Annual report pursuant to Section 13 and 15(d)

SHAREOWNERS' EQUITY (Tables)

v2.4.0.6
SHAREOWNERS' EQUITY (Tables)
12 Months Ended
Dec. 31, 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 (in millions, except per share amounts):

 

    2011     2010     2009  
    Shares     Dollars     Shares     Dollars     Shares     Dollars  

Class A Common Stock

           

Balance at beginning of year

    258      $ 3        285      $ 3        314      $ 3   

Common stock purchases

    (7     —          (6     —          (10     —     

Stock award plans

    7        —          6        —          5        —     

Common stock issuances

    3        —          3        —          4        —     

Conversions of class A to class B common stock

    (21     —          (30     —          (28     —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Class A shares issued at end of year

    240      $ 3        258      $ 3        285      $ 3   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Class B Common Stock

           

Balance at beginning of year

    735      $ 7        711      $ 7        684      $ 7   

Common stock purchases

    (31     —          (6     —          (1     —     

Conversions of class A to class B common stock

    21        —          30        —          28        —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Class B shares issued at end of year

    725      $ 7        735      $ 7        711      $ 7   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Additional Paid-In Capital

           

Balance at beginning of year

    $ —          $ 2        $ —     

Stock award plans

      388          398          381   

Common stock purchases

      (475       (649       (569

Common stock issuances

      287          249          190   

Option Premiums Paid

      (200       —            —     
   

 

 

     

 

 

     

 

 

 

Balance at end of year

    $ —          $ —          $ 2   
   

 

 

     

 

 

     

 

 

 

Retained Earnings

           

Balance at beginning of year

    $ 10,604        $ 9,335        $ 9,186   

Net income attributable to controlling interests

      3,804          3,338          1,968   

Dividends ($2.08, $1.88 and $1.80 per share)

      (2,086       (1,909       (1,819

Common stock purchases

      (2,194       (160       —     
   

 

 

     

 

 

     

 

 

 

Balance at end of year

    $ 10,128        $ 10,604        $ 9,335   
   

 

 

     

 

 

     

 

 

 
Activity in Accumulated Other Comprehensive Income (Loss)

The activity in AOCI is as follows (in millions):

 

     2011     2010     2009  

Foreign currency translation gain (loss):

      

Balance at beginning of year

   $ (68   $ 37      $ (38

Aggregate adjustment for the year (net of tax effect of $11, $(34), and $(27))

     (92     (105     75   
  

 

 

   

 

 

   

 

 

 

Balance at end of year

     (160     (68     37   
  

 

 

   

 

 

   

 

 

 

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

      

Balance at beginning of year

     12        (27     (60

Current period changes in fair value (net of tax effect of $11, $17, and $3)

     18        30        25   

Reclassification to earnings (net of tax effect of $(14), $6, and $5)

     (24     9        8   
  

 

 

   

 

 

   

 

 

 

Balance at end of year

     6        12        (27
  

 

 

   

 

 

   

 

 

 

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

      

Balance at beginning of year

     (239     (200     (107

Current period changes in fair value (net of tax effect of $(16), $(4), and $4)

     (26     (7     6   

Reclassification to earnings (net of tax effect of $37, $(19) and $(60))

     61        (32     (99
  

 

 

   

 

 

   

 

 

 

Balance at end of year

     (204     (239     (200
  

 

 

   

 

 

   

 

 

 

Unrecognized pension and postretirement benefit costs, net of tax:

      

Balance at beginning of year

     (2,340     (1,527     (2,211

Reclassification to earnings (net of tax effect of $378, $150 and $197)

     628        245        329   

Net actuarial gain (loss) and prior service cost resulting from remeasurements of plan assets and liabilities (net of tax effect of $(622), $(633), and $219)

     (1,033     (1,058     355   
  

 

 

   

 

 

   

 

 

 

Balance at end of year

     (2,745     (2,340     (1,527
  

 

 

   

 

 

   

 

 

 

Accumulated other comprehensive income (loss) at end of year

   $ (3,103   $ (2,635   $ (1,717
  

 

 

   

 

 

   

 

 

 
Activity in Deferred Compensation Program

Activity in the deferred compensation program for the years ended December 31, 2011, 2010, and 2009 is as follows (in millions):

 

     2011     2010     2009  
     Shares     Dollars     Shares     Dollars     Shares     Dollars  

Deferred Compensation Obligations

            

Balance at beginning of year

     $ 103        $ 108        $ 121   

Reinvested dividends

       4          4          3   

Options exercise deferrals

       —            1          —     

Benefit payments

       (19       (10       (16
    

 

 

     

 

 

     

 

 

 

Balance at end of year

     $ 88        $ 103        $ 108   
    

 

 

     

 

 

     

 

 

 

Treasury Stock

            

Balance at beginning of year

     (2   $ (103     (2   $ (108     (2   $ (121

Reinvested dividends

     —          (4     —          (4     —          (3

Options exercise deferrals

     —          —          —          (1     —          —     

Benefit payments

     —          19        —          10        —          16   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at end of year

     (2   $ (88     (2   $ (103     (2   $ (108
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Activity Related to Noncontrolling Interests

The activity related to our noncontrolling interests is presented below (in millions):

 

     2011      2010  

Noncontrolling Interests

     

Balance at beginning of period

   $ 68       $ 66   

Acquired noncontrolling interests

     5         2   

Dividends attributable to noncontrolling interests

     —           —     

Net income attributable to noncontrolling interests

     —           —     
  

 

 

    

 

 

 

Balance at end of period

   $ 73       $ 68