Note 25: Other Comprehensive Income (Loss)
The components of other comprehensive income (loss) and related tax effects for each period were as follows:
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2013 |
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2012 |
|
2011 |
(In Millions) |
|
Before
Tax
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|
Tax |
|
Net of
Tax
|
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Before
Tax
|
|
Tax |
|
Net of
Tax
|
|
Before
Tax
|
|
Tax |
|
Net of
Tax
|
Change in unrealized holding gains (losses) on available-for-sale investments |
|
$ |
1,963 |
|
|
$ |
(687 |
) |
|
$ |
1,276 |
|
|
$ |
909 |
|
|
$ |
(318 |
) |
|
$ |
591 |
|
|
$ |
35 |
|
|
$ |
(13 |
) |
|
$ |
22 |
|
Less: adjustment for (gains) losses on available-for-sale investments included in net income
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|
(146 |
) |
|
51 |
|
|
(95 |
) |
|
(187 |
) |
|
66 |
|
|
(121 |
) |
|
(299 |
) |
|
107 |
|
|
(192 |
) |
Less: adjustment for (gains) losses on deferred tax asset valuation allowance included in net income
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— |
|
|
(26 |
) |
|
(26 |
) |
|
— |
|
|
(11 |
) |
|
(11 |
) |
|
— |
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|
(99 |
) |
|
(99 |
) |
Change in unrealized holding gains (losses) on derivatives |
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(166 |
) |
|
76 |
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|
(90 |
) |
|
12 |
|
|
8 |
|
|
20 |
|
|
20 |
|
|
(16 |
) |
|
4 |
|
Less: adjustment for amortization of (gains) losses on derivatives
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|
30 |
|
|
(29 |
) |
|
1 |
|
|
78 |
|
|
(13 |
) |
|
65 |
|
|
(161 |
) |
|
38 |
|
|
(123 |
) |
Change in net prior service costs |
|
17 |
|
|
(2 |
) |
|
15 |
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|
(4 |
) |
|
1 |
|
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(3 |
) |
|
— |
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|
— |
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|
— |
|
Less: adjustment for amortization of net prior service costs
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4 |
|
|
(1 |
) |
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3 |
|
|
5 |
|
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(2 |
) |
|
3 |
|
|
7 |
|
|
(3 |
) |
|
4 |
|
Change in actuarial valuation |
|
725 |
|
|
(275 |
) |
|
450 |
|
|
(321 |
) |
|
91 |
|
|
(230 |
) |
|
(900 |
) |
|
284 |
|
|
(616 |
) |
Less: adjustment for amortization of actuarial (gains) losses
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|
101 |
|
|
(31 |
) |
|
70 |
|
|
90 |
|
|
(32 |
) |
|
58 |
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|
43 |
|
|
(15 |
) |
|
28 |
|
Change in net foreign currency translation adjustment |
|
45 |
|
|
(7 |
) |
|
38 |
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|
12 |
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(2 |
) |
|
10 |
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(155 |
) |
|
13 |
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(142 |
) |
Other comprehensive income (loss) |
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$ |
2,573 |
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|
$ |
(931 |
) |
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$ |
1,642 |
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$ |
594 |
|
|
$ |
(212 |
) |
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$ |
382 |
|
|
$ |
(1,410 |
) |
|
$ |
296 |
|
|
$ |
(1,114 |
) |
In prior periods, we recorded a reversal of a portion of our deferred tax asset valuation allowance attributed to changes in unrealized holding gains on our available-for-sale investments. This amount is reduced and included in our provision for taxes as these investments mature or are sold, and is included in the preceding table as an adjustment for (gains) losses on deferred tax asset valuation allowance included in net income.
