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SHAREOWNERS' EQUITY (Tables)
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12 Months Ended |
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Dec. 31, 2013
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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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2013 |
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2012 |
|
2011 |
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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 |
|
Dollars |
Class A Common Stock |
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Balance at beginning of year |
225 |
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|
$ |
3 |
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|
240 |
|
|
$ |
3 |
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|
258 |
|
|
$ |
3 |
|
Common stock purchases |
(8 |
) |
|
(1 |
) |
|
(9 |
) |
|
— |
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|
(7 |
) |
|
— |
|
Stock award plans |
9 |
|
|
— |
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|
8 |
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|
— |
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|
7 |
|
|
— |
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Common stock issuances |
4 |
|
|
— |
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|
3 |
|
|
— |
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|
3 |
|
|
— |
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Conversions of class A to class B common stock |
(18 |
) |
|
— |
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|
(17 |
) |
|
— |
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|
(21 |
) |
|
— |
|
Class A shares issued at end of year |
212 |
|
|
$ |
2 |
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|
225 |
|
|
$ |
3 |
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|
240 |
|
|
$ |
3 |
|
Class B Common Stock |
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Balance at beginning of year |
729 |
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$ |
7 |
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|
725 |
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$ |
7 |
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|
735 |
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|
$ |
7 |
|
Common stock purchases |
(35 |
) |
|
— |
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|
(13 |
) |
|
— |
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|
(31 |
) |
|
— |
|
Conversions of class A to class B common stock |
18 |
|
|
— |
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|
17 |
|
|
— |
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|
21 |
|
|
— |
|
Class B shares issued at end of year |
712 |
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|
$ |
7 |
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|
729 |
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|
$ |
7 |
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|
725 |
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$ |
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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|
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$ |
— |
|
Stock award plans |
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|
554 |
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|
444 |
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|
388 |
|
Common stock purchases |
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(768 |
) |
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|
(943 |
) |
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|
(475 |
) |
Common stock issuances |
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|
307 |
|
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|
293 |
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|
287 |
|
Option Premiums Received (Paid) |
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(93 |
) |
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|
206 |
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(200 |
) |
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 |
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$ |
7,997 |
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$ |
10,128 |
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$ |
10,604 |
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Net income attributable to controlling interests |
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4,372 |
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|
807 |
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3,804 |
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Dividends ($2.48, $2.28 and $2.08 per share) |
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(2,367 |
) |
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(2,243 |
) |
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(2,086 |
) |
Common stock purchases |
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(3,077 |
) |
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(695 |
) |
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(2,194 |
) |
Balance at end of year |
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$ |
6,925 |
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$ |
7,997 |
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$ |
10,128 |
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| Activity in Accumulated Other Comprehensive Income (Loss) |
The activity in AOCI is as follows (in millions):
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2013 |
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2012 |
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2011 |
Foreign currency translation gain (loss): |
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Balance at beginning of year |
$ |
134 |
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|
$ |
(160 |
) |
|
$ |
(68 |
) |
Reclassification to earnings (no tax impact in either period) |
(161 |
) |
|
— |
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|
— |
|
Translation adjustment (net of tax effect of $(5), $(9) and $11) |
(99 |
) |
|
294 |
|
|
(92 |
) |
Balance at end of year |
(126 |
) |
|
134 |
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|
(160 |
) |
Unrealized gain (loss) on marketable securities, net of tax: |
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Balance at beginning of year |
6 |
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|
6 |
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|
12 |
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Current period changes in fair value (net of tax effect of $(3), $4 and $11) |
(4 |
) |
|
6 |
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|
18 |
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Reclassification to earnings (net of tax effect of $(2), $(3) and $(14)) |
(3 |
) |
|
(6 |
) |
|
(24 |
) |
Balance at end of year |
(1 |
) |
|
6 |
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|
6 |
|
Unrealized gain (loss) on cash flow hedges, net of tax: |
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Balance at beginning of year |
