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Notes to Consolidated Financial Statements

Note 13. Accumulated Other Comprehensive Loss

Comprehensive income is a measure of income which includes both net income and other comprehensive income or loss. Other comprehensive income or loss results from items deferred from recognition into our income statement. Accumulated other comprehensive loss is separately presented on our balance sheet as part of common shareholders’ equity. Other comprehensive (loss)/income was $(3,793) million in 2008, $1,294 million in 2007 and $456 million in 2006. The accumulated balances for each component of other comprehensive loss were as follows:

                 
   
2008
   
2007
   
2006
 
Currency translation adjustment
$
(2,271
)
$
213
 
$
(506
)
Cash flow hedges, net of tax(a)
 
(14
)
 
(35
)
 
4
 
Unamortized pension and retiree medical, net of tax(b)
 
(2,435
)
 
(1,183
)
 
(1,782
)
Unrealized gain on securities, net of tax
 
28
   
49
   
40
 
Other
 
(2
)
 
4
   
(2
)
Accumulated other comprehensive loss
$
(4,694
)
$
(952
)
$
(2,246
)
(a) Includes $17 million after-tax loss in 2008 and $3 million after-tax gain in 2007 and 2006 for our share of our equity investees’ accumulated derivative activity.
(b) Net of taxes of $1,288 million in 2008, $645 million in 2007 and $919 million in 2006. Includes $51 million decrease to the opening balance of accumulated other comprehensive loss in 2008 due to the change in measurement date. See Note 7.