Quarterly report pursuant to Section 13 or 15(d)

Capital and Accumulated Other Comprehensive Income (Loss) (Tables)

v2.4.0.8
Capital and Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jun. 28, 2014
Shares Held for Deferred Compensation Plans

Balances related to shares held for deferred compensation plans are as follows:

 

     June      December      June  
In millions, except share amounts    2014      2013      2013  

Shares held for deferred compensation plans

      695,204         704,104         733,664   

Cost of shares held for deferred compensation plans

    $ 8.2       $ 8.4       $ 8.7   
Deferred Components of Other Comprehensive Income (Loss) Reported, Net of Related Income Taxes, in Accumulated Other Comprehensive Income (Loss) in Stockholders' Equity

The deferred components of other comprehensive income (loss) are reported, net of related income taxes, in accumulated other comprehensive income (loss) in stockholders’ equity, as follows:

 

     June     December     June  
In thousands    2014     2013     2013  

Foreign currency translation

    $ 70,525      $ 106,647      $ (42,716 ) 

Defined benefit pension plans

      (264,187 )      (277,451 )      (394,785 ) 

Derivative financial instruments

      (38,684 )      (41,754 )      (3,170 ) 

Marketable securities

      134        838        (200 ) 
  

 

 

    

 

 

    

 

 

  

Accumulated other comprehensive income (loss)

    $ (232,212 )    $ (211,720 )    $ (440,871 ) 
  

 

 

    

 

 

    

 

 

  
Changes in Accumulated Other Comprehensive Income (Loss), Net of Related Taxes

The changes in accumulated other comprehensive income (loss), net of related taxes, are as follows:

 

     Three Months Ended June 2014  
     Foreign     Defined     Derivative              
     Currency     Benefit     Financial     Marketable        
In thousands    Translation     Pension Plans     Instruments     Securities     Total  

Balance, March 2014

    $ 97,060      $ (270,830 )    $ (36,223 )    $ 504      $ (209,489 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other comprehensive income (loss) before reclassifications

      (26,535 )      —          (6,957 )      (370 )      (33,862 ) 

Amounts reclassified from accumulated other comprehensive income (loss)

      —          6,643        4,496        —          11,139   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net other comprehensive income (loss)

      (26,535 )      6,643        (2,461 )      (370 )      (22,723 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance, June 2014

    $ 70,525      $ (264,187 )    $ (38,684 )    $ 134      $ (232,212 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     Three Months Ended June 2013  
In thousands    Foreign
Currency
Translation		     Defined
Benefit
Pension Plans		     Derivative
Financial
Instruments		     Marketable
Securities		     Total  

Balance, March 2013

    $ (17,866 )    $ (407,679 )    $ 1,924      $ 486      $ (423,135 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other comprehensive income (loss) before reclassifications

      (24,850 )      —          (1,878 )      (686 )      (27,414 ) 

Amounts reclassified from accumulated other comprehensive income (loss)

      —          12,894        (3,216 )      —          9,678   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net other comprehensive income (loss)

      (24,850 )      12,894        (5,094 )      (686 )      (17,736 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance, June 2013

    $ (42,716 )    $ (394,785 )    $ (3,170 )    $ (200 )    $ (440,871 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     Six Months Ended June 2014  
     Foreign     Defined     Derivative              
     Currency     Benefit     Financial     Marketable        
In thousands    Translation     Pension Plans     Instruments     Securities     Total  

Balance, December 2013

    $ 106,647      $ (277,451 )    $ (41,754 )    $ 838      $ (211,720 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other comprehensive income (loss) before reclassifications

      (36,122 )      —          (4,714 )      (704 )      (41,540 ) 

Amounts reclassified from accumulated other comprehensive income (loss)

      —          13,264        7,784        —          21,048   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net other comprehensive income (loss)

      (36,122 )      13,264        3,070        (704 )      (20,492 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance, June 2014

    $ 70,525      $ (264,187 )    $ (38,684 )    $ 134      $ (232,212 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     Six Months Ended June 2013  
In thousands    Foreign
Currency
Translation		     Defined
Benefit
Pension Plans		     Derivative
Financial
Instruments		     Marketable
Securities		     Total  

Balance, December 2012

    $ (4,068 )    $ (420,538 )    $ (29,430 )    $ 141      $ (453,895 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other comprehensive income (loss) before reclassifications

      (38,648 )      —          31,806        (341 )      (7,183 ) 

Amounts reclassified from accumulated other comprehensive income (loss)

      —          25,753        (5,546 )      —          20,207   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net other comprehensive income (loss)

      (38,648 )      25,753        26,260        (341 )      13,024   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance, June 2013

    $ (42,716 )    $ (394,785 )    $ (3,170 )    $ (200 )    $ (440,871 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

Reclassifications out of accumulated other comprehensive income (loss) are as follows:

 

In thousands    Affected Line Item in the                        
Details About Accumulated Other    Consolidated Statements   Three Months Ended June     Six Months Ended June  

Comprehensive Income (Loss) Components

    of Income   2014     2013     2014     2013  

Amortization of defined benefit pension plans:

           

Net deferred actuarial losses

    (a)   $ (9,389 )    $ (21,326 )    $ (18,773 )    $ (42,688 ) 

Deferred prior service costs

    (a)     (1,362 )      (316 )      (2,724 )      (657 ) 
    

 

 

    

 

 

    

 

 

    

 

 

  
   Total before tax     (10,751 )      (21,642 )      (21,497 )      (43,345 ) 
   Tax benefit (expense)     4,108        8,748        8,233        17,592   
    

 

 

    

 

 

    

 

 

    

 

 

  
   Net of tax   $ (6,643 )    $ (12,894 )    $ (13,264 )    $ (25,753 ) 
    

 

 

    

 

 

    

 

 

    

 

 

  

Gains (losses) on derivative financial instruments:

           

Foreign exchange contracts

    Net sales   $ (1,542 )    $ 1,378      $ 118      $ 1,223   

Foreign exchange contracts

    Cost of goods sold     (4,339 )      3,683        (9,703 )      7,541   

Foreign exchange contracts

    Other income (expense), net     (507 )      1,209        (1,215 )      2,301   

Interest rate contracts

    Interest expense     (1,019 )      (972 )      (2,023 )      (1,929 ) 
    

 

 

    

 

 

    

 

 

    

 

 

  
   Total before tax     (7,407 )      5,298        (12,823 )      9,136   
   Tax benefit (expense)     2,911        (2,082 )      5,039        (3,590 ) 
    

 

 

    

 

 

    

 

 

    

 

 

  
   Net of tax   $ (4,496 )    $ 3,216      $ (7,784 )    $ 5,546   
    

 

 

    

 

 

    

 

 

    

 

 

  

Total reclassifications for the period

    Net of tax   $ (11,139 )    $ (9,678 )    $ (21,048 )    $ (20,207 ) 
    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)  These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note G for additional details).