Accumulated Other Comprehensive Loss and Other Comprehensive Income

6 Months Ended

Jun. 29, 2013

Accumulated Other Comprehensive Loss and Other Comprehensive Income

Accumulated Other Comprehensive Loss and Other Comprehensive Income

Note 8:  Accumulated Other Comprehensive Loss and Other Comprehensive Income

The components of Accumulated Other Comprehensive Loss are presented below:

(In millions)	Foreign Currency Translation Adjustment			Pension Adjustments			Deferred Gains/Losses on Hedge Contracts			Accumulated Other Comprehensive Loss
For the six months ended June 29, 2013
Beginning balance	$	81		$	(1,857	)	$	6		$	(1,770	)
Other comprehensive income before reclassifications	(9		)	—			(11		)	(20		)
Amounts reclassified from Accumulated Other Comprehensive Loss	—			63			(2		)	61
Other comprehensive income	(9		)	63			(13		)	41
Ending balance	$	72		$	(1,794	)	$	(7	)	$	(1,729	)
For the six months ended June 30, 2012
Beginning balance	$	79		$	(1,711	)	$	7		$	(1,625	)
Other comprehensive income before reclassifications	(13		)	—			6			(7		)
Amounts reclassified from Accumulated Other Comprehensive Loss	—			42			(9		)	33
Other comprehensive income	(13		)	42			(3		)	26
Ending balance	$	66		$	(1,669	)	$	4		$	(1,599	)

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 29, 2013
Pension adjustments:
Amortization of net actuarial loss*	$	47		$	(16	)	$	31
Amortization of prior service cost*	1			(1		)	—
Pension 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 adjustment	—			1			1
Total	$	39		$	(13	)	$	26
For the three months ended June 30, 2012
Pension adjustments:
Amortization of net actuarial loss*	$	31		$	(11	)	$	20
Amortization of prior service cost*	1			—			1
Pension adjustments, net	32			(11		)	21
Deferred gains/losses on hedge contracts:
Current deferrals	(1		)	1			—
Reclassification adjustments	(4		)	1			(3		)
Deferred gains/losses on hedge contracts, net	(5		)	2			(3		)
Foreign currency translation adjustment	(7		)	(9		)	(16		)
Total	$	20		$	(18	)	$	2
For the six months ended June 29, 2013
Pension adjustments:
Amortization of net actuarial loss*	$	95		$	(33	)	$	62
Amortization of prior service cost*	2			(1		)	1
Pension 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 adjustment	(2		)	(7		)	(9		)
Total	$	78		$	(37	)	$	41
For the six months ended June 30, 2012
Pension adjustments:
Amortization of net actuarial loss*	$	62		$	(22	)	$	40
Amortization of prior service cost*	2			—			2
Pension adjustments, net	64			(22		)	42
Deferred gains/losses on hedge contracts:
Current deferrals	7			(1		)	6
Reclassification adjustments	(12		)	3			(9		)
Deferred gains/losses on hedge contracts, net	(5		)	2			(3		)
Foreign currency translation adjustment	(10		)	(3		)	(13		)
Total	$	49		$	(23	)	$	26

*These components of other comprehensive income are included in the computation of net periodic pension cost.  See Note 13 of our 2012 Annual Report on Form 10-K for additional information.