Accumulated Other Comprehensive Loss
|
| | | | | | | | | | | | | | | | | | | | | | | |
(Millions) | Unrealized Foreign Currency Translation Adjustments | | Pension and Other Post retire- ment Benefit Adjustments, net of tax (c) | | Unrealized Gain (Loss) on Derivatives, net of tax (d) | | Accum- ulated Other Comp-rehensive (Loss) Income |
Balance, January 1, 2011 | | $ | 53 |
| | | $ | (1,428 | ) | | | $ | (36 | ) | | | $ | (1,411 | ) |
Period change | | (188 | ) | | | (169 | ) | | | (32 | ) | | | (389 | ) |
Balance, December 31, 2011 | | $ | (135 | ) | | | $ | (1,597 | ) | | | $ | (68 | ) | | | $ | (1,800 | ) |
Period change | | 141 |
| | | — |
| | | (7 | ) | | | 134 |
|
Balance, December 31, 2012 | | $ | 6 |
| | | $ | (1,597 | ) | | | $ | (75 | ) | | | $ | (1,666 | ) |
Current year deferrals to AOCI (a) | 36 |
| | | — |
| | | — |
| | | 36 |
| |
Current year deferrals to AOCI, tax effected (b) | (80 | ) | | | 330 |
| | | 19 |
| | | 269 |
| |
Separation & Merger Transaction (e) | — |
| | | 33 |
| | | 4 |
| | | 37 |
| |
Reclassifications from AOCI to net income | — |
| | | 77 |
| | | (13 | ) | | | 64 |
| |
Period change | | (44 | ) | | | 440 |
| | | 10 |
| | | 406 |
|
Balance, December 31, 2013 | | $ | (38 | ) | | | $ | (1,157 | ) | | | $ | (65 | ) | | | $ | (1,260 | ) |
(a) - Unrealized foreign currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred U.S. income taxes have been provided on undistributed earnings of non-U.S. subsidiaries because they are deemed to be reinvested for an indefinite period of time.
(b) - The tax cost related to unrealized foreign currency translation adjustments on tax inter-branch transactions and net investment hedges for the years ended December 31, 2013, 2012 and 2011 was $(35) million, $(1) million and $(7) million, respectively.
(c) - The tax (cost) benefit related to the adjustment for pension and other postretirement benefits for the years ended December 31, 2013, 2012 and 2011 was $(392) million, $(30) million and $98 million, respectively. Reclassifications from AOCI are included in the computation of net periodic benefit costs (See Note 13, "Pension and Other Postretirement Benefits"). The cumulative tax benefit related to the adjustment for pension and other postretirement benefits at December 31, 2013 and 2012 was approximately $568 million and $960 million, respectively.
(d) - The tax (cost) benefit related to the change in the unrealized gain (loss) on derivatives for the years ended December 31, 2013, 2012 and 2011 was $(8) million, $4 million and $19 million, respectively. Reclassifications from AOCI are included in the gain or loss recognized on cash flow hedges (See Note 10 "Derivative Financial Instruments and Hedging Activities").
(e) - Amounts in AOCI related to the commodity chemicals business were removed from the balance sheet in connection with recording the gain on the separation and merger of this business (See Note 22, "Separation and Merger Transaction").
