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Comprehensive Income
 12 Months Ended
Sep. 26, 2015
Comprehensive Income

Note 8 – Comprehensive Income

Comprehensive income consists of two components, net income and OCI. OCI refers to revenue, expenses, and gains and losses that under GAAP are recorded as an element of shareholders’ equity but are excluded from net income. The Company’s OCI consists of foreign currency translation adjustments from those subsidiaries not using the U.S. dollar as their functional currency, net deferred gains and losses on certain derivative instruments accounted for as cash flow hedges and unrealized gains and losses on marketable securities classified as available-for-sale.

The following table shows the pre-tax amounts reclassified from AOCI into the Consolidated Statements of Operations, and the associated financial statement line item, for 2015 and 2014 (in millions):

 

Comprehensive Income Components

   

Financial Statement Line Item

            2015                      2014          

Unrealized (gains)/losses on derivative instruments:

         

Foreign exchange contracts

   

Revenue

    $ (2,432 )     $ 449   
  

Cost of sales

      (2,168 )       (295 ) 
  

Other income/(expense), net            

      456         15   

Interest rate contracts

   

Other income/(expense), net

      17         16   
     

 

 

     

 

 

  
        (4,127 )           185   

Unrealized (gains)/losses on marketable securities

    Other income/(expense), net      91         (205 ) 
     

 

 

     

 

 

  

Total amounts reclassified from AOCI

       $ (4,036 )     $ (20 ) 
     

 

 

     

 

 

  

The following table shows the changes in AOCI by component for 2015 (in millions):

 

     Cumulative
Foreign
Currency
  Translation   		      Unrealized
Gains/Losses
on Derivative
Instruments		      Unrealized
Gains/Losses
on Marketable
Securities		              Total          

Balance at September 28, 2013

    $ (105 )     $ (175 )     $ (191 )     $ (471 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Other comprehensive income/(loss) before reclassifications

      (187 )       1,687         438         1,938   

Amounts reclassified from AOCI

      0         185         (205 )       (20 ) 

Tax effect

      50         (333 )       (82 )       (365 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Other comprehensive income/(loss)

      (137 )       1,539         151         1,553   
  

 

 

     

 

 

     

 

 

     

 

 

  

Balance at September 27, 2014

      (242 )       1,364         (40 )       1,082   
  

 

 

     

 

 

     

 

 

     

 

 

  

Other comprehensive income/(loss) before reclassifications

      (612 )       3,346         (747 )       1,987   

Amounts reclassified from AOCI

      0         (4,127 )       91         (4,036 ) 

Tax effect

         201         189            232         622   
  

 

 

     

 

 

     

 

 

     

 

 

  

Other comprehensive income/(loss)

      (411 )       (592 )       (424 )       (1,427 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Balance at September 26, 2015

    $ (653 )     $ 772       $ (464 )     $ (345 )