and balances related to noncontrolling interest due to its insignificance. This activity was primarily related to foreign currency translation adjustments.