Annual report pursuant to Section 13 and 15(d)

SHAREOWNERS' EQUITY (Tables)

v2.4.1.9
SHAREOWNERS' EQUITY (Tables)
12 Months Ended
Dec. 31, 2014
Stockholders' Equity Note [Abstract]  
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):
 
2014
 
2013
 
2012
 
Shares
 
Dollars
 
Shares
 
Dollars
 
Shares
 
Dollars
Class A Common Stock
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of year
212

 
$
2

 
225

 
$
3

 
240

 
$
3

Common stock purchases
(5
)
 

 
(8
)
 
(1
)
 
(9
)
 

Stock award plans
5

 

 
9

 

 
8

 

Common stock issuances
3

 

 
4

 

 
3

 

Conversions of class A to class B common stock
(14
)
 

 
(18
)
 

 
(17
)
 

Class A shares issued at end of year
201

 
$
2

 
212

 
$
2

 
225

 
$
3

Class B Common Stock
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of year
712

 
$
7

 
729

 
$
7

 
725

 
$
7

Common stock purchases
(21
)
 

 
(35
)
 

 
(13
)
 

Conversions of class A to class B common stock
14

 

 
18

 

 
17

 

Class B shares issued at end of year
705

 
$
7

 
712

 
$
7

 
729

 
$
7

Additional Paid-In Capital
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of year
 
 
$

 
 
 
$

 
 
 
$

Stock award plans
 
 
656

 
 
 
554

 
 
 
444

Common stock purchases
 
 
(918
)
 
 
 
(768
)
 
 
 
(943
)
Common stock issuances
 
 
309

 
 
 
307

 
 
 
293

Option premiums received (paid)
 
 
(47
)
 
 
 
(93
)
 
 
 
206

Balance at end of year
 
 
$

 
 
 
$

 
 
 
$

Retained Earnings
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of year
 
 
$
6,925

 
 
 
$
7,997

 
 
 
$
10,128

Net income attributable to controlling interests
 
 
3,032

 
 
 
4,372

 
 
 
807

Dividends ($2.68, $2.48 and $2.28 per share)
 
 
(2,487
)
 
 
 
(2,367
)
 
 
 
(2,243
)
Common stock purchases
 
 
(1,744
)
 
 
 
(3,077
)
 
 
 
(695
)
Balance at end of year
 
 
$
5,726

 
 
 
$
6,925

 
 
 
$
7,997

Activity in Accumulated Other Comprehensive Income (Loss)
The activity in AOCI is as follows (in millions):
 
2014
 
2013
 
2012
Foreign currency translation gain (loss):
 
 
 
 
 
Balance at beginning of year
$
(126
)
 
$
134

 
$
(160
)
Reclassification to earnings (no tax impact in any period)

 
(161
)
 

Translation adjustment (net of tax effect of $105, $(5), and $(9))
(331
)
 
(99
)
 
294

Balance at end of year
(457
)
 
(126
)
 
134

Unrealized gain (loss) on marketable securities, net of tax:
 
 
 
 
 
Balance at beginning of year
(1
)
 
6

 
6

Current period changes in fair value (net of tax effect of $1, $(3), and $4)
2

 
(4
)
 
6

Reclassification to earnings (net of tax effect of $0, $(2), and $(3))
(1
)
 
(3
)
 
(6
)
Balance at end of year

 
(1
)
 
6

Unrealized gain (loss) on cash flow hedges, net of tax:
 
 
 
 
 
Balance at beginning of year
(219
)
 
(286
)
 
(204
)
Current period changes in fair value (net of tax effect of $133, $1 and $(25))
220

 
1

 
(43
)
Reclassification to earnings (net of tax effect of $35, $39, and $(24))
60

 
66

 
(39
)
Balance at end of year
61

 
(219
)
 
(286
)
Unrecognized pension and postretirement benefit costs, net of tax:
 
 
 
 
 
Balance at beginning of year
(114
)
 
(3,208
)
 
(2,745
)
Reclassification to earnings (net of tax effect of $870, $67, and $1,876)
1,462

