Quarterly report pursuant to Section 13 or 15(d)

Other Comprehensive Income (Loss)

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Other Comprehensive Income (Loss)
6 Months Ended
Jul. 02, 2022
Equity [Abstract]  
Other Comprehensive Income (Loss)
Note 10 : Other Comprehensive Income (Loss)
The changes in accumulated other comprehensive income (loss) by component and related tax effects in the first six months of 2022 were as follows:
(In Millions) Unrealized Holding Gains (Losses) on Derivatives Actuarial Valuation and Other Pension Expenses Translation Adjustments and Other Total
Balance as of December 25, 2021 $ 211  $ (1,114) $ 23  $ (880)
Other comprehensive income (loss) before reclassifications (897) —  (38) (935)
Amounts reclassified out of accumulated other comprehensive income (loss) 49  22  —  71 
Tax effects 106  119 
Other comprehensive income (loss) (742) 27  (30) (745)
Balance as of July 2, 2022 $ (531) $ (1,087) $ (7) $ (1,625)
We estimate that we will reclassify approximately $457 million (before taxes) of net derivative losses included in accumulated other comprehensive income (loss) into earnings within the next 12 months.