Note 20: Other Comprehensive Income (Loss)
The changes in accumulated other comprehensive income (loss) by component and related tax effects in the first nine months of 2015 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 |
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Prior Service Credits (Costs) |
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Actuarial Gains (Losses) |
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Foreign Currency Translation Adjustment |
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Total |
December 27, 2014 |
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$ |
2,459 |
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$ |
26 |
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|
$ |
(423 |
) |
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$ |
(47 |
) |
|
$ |
(1,004 |
) |
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$ |
(345 |
) |
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$ |
666 |
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Other comprehensive income (loss) before reclassifications |
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(1,365 |
) |
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— |
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(268 |
) |
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— |
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— |
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(187 |
) |
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(1,820 |
) |
Amounts reclassified out of accumulated other comprehensive income (loss) |
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(86 |
) |
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— |
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|
400 |
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|
6 |
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43 |
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|
— |
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|
363 |
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Tax effects |
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508 |
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|
(13 |
) |
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(43 |
) |
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— |
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(13 |
) |
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17 |
|
|
456 |
|
Other comprehensive income (loss) |
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(943 |
) |
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(13 |
) |
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89 |
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6 |
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30 |
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(170 |
) |
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(1,001 |
) |
September 26, 2015 |
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$ |
1,516 |
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$ |
13 |
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$ |
(334 |
) |
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$ |
(41 |
) |
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$ |
(974 |
) |
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$ |
(515 |
) |
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$ |
(335 |
) |
The amounts reclassified out of accumulated other comprehensive income (loss) into the consolidated condensed statements of income, with presentation location, for each period were as follows:
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Income Before Taxes Impact (In Millions) |
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Three Months Ended |
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Nine Months Ended |
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Comprehensive Income Components |
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Sep 26, 2015 |
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Sep 27, 2014 |
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Sep 26, 2015 |
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Sep 27, 2014 |
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Location |
Unrealized holding gains (losses) on available-for-sale investments: |
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$ |
1 |
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$ |
9 |
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$ |
1 |
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$ |
7 |
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Interest and other, net |
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11 |
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|
9 |
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|
85 |
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|
132 |
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Gains (losses) on equity investments, net |
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12 |
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18 |
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|
86 |
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|
139 |
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Unrealized holding gains (losses) on derivatives: |
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Currency forwards |
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(81 |
) |
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(5 |
) |
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(217 |
) |
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(10 |
) |
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Cost of sales |
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(50 |
) |
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8 |
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(145 |
) |
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26 |
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Research and development |
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(16 |
) |
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2 |
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(38 |
) |
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7 |
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Marketing, general and administrative |
Other instruments |
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— |
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(2 |
) |
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— |
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(2 |
) |
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Cost of sales |
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(147 |
) |
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3 |
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(400 |
) |
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21 |
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Amortization of pension and postretirement benefit components: |
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Prior service credits (costs) |
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(2 |
) |
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(2 |
) |
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(6 |
) |
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(4 |
) |
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Actuarial gains (losses) |
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(15 |
) |
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(10 |
) |
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(43 |
) |
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(29 |
) |
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(17 |
) |
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(12 |
) |
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(49 |
) |
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(33 |
) |
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Total amounts reclassified out of accumulated other comprehensive income (loss) |
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$ |
(152 |
) |
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$ |
9 |
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$ |
(363 |
) |
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$ |
127 |
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The amortization of pension and postretirement benefit components are included in the computation of net periodic benefit cost. For further information, see the "Retirement Benefit Plans" note in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 27, 2014 and Form 8-K filed with the SEC on June 5, 2015.
We estimate that we will reclassify approximately $241 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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