Quarterly report pursuant to Section 13 or 15(d)

SHAREOWNERS' EQUITY (Tables)

 v2.3.0.11
SHAREOWNERS' EQUITY (Tables)
 6 Months Ended
Jun. 30, 2011
Roll-forward of Common Stock, Additional Paid-in Capital, and Retained Earnings Accounts

The following is a roll-forward of our common stock, additional paid-in capital, and retained earnings accounts for the six months ended June 30, 2011 and 2010 (in millions, except per share amounts):

 

     2011     2010  
     Shares     Dollars     Shares     Dollars  

Class A Common Stock

         

Balance at beginning of period

      258      $ 3        285      $ 3   

Common stock purchases

      (4 )      —          (3 )      —     

Stock award plans

      2        —          2        —     

Common stock issuances

      2        —          2        —     

Conversions of Class A to Class B common stock

      (11 )      —          (17 )      —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Class A shares issued at end of period

      247      $ 3        269      $ 3   
  

 

 

    

 

 

    

 

 

    

 

 

  

Class B Common Stock

         

Balance at beginning of period

      735      $ 7        711      $ 7   

Common stock purchases

      (10 )      —          (4 )      —     

Conversions of Class A to Class B common stock

      11        —          17        —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Class B shares issued at end of period

      736      $ 7        724      $ 7   
  

 

 

    

 

 

    

 

 

    

 

 

  

Additional Paid-In Capital

         

Balance at beginning of period

      $ —          $ 2   

Stock award plans

        236          206   

Common stock purchases

        (209 )        (318 ) 

Common stock issuances

        126          115   

Option premiums paid

        (150 )        —     
    

 

 

      

 

 

  

Balance at end of period

      $ 3        $ 5   
    

 

 

      

 

 

  

Retained Earnings

         

Balance at beginning of period

      $ 14,164        $ 12,745   

Net income

        1,948          1,378   

Dividends ($1.04 and $0.94 per share)

        (1,048 )        (947 ) 

Common stock purchases

        (846 )        (109 ) 
    

 

 

      

 

 

  

Balance at end of period

      $ 14,218        $ 13,067   
    

 

 

      

 

 

  
Activity in Accumulated Other Comprehensive Income (Loss)

The activity in AOCI for the six months ended June 30, 2011 and 2010 is as follows (in millions):

 

     2011     2010  

Foreign currency translation gain (loss):

     

Balance at beginning of period

    $ (68 )    $ 37   

Aggregate adjustment for the period (net of tax effect of $(9) and $(43))

      132        (220 ) 
  

 

 

    

 

 

  

Balance at end of period

      64        (183 ) 
  

 

 

    

 

 

  

Unrealized gain (loss) on marketable securities, net of tax:

     

Balance at beginning of period

      12        (27 ) 

Current period changes in fair value (net of tax effect of $5, and $12)

      9        20   

Reclassification to earnings (net of tax effect of $(8) and $9)

      (16 )      15   
  

 

 

    

 

 

  

Balance at end of period

      5        8   
  

 

 

    

 

 

  

Unrealized gain (loss) on cash flow hedges, net of tax:

     

Balance at beginning of period

      (239 )      (200 ) 

Current period changes in fair value (net of tax effect of $(50) and $15)

      (84 )      26   

Reclassification to earnings (net of tax effect of $9 and $(9))

      16        (14 ) 
  

 

 

    

 

 

  

Balance at end of period

      (307 )      (188 ) 
  

 

 

    

 

 

  

Unrecognized pension and postretirement benefit costs, net of tax:

     

Balance at beginning of period

      (5,900 )      (4,937 ) 

Reclassification to earnings (net of tax effect of $91 and $53)

      153        83   

Adjustment for Early Retirement Reinsurance Program (net of tax effect of $4 and $0)

      8        —     
  

 

 

    

 

 

  

Balance at end of period

      (5,739 )      (4,854 ) 
  

 

 

    

 

 

  

Accumulated other comprehensive income (loss) at end of period

    $ (5,977 )    $ (5,217 ) 
  

 

 

    

 

 

  
Activity in Deferred Compensation Program

Activity in the deferred compensation program for the six months ended June 30, 2011 and 2010 is as follows (in millions):

 

     2011     2010  
     Shares     Dollars     Shares     Dollars  

Deferred Compensation Obligations

         

Balance at beginning of period

      $ 103        $ 108   

Reinvested dividends

        2          3   

Benefit payments

        (19 )        (10 ) 
    

 

 

      

 

 

  

Balance at end of period

      $ 86        $ 101   
    

 

 

      

 

 

  

Treasury Stock

         

Balance at beginning of period

      (2 )    $ (103 )      (2 )    $ (108 ) 

Reinvested dividends

      —          (2 )      —          (3 ) 

Benefit payments

      —          19        —          10   
  

 

 

    

 

 

    

 

 

    

 

 

  

Balance at end of period

      (2 )    $ (86 )      (2 )    $ (101 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
Activity Related to Noncontrolling Interests

The activity related to our noncontrolling interests is presented below for the six months ended June 30, 2011 and 2010 (in millions):

 

     2011      2010  

Noncontrolling Interests

      

Balance at beginning of period

    $ 68       $ 66   

Acquired noncontrolling interests

      7         —     

Dividends attributable to noncontrolling interests

      —           (1 ) 

Net income attributable to noncontrolling interests

      —           —     
  

 

 

     

 

 

  

Balance at end of period

    $ 75       $ 65