Quarterly report pursuant to Section 13 or 15(d)

SHAREOWNERS' EQUITY (Tables)

v2.3.0.15
SHAREOWNERS' EQUITY (Tables)
 9 Months Ended
Sep. 30, 2011
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 for the nine months ended September 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

      (6 )      —          (3 )      —     

Stock award plans

      4        —          2        —     

Common stock issuances

      3        —          2        —     

Conversions of Class A to Class B common stock

      (15 )      —          (22 )      —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Class A shares issued at end of period

      244      $ 3        264      $ 3   
  

 

 

    

 

 

    

 

 

    

 

 

  

Class B Common Stock

         

Balance at beginning of period

      735      $ 7        711      $ 7   

Common stock purchases

      (26 )      —          (6 )      —     

Conversions of Class A to Class B common stock

      15        —          22        —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Class B shares issued at end of period

      724      $ 7        727      $ 7   
  

 

 

    

 

 

    

 

 

    

 

 

  

Additional Paid-In Capital

         

Balance at beginning of period

      $ —          $ 2   

Stock award plans

        375          324   

Common stock purchases

        (417 )        (491 ) 

Common stock issuances

        192          165   

Option premiums paid

        (150 )        —     
    

 

 

      

 

 

  

Balance at end of period

      $ —          $ —     
    

 

 

      

 

 

  

Retained Earnings

         

Balance at beginning of period

      $ 14,164        $ 12,745   

Net income

        2,990          2,369   

Dividends ($1.56 and $1.41 per share)

        (1,553 )        (1,413 ) 

Common stock purchases

        (1,773 )        (98 ) 
    

 

 

      

 

 

  

Balance at end of period

      $ 13,828        $ 13,603   
    

 

 

      

 

 

  
Activity in Accumulated Other Comprehensive Income (Loss)

The activity in AOCI for the nine months ended September 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 $4 and $(36))

     (47 )      (95 ) 
 

 

 

    

 

 

  

Balance at end of period

     (115 )      (58 ) 
 

 

 

    

 

 

  

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 $10, and $20)

     16        34   

Reclassification to earnings (net of tax effect of $(13) and $6)

     (21 )      10   
 

 

 

    

 

 

  

Balance at end of period

     7        17   
 

 

 

    

 

 

  

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 $(47) and $(34))

     (80 )      (55 ) 

Reclassification to earnings (net of tax effect of $30 and $(27))

     51        (46 ) 
 

 

 

    

 

 

  

Balance at end of period

     (268 )      (301 ) 
 

 

 

    

 

 

  

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 $138 and $78)

     228        126   

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

     8        —     
 

 

 

    

 

 

  

Balance at end of period

     (5,664 )      (4,811 ) 
 

 

 

    

 

 

  

Accumulated other comprehensive income (loss) at end of period

   $ (6,040 )    $ (5,153 ) 
 

 

 

    

 

 

  
Activity in Deferred Compensation Program

Activity in the deferred compensation program for the nine months ended September 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

        3          3   

Benefit payments

        (19 )        (10 ) 
    

 

 

      

 

 

  

Balance at end of period

      $ 87        $ 101   
    

 

 

      

 

 

  

Treasury Stock

         

Balance at beginning of period

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

Reinvested dividends

      —          (3 )      —          (3 ) 

Benefit payments

      —          19        —          10   
  

 

 

    

 

 

    

 

 

    

 

 

  

Balance at end of period

      (2 )    $ (87 )      (2 )    $ (101 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
Activity Related to Noncontrolling Interests

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

 

     2011      2010  

Noncontrolling Interests

      

Balance at beginning of period

    $ 68       $ 66   

Acquired noncontrolling interests

      3         —     

Dividends attributable to noncontrolling interests

      —           —     

Net income attributable to noncontrolling interests

      —           —     
  

 

 

     

 

 

  

Balance at end of period

    $ 71       $ 66