 
111

 
3,135

Net actuarial gain (loss) and prior service cost resulting from remeasurements of plan assets and liabilities (net of tax effect of $(2,714), $1,786, and $(2,151))
(4,546
)
 
2,983

 
(3,598
)
Balance at end of year
(3,198
)
 
(114
)
 
(3,208
)
Accumulated other comprehensive income (loss) at end of year
$
(3,594
)
 
$
(460
)
 
$
(3,354
)
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, 2014, 2013 and 2012 is as follows (in millions):
 
2014 Amount Reclassified from AOCI
 
2013 Amount Reclassified from AOCI
 
2012 Amount Reclassified from AOCI
 
Affected Line Item in the Income Statement
Foreign currency translation gain (loss):
 
 
 
 
 
 
 
Liquidation of foreign subsidiary
$

 
$
161

 
$

 
Other expenses
Income tax (expense) benefit

 

 

 
Income tax expense
Impact on net income

 
161

 

 
Net income
Unrealized gain (loss) on marketable securities:
 
 
 
 
 
 
 
Realized gain (loss) on sale of securities
1

 
5

 
9

 
Investment income
Income tax (expense) benefit

 
(2
)
 
(3
)
 
Income tax expense
Impact on net income
1

 
3

 
6

 
Net income
Unrealized gain (loss) on cash flow hedges:
 
 
 
 
 
 
 
Interest rate contracts
(23
)
 
(22
)
 
(22
)
 
Interest expense
Foreign exchange contracts
(48
)
 
18

 
24

 
Interest expense
Foreign exchange contracts
(24
)
 
(53
)
 
61

 
Revenue
Commodity contracts

 
(48
)
 

 
Fuel expense
Income tax (expense) benefit
35

 
39

 
(24
)
 
Income tax expense
Impact on net income
(60
)
 
(66
)
 
39

 
Net income
Unrecognized pension and postretirement benefit costs:
 
 
 
 
 
 
 
Prior service costs
(170
)
 
(178
)
 
(5,011
)
 
Compensation and benefits
Settlement and curtailment loss
(356
)
 

 

 
Compensation and benefits
Remeasurement of benefit obligation
(1,806
)
 

 

 
Compensation and benefits
Income tax (expense) benefit
870

 
67

 
1,876

 
Income tax expense
Impact on net income
(1,462
)
 
(111
)
 
(3,135
)
 
Net income
 
 
 
 
 
 
 
 
Total amount reclassified for the period
$
(1,521
)
 
$
(13
)
 
$
(3,090
)
 
Net income
Activity in Deferred Compensation Program
Activity in the deferred compensation program for the years ended December 31, 2014, 2013 and 2012 is as follows (in millions):
 
2014
 
2013
 
2012
 
Shares
 
Dollars
 
Shares
 
Dollars
 
Shares
 
Dollars
Deferred Compensation Obligations
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of year
 
 
$
69

 
 
 
$
78

 
 
 
$
88

Reinvested dividends
 
 
2

 
 
 
4

 
 
 
3

Options exercise deferrals
 
 

 
 
 

 
 
 

Benefit payments
 
 
(12
)
 
 
 
(13
)
 
 
 
(13
)
Balance at end of year
 
 
$
59

 
 
 
$
69

 
 
 
$
78

Treasury Stock
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of year
(1
)
 
$
(69
)
 
(1
)
 
$
(78
)
 
(2
)
 
$
(88
)
Reinvested dividends

 
(2
)
 

 
(4
)
 

 
(3
)
Options exercise deferrals

 

 

 

 

 

Benefit payments

 
12

 

 
13

 
1

 
13

Balance at end of year
(1
)
 
$
(59
)
 
(1
)
 
$
(69
)
 
(1
)
 
$
(78
)
Activity Related to Noncontrolling Interests
The activity related to our noncontrolling interests is presented below (in millions):
 
2014
 
2013
 
2012
Noncontrolling Interests
 
 
 
 
 
Balance at beginning of period
$
14

 
$
80

 
$
73

Purchase of noncontrolling interests
3

 
(66
)
 
7

Dividends attributable to noncontrolling interests

 

 

Net income attributable to noncontrolling interests

 

 

Balance at end of period
$
17

 
$
14

 
$
80