Kraft 2013 Annual Report Download - page 75

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73
The tax effects of temporary differences that gave rise to deferred income tax assets and liabilities consisted of the
following at December 28, 2013 and December 29, 2012:
December 28,
2013 December 29,
2012
(in millions)
Deferred income tax assets:
Pension benefits $ 104 $ 730
Postretirement benefits 1,238 1,418
Other employee benefits 122 102
Other 497 442
Total deferred income tax assets 1,961 2,692
Valuation allowance (3) (26)
Net deferred income tax assets $ 1,958 $ 2,666
Deferred income tax liabilities:
Trade names $ (828) $ (827)
Property, plant and equipment (949) (969)
Debt exchange (384) (418)
Other (65) (17)
Total deferred income tax liabilities (2,226) (2,231)
Net deferred income tax assets / (liabilities) $ (268) $ 435
Note 13. Accumulated Other Comprehensive Earnings / (Losses)
Total accumulated other comprehensive earnings / (losses) consists of net earnings / (losses) and other changes in
business equity from transactions and other events from sources other than shareholders. It includes foreign
currency translation gains and losses, defined postemployment benefit plan adjustments, and unrealized gains and
losses from derivative instruments designated as cash flow hedges.
The components of, and changes in, accumulated other comprehensive earnings / (losses) were as follows (net of
tax):
Foreign
Currency
Adjustments
Postemployment
Benefit Plan
Adjustments
Derivative
Hedging
Adjustments
Total
Accumulated Other
Comprehensive
Earnings / (Losses)
(in millions)
Balance at December 30, 2012 $ (359) $ 51 $ (152) $ (460)
Other comprehensive (losses) / gains
before reclassifications:
Foreign currency adjustments (68) — — (68)
Unrealized gains in fair value — — 20 20
Prior service credits — 19 — 19
(68) 19 20 (29)
Amounts reclassified from
accumulated other comprehensive
earnings:
Transfer of realized losses in fair
value to net earnings — — 3 3
Amortization of prior service
credits — (13) — (13)
— (13) 3 (10)
Net current-period other
comprehensive (losses) / earnings (68) 6 23 (39)
Balances at December 28, 2013 $ (427) $ 57 $ (129) $ (499)