SHAREOWNERS' EQUITY (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| Stockholders' Equity Note [Abstract] |
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| Roll-forward of Common Stock, Additional Paid-in Capital, and Retained Earnings Accounts |
The following is a rollforward of our common stock, additional paid-in capital, and retained earnings accounts (in millions, except per share amounts):
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2016 |
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2015 |
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2014 |
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Shares |
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Dollars |
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Shares |
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Dollars |
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Shares |
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Dollars |
Class A Common Stock: |
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Balance at beginning of year |
194 |
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|
$ |
2 |
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|
201 |
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|
$ |
2 |
|
|
212 |
|
|
$ |
2 |
|
Common stock purchases |
(4 |
) |
|
— |
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|
(4 |
) |
|
— |
|
|
(5 |
) |
|
— |
|
Stock award plans |
5 |
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|
— |
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|
5 |
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|
— |
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|
5 |
|
|
— |
|
Common stock issuances |
2 |
|
|
— |
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|
3 |
|
|
— |
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|
3 |
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|
— |
|
Conversions of class A to class B common stock |
(17 |
) |
|
— |
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|
(11 |
) |
|
— |
|
|
(14 |
) |
|
— |
|
Class A shares issued at end of year |
180 |
|
|
$ |
2 |
|
|
194 |
|
|
$ |
2 |
|
|
201 |
|
|
$ |
2 |
|
Class B Common Stock: |
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|
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Balance at beginning of year |
693 |
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|
$ |
7 |
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|
705 |
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$ |
7 |
|
|
712 |
|
|
$ |
7 |
|
Common stock purchases |
(21 |
) |
|
— |
|
|
(23 |
) |
|
— |
|
|
(21 |
) |
|
— |
|
Conversions of class A to class B common stock |
17 |
|
|
— |
|
|
11 |
|
|
— |
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|
14 |
|
|
— |
|
Class B shares issued at end of year |
689 |
|
|
$ |
7 |
|
|
693 |
|
|
$ |
7 |
|
|
705 |
|
|
$ |
7 |
|
Additional Paid-In Capital: |
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Balance at beginning of year |
|
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$ |
— |
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|
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|
$ |
— |
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|
|
|
$ |
— |
|
Stock award plans |
|
|
541 |
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|
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|
492 |
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|
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|
656 |
|
Common stock purchases |
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|
(898 |
) |
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|
(791 |
) |
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|
(918 |
) |
Common stock issuances |
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|
303 |
|
|
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|
316 |
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|
309 |
|
Option premiums received (paid) |
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54 |
|
|
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|
(17 |
) |
|
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|
(47 |
) |
Balance at end of year |
|
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$ |
— |
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$ |
— |
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|
$ |
— |
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Retained Earnings: |
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Balance at beginning of year |
|
|
$ |
6,001 |
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|
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$ |
5,726 |
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$ |
6,925 |
|
Net income attributable to controlling interests |
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3,431 |
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4,844 |
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|
3,032 |
|
Dividends ($3.12, $2.92 and $2.68 per share) |
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(2,771 |
) |
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(2,649 |
) |
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|
(2,487 |
) |
Common stock purchases |
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|
(1,782 |
) |
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|
(1,920 |
) |
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|
(1,744 |
) |
Balance at end of year |
|
|
$ |
4,879 |
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$ |
6,001 |
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$ |
5,726 |
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| Activity in Accumulated Other Comprehensive Income (Loss) |
The activity in AOCI is as follows (in millions):
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2016 |
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2015 |
|
2014 |
Foreign Currency Translation Gain (Loss): |
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Balance at beginning of year |
