Accumulated other comprehensive income (loss)

12 Months Ended

Dec. 31, 2023

Accumulated other comprehensive income (loss)

Components of other comprehensive income (loss) consist of the following:


(Dollars in Millions)	Foreign Currency Translation		Gain/ (Loss) On Securities	Employee Benefit Plans		Gain/ (Loss) On Derivatives & Hedges	Total Accumulated Other Comprehensive Income (Loss)
January 3, 2021		$(8,938)	1	(6,957)		652	(15,242)

Net 2021 changes		(1,079)	(4)	4,255		(988)	2,184
January 2, 2022		(10,017)	(3)	(2,702)		(336)	(13,058)

Net 2022 changes		(1,796)	(24)	1,805		106	91
January 1, 2023		(11,813)	(27)	(897)		(230)	(12,967)
Net 2023 changes		(3,221)	26	(1,399)		(147)	(4,741)
Kenvue Separation/IPO		4,885		296	*		5,181
December 31, 2023		$(10,149)	(1)	(2,000)		(377)	(12,527)

Amounts in accumulated other comprehensive income are presented net of the related tax impact. Foreign currency translation is not adjusted for income taxes where it relates to permanent investments in international subsidiaries. For additional details on comprehensive income see the Consolidated Statements of Comprehensive Income.

Details on reclassifications out of Accumulated Other Comprehensive Income:

Gain/(Loss) On Securities - reclassifications released to Other (income) expense, net.

Employee Benefit Plans - reclassifications are included in net periodic benefit cost. See Note 10 for additional details.

Gain/(Loss) On Derivatives & Hedges - reclassifications to earnings are recorded in the same account as the hedged transaction. See Note 6 for additional details.

* Includes impact of curtailments and settlements in connection with separation from Kenvue.