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Comprehensive Income
 9 Months Ended
Jun. 27, 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 Condensed Consolidated Statements of Operations, and the associated financial statement line item, for the three- and nine-month periods ended June 27, 2015 and June 28, 2014 (in millions):

 

         Three Months Ended      Nine Months Ended  

Comprehensive Income Components

  

Financial Statement

Line Item

    June 27,
2015		      June 28,
2014		      June 27,
2015		      June 28,
2014		  

Unrealized (gains)/losses on derivative instruments:

              

Foreign exchange contracts

   Revenue    $ (828 )     $ 86       $ (1,835 )     $ 389   
  Cost of sales      (529 )       (57 )       (1,450 )       (308 ) 
  Other income/(expense), net      (52 )       0         (53 )       14   

Interest rate contracts

   Other income/(expense), net      (59 )       4         393         12   
    

 

 

     

 

 

     

 

 

     

 

 

  
  (1,468 )    33      (2,945 )    107   

Unrealized (gains)/losses on marketable securities

 Other income/(expense), net   3      (50 )    37      (127 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

Total amounts reclassified from AOCI

 $ (1,465 )  $ (17 )  $ (2,908 )  $ (20 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  

The following table shows the changes in AOCI by component for the nine months ended June 27, 2015 (in millions):

 

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

Balance at September 27, 2014

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

 

 

     

 

 

     

 

 

     

 

 

  

Other comprehensive income/(loss) before reclassifications

   (280 )    3,471      (442 )    2,749   

Amounts reclassified from AOCI

   0      (2,945 )    37      (2,908 ) 

Tax effect

   101      (70 )    144      175   
 

 

 

     

 

 

     

 

 

     

 

 

  

Other comprehensive income/(loss)

   (179 )    456      (261 )    16   
 

 

 

     

 

 

     

 

 

     

 

 

  

Balance at June 27, 2015

 $ (421 )  $ 1,820    $ (301 )  $ 1,098