The changes in accumulated other comprehensive income (loss) by component and related tax effects for each period were as follows:
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(In Millions) |
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Unrealized Holding Gains (Losses) on Available-for-Sale Investments |
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Deferred Tax Asset Valuation Allowance |
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Unrealized Holding Gains (Losses) on Derivatives |
|
Prior Service Credits (Costs) |
|
Actuarial Gains (Losses) |
|
Foreign Currency Translation Adjustment |
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Total |
December 31, 2011 |
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$ |
231 |
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|
$ |
104 |
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$ |
8 |
|
|
$ |
(32 |
) |
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$ |
(950 |
) |
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$ |
(142 |
) |
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$ |
(781 |
) |
Other comprehensive income before reclassifications |
|
909 |
|
|
— |
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|
12 |
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|
(4 |
) |
|
(321 |
) |
|
12 |
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|
608 |
|
Amounts reclassified out of accumulated other comprehensive income |
|
(187 |
) |
|
— |
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|
78 |
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|
5 |
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|
90 |
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|
— |
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|
(14 |
) |
Tax effects |
|
(252 |
) |
|
(11 |
) |
|
(5 |
) |
|
(1 |
) |
|
59 |
|
|
(2 |
) |
|
(212 |
) |
Other comprehensive income (loss) |
|
470 |
|
|
(11 |
) |
|
85 |
|
|
— |
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|
(172 |
) |
|
10 |
|
|
382 |
|
December 29, 2012 |
|
$ |
701 |
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$ |
93 |
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$ |
93 |
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|
$ |
(32 |
) |
|
$ |
(1,122 |
) |
|
$ |
(132 |
) |
|
$ |
(399 |
) |
Other comprehensive income before reclassifications |
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1,963 |
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|
— |
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|
(166 |
) |
|
17 |
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|
725 |
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|
45 |
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|
2,584 |
|
Amounts reclassified out of accumulated other comprehensive income |
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(146 |
) |
|
— |
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|
30 |
|
|
4 |
|
|
101 |
|
|
— |
|
|
(11 |
) |
Tax effects |
|
(636 |
) |
|
(26 |
) |
|
47 |
|
|
(3 |
) |
|
(306 |
) |
|
(7 |
) |
|
(931 |
) |
Other comprehensive income (loss) |
|
1,181 |
|
|
(26 |
) |
|
(89 |
) |
|
18 |
|
|
520 |
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|
38 |
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|
1,642 |
|
December 28, 2013 |
|
$ |
1,882 |
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$ |
67 |
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$ |
4 |
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|
$ |
(14 |
) |
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$ |
(602 |
) |
|
$ |
(94 |
) |
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$ |
1,243 |
|
The amounts reclassified out of accumulated other comprehensive income into the consolidated statements of income, with presentation location, for each period were as follows:
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2013 |
|
2012 |
|
2011 |
|
|
Comprehensive Income Components |
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Income Before Taxes Impact (In Millions) |
|
Location |
Unrealized holding gains (losses) on available-for-sale investments |
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|
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|
$ |
8 |
|
|
$ |
(8 |
) |
|
$ |
(7 |
) |
|
Interest and other, net |
|
|
138 |
|
|
195 |
|
|
306 |
|
|
Gains (losses) on equity investments, net |
|
|
146 |
|
|
187 |
|
|
299 |
|
|
|
Unrealized holding gains (losses) on derivatives |
|
|
|
|
|
|
|
|
Currency forwards |
|
(61 |
) |
|
11 |
|
|
118 |
|
|
Cost of sales |
|
|
30 |
|
|
(63 |
) |
|
20 |
|
|
Research and development |
|
|
— |
|
|
(25 |
) |
|
19 |
|
|
Marketing, general and administrative |
Other instruments |
|
1 |
|
|
(1 |
) |
|
4 |
|
|
Cost of sales |
|
|
(30 |
) |
|
(78 |
) |
|
161 |
|
|
|
Amortization of pension and postretirement benefit components |
|
|
|
|
|
|
|
|
Prior service credits (costs) |
|
(4 |
) |
|
(5 |
) |
|
(7 |
) |
|
|
Actuarial gains (losses) |
|
(101 |
) |
|
(90 |
) |
|
(43 |
) |
|
|
|
|
(105 |
) |
|
(95 |
) |
|
(50 |
) |
|
|
Total amounts reclassified out of accumulated other comprehensive income |
|
$ |
11 |
|
|
$ |
14 |
|
|
$ |
410 |
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|
The amortization of pension and postretirement benefit components are included in the "Net Periodic Benefit Cost" section of "Note 17: Retirement Benefit Plans". The estimated net prior service costs and net actuarial gains (losses) for the defined benefit plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost during 2014 are $4 million and $39 million, respectively.
We estimate that we will reclassify approximately $6 million (before taxes) of net derivative losses included in accumulated other comprehensive income (loss) into earnings within the next 12 months.
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