The following tables reflect the changes in accumulated other comprehensive income (loss) by component for the three months and six months ended July 5, 2025 and June 29, 2024 (in millions):
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Three-Month (13-Week) Period Ended |
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July 5, 2025 |
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Gains and (Losses) on |
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Foreign Currency |
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Adjustment to Early |
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Hedging Derivatives |
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Gains (Losses) |
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Retiree Medical Plan |
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Total |
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Accumulated other comprehensive
income (loss) at April 5, 2025 |
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$ |
14 |
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$ |
(223 |
) |
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$ |
11 |
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$ |
(198 |
) |
Other comprehensive income
(loss) before
reclassifications |
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(16 |
) |
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43 |
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- |
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27 |
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Amounts reclassified from
accumulated other
comprehensive income (loss)
into earnings (1) |
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4 |
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- |
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- |
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4 |
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Net current-period other
comprehensive income (loss) |
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(12 |
) |
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43 |
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- |
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31 |
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Accumulated other comprehensive
income (loss) at July 5, 2025 |
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$ |
2 |
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$ |
(180 |
) |
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$ |
11 |
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$ |
(167 |
) |
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Six-Month (26-Week) Period Ended |
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July 5, 2025 |
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Gains and (Losses) on |
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Foreign Currency |
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Adjustment to Early |
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Hedging Derivatives |
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Gains (Losses) |
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Retiree Medical Plan |
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Total |
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Accumulated other comprehensive
income (loss) at
December 31, 2024 |
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$ |
1 |
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$ |
(220 |
) |
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$ |
11 |
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$ |
(208 |
) |
Other comprehensive income
(loss) before reclassifications |
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(6 |
) |
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40 |
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- |
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34 |
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Amounts reclassified from
accumulated other
comprehensive income (loss)
into earnings (1) |
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7 |
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- |
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- |
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7 |
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Net current-period other
comprehensive income (loss) |
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1 |
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40 |
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- |
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|
41 |
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Accumulated other comprehensive
income (loss) at July 5, 2025 |
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$ |
2 |
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$ |
(180 |
) |
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$ |
11 |
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$ |
(167 |
) |
(1)Includes $4 million and $7 million net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net losses on commodity contracts in the second quarter and first six months of 2025, respectively. The tax impact of those reclassifications was $1 million and $2 million in the second quarter and first six months of 2025, respectively.
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Three-Month (13-Week) Period Ended |
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June 29, 2024 |
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Gains and (Losses) on |
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Foreign Currency |
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Adjustment to Early |
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Hedging Derivatives |
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Gains (Losses) |
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Retiree Medical Plan |
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Total |
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Accumulated other comprehensive
income (loss) at March 30, 2024 |
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$ |
(14 |
) |
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$ |
(174 |
) |
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$ |
11 |
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$ |
(177 |
) |
Other comprehensive income (loss)
before reclassifications |
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- |
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(9 |
) |
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- |
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(9 |
) |
Amounts reclassified from
accumulated other
comprehensive income (loss)
into earnings (2) |
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8 |
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- |
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- |
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8 |
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Net current-period other
comprehensive income (loss) |
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8 |
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(9 |
) |
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- |
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(1 |
) |
Accumulated other comprehensive
income (loss) at June 29, 2024 |
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$ |
(6 |
) |
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$ |
(183 |
) |
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$ |
11 |
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$ |
(178 |
) |
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Six-Month (26-Week) Period Ended |
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June 29, 2024 |
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Gains and (Losses) on |
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Foreign Currency |
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Adjustment to Early |
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Hedging Derivatives |
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Gains (Losses) |
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Retiree Medical Plan |
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Total |
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Accumulated other comprehensive
income (loss) at
December 31, 2023 |
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$ |
(14 |
) |
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$ |
(159 |
) |
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$ |
11 |
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$ |
(162 |
) |
Other comprehensive income (loss)
before reclassifications |
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(5 |
) |
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(24 |
) |
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- |
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(29 |
) |
Amounts reclassified from
accumulated other
comprehensive income (loss)
into earnings (2) |
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|
13 |
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- |
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- |
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13 |
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Net current-period other
comprehensive income (loss) |
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8 |
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(24 |
) |
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- |
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(16 |
) |
Accumulated other comprehensive
income (loss) at June 29, 2024 |
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$ |
(6 |
) |
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$ |
(183 |
) |
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$ |
11 |
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$ |
(178 |
) |
Includes $8 million and $13 million net-of-tax impact of accumulated other comprehensive income (loss) reclassifications into cost of products sold for net gains on commodity contracts in the second quarter and first six months of 2024, respectively. The tax impact of those reclassifications was $2 million and $4 million in the second quarter and first six months of 2024, respectively.
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