$ |
(897 |
) |
|
$ |
(457 |
) |
|
$ |
(126 |
) |
Translation adjustment (net of tax effect of $32, $0, and $105) |
(119 |
) |
|
(440 |
) |
|
(331 |
) |
Balance at end of year |
(1,016 |
) |
|
(897 |
) |
|
(457 |
) |
Unrealized Gain (Loss) on Marketable Securities, Net of Tax: |
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|
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Balance at beginning of year |
(1 |
) |
|
— |
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|
(1 |
) |
Current period changes in fair value (net of tax effect of $0, $(1), and $1) |
— |
|
|
(1 |
) |
|
2 |
|
Reclassification to earnings (no tax impact in any period) |
— |
|
|
— |
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|
(1 |
) |
Balance at end of year |
(1 |
) |
|
(1 |
) |
|
— |
|
Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax: |
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Balance at beginning of year |
67 |
|
|
61 |
|
|
(219 |
) |
Current period changes in fair value (net of tax effect of $75, $103, and $133) |
124 |
|
|
171 |
|
|
220 |
|
Reclassification to earnings (net of tax effect of $(142), $(99), and $35) |
(236 |
) |
|
(165 |
) |
|
60 |
|
Balance at end of year |
(45 |
) |
|
67 |
|
|
61 |
|
Unrecognized Pension and Postretirement Benefit Costs, Net of Tax: |
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|
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Balance at beginning of year |
(2,709 |
) |
|
(3,198 |
) |
|
(114 |
) |
Reclassification to earnings (net of tax effect of $1,040, $97, and $870) |
1,783 |
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|
195 |
|
|
1,462 |
|
Net actuarial gain (loss) and prior service cost resulting from remeasurements of plan assets and liabilities (net of tax effect of $(1,460), $197, and $(2,714)) |
(2,495 |
) |
|
294 |
|
|
(4,546 |
) |
Balance at end of year |
(3,421 |
) |
|
(2,709 |
) |
|
(3,198 |
) |
Accumulated other comprehensive income (loss) at end of year |
$ |
(4,483 |
) |
|
$ |
(3,540 |
) |
|
$ |
(3,594 |
) |
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| Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] |
Detail of the gains (losses) reclassified from AOCI to the statements of consolidated income for the years ended December 31, 2016, 2015 and 2014 is as follows (in millions):
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2016 Amount Reclassified from AOCI |
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2015 Amount Reclassified from AOCI |
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2014 Amount Reclassified from AOCI |
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Affected Line Item in the Income Statement |
Unrealized Gain (Loss) on Marketable Securities: |
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Realized gain (loss) on sale of securities |
— |
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|
— |
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|
1 |
|
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Investment income |
Income tax (expense) benefit |
— |
|
|
— |
|
|
— |
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Income tax expense |
Impact on net income |
— |
|
|
— |
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|
1 |
|
|
Net income |
Unrealized Gain (Loss) on Cash Flow Hedges: |
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|
|
|
|
|
Interest rate contracts |
(26 |
) |
|
(24 |
) |
|
(23 |
) |
|
Interest expense |
Foreign exchange contracts |
— |
|
|
(25 |
) |
|
(48 |
) |
|
Interest expense |
Foreign exchange contracts |
404 |
|
|
313 |
|
|
(24 |
) |
|
Revenue |
Income tax (expense) benefit |
(142 |
) |
|
(99 |
) |
|
35 |
|
|
Income tax expense |
Impact on net income |
236 |
|
|
165 |
|
|
(60 |
) |
|
Net income |
Unrecognized Pension and Postretirement Benefit Costs: |
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|
|
|
|
|
Prior service costs |
(172 |
) |
|
(174 |
) |
|
(170 |
) |
|
Compensation and benefits |
Curtailment and settlement loss |
— |
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|
— |
|
|
(356 |
) |
|
Compensation and benefits |
Remeasurement of benefit obligation |
(2,651 |
) |
|
(118 |
) |
|
(1,806 |
) |
|
Compensation and benefits |
Income tax (expense) benefit |
1,040 |
|
|
97 |
|
|
870 |
|
|
Income tax expense |
Impact on net income |
(1,783 |
) |
|
(195 |
) |
|
(1,462 |
) |
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Net income |
|
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|
|
|
|
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Total amount reclassified for the period |
$ |
(1,547 |
) |
|
$ |
(30 |
) |
|
$ |
(1,521 |
) |
|
Net income |
|
| Activity in Deferred Compensation Program |
Activity in the deferred compensation program for the years ended December 31, 2016, 2015 and 2014 is as follows (in millions):
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|
|
|
|
|
|
2016 |
|
2015 |
|
2014 |
|
Shares |
|
Dollars |
|
Shares |
|
Dollars |
|
Shares |
|
Dollars |
Deferred Compensation Obligations: |
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Balance at beginning of year |
|
|
$ |
51 |
|
|
|
|
$ |
59 |
|
|
|
|
$ |
69 |
|
Reinvested dividends |
|
|
3 |
|
|
|
|
3 |
|
|
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|
2 |
|
Options exercise deferrals |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Benefit payments |
|
|
(9 |
) |
|
|
|
(11 |
) |
|
|
|
(12 |
) |
Balance at end of year |
|
|
$ |
45 |
|
|
|
|
$ |
51 |
|
|
|
|
$ |
59 |
|
Treasury Stock: |
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of year |
(1 |
) |
|
$ |
(51 |
) |
|
(1 |
) |
|
$ |
(59 |
) |
|
(1 |
) |
|
$ |
(69 |
) |
Reinvested dividends |
— |
|
|
(3 |
) |
|
— |
|
|
(3 |
) |
|
— |
|
|
(2 |
) |
Options exercise deferrals |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Benefit payments |
— |
|
|
9 |
|
|
— |
|
|
11 |
|
|
— |
|
|
12 |
|
Balance at end of year |
(1 |
) |
|
$ |
(45 |
) |
|
(1 |
) |
|
$ |
(51 |
) |
|
(1 |
) |
|
$ |
(59 |
) |
|