(286 |
) |
|
(204 |
) |
|
(239 |
) |
Current period changes in fair value (net of tax effect of $1, $(25) and $(16)) |
1 |
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|
(43 |
) |
|
(26 |
) |
Reclassification to earnings (net of tax effect of $39, $(24) and $37) |
66 |
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(39 |
) |
|
61 |
|
Balance at end of year |
(219 |
) |
|
(286 |
) |
|
(204 |
) |
Unrecognized pension and postretirement benefit costs, net of tax: |
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Balance at beginning of year |
(3,208 |
) |
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(2,745 |
) |
|
(2,340 |
) |
Reclassification to earnings (net of tax effect of $67, $1,876 and $378) |
111 |
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3,135 |
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|
628 |
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Net actuarial gain (loss) and prior service cost resulting from remeasurements of plan assets and liabilities (net of tax effect of $1,786, $(2,151) and $(622)) |
2,983 |
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(3,598 |
) |
|
(1,033 |
) |
Balance at end of year |
(114 |
) |
|
(3,208 |
) |
|
(2,745 |
) |
Accumulated other comprehensive income (loss) at end of year |
$ |
(460 |
) |
|
$ |
(3,354 |
) |
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$ |
(3,103 |
) |
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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, 2013, 2012 and 2011 is as follows (in millions):
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2013 Amount Reclassified from AOCI |
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2012 Amount Reclassified from AOCI |
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2011 Amount Reclassified from AOCI |
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Affected Line Item in the Income Statement |
Foreign currency translation gain (loss): |
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Liquidation of foreign subsidiary |
$ |
161 |
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$ |
— |
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$ |
— |
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Other expenses |
Income tax (expense) benefit |
— |
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|
— |
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|
— |
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Income tax expense |
Impact on net income |
161 |
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|
— |
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|
— |
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Net income |
Unrealized gain (loss) on marketable securities: |
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Realized gain (loss) on sale of securities |
5 |
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|
9 |
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|
38 |
|
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Investment income |
Income tax (expense) benefit |
(2 |
) |
|
(3 |
) |
|
(14 |
) |
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Income tax expense |
Impact on net income |
3 |
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|
6 |
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|
24 |
|
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Net income |
Unrealized gain (loss) on cash flow hedges: |
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Interest rate contracts |
(22 |
) |
|
(22 |
) |
|
(19 |
) |
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Interest expense |
Foreign exchange contracts |
18 |
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|
24 |
|
|
13 |
|
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Interest expense |
Foreign exchange contracts |
(53 |
) |
|
61 |
|
|
(101 |
) |
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Revenue |
Commodity contracts |
(48 |
) |
|
— |
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|
9 |
|
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Fuel expense |
Income tax (expense) benefit |
39 |
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|
(24 |
) |
|
37 |
|
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Income tax expense |
Impact on net income |
(66 |
) |
|
39 |
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|
(61 |
) |
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Net income |
Unrecognized pension and postretirement benefit costs: |
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Prior service costs |
(178 |
) |
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(5,011 |
) |
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(1,006 |
) |
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Compensation and benefits |
Income tax (expense) benefit |
67 |
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1,876 |
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|
378 |
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Income tax expense |
Impact on net income |
(111 |
) |
|
(3,135 |
) |
|
(628 |
) |
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Net income |
|
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Total amount reclassified for the period |
$ |
(13 |
) |
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$ |
(3,090 |
) |
|
$ |
(665 |
) |
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Net income |
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| Activity in Deferred Compensation Program |
Activity in the deferred compensation program for the years ended December 31, 2013, 2012 and 2011 is as follows (in millions):
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|
|
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|
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|
2013 |
|
2012 |
|
2011 |
|
Shares |
|
Dollars |
|
Shares |
|
Dollars |
|
Shares |
|
Dollars |
Deferred Compensation Obligations |
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Balance at beginning of year |
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$ |
78 |
|
|
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$ |
88 |
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$ |
103 |
|
Reinvested dividends |
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|
4 |
|
|
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|
3 |
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|
4 |
|
Options exercise deferrals |
|
|
— |
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|
|
|
— |
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|
|
|
— |
|
Benefit payments |
|
|
(13 |
) |
|
|
|
(13 |
) |
|
|
|
(19 |
) |
Balance at end of year |
|
|
$ |
69 |
|
|
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$ |
78 |
|
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$ |
88 |
|
Treasury Stock |
|
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|
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|
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Balance at beginning of year |
(1 |
) |
|
$ |
(78 |
) |
|
(2 |
) |
|
$ |
(88 |
) |
|
(2 |
) |
|
$ |
(103 |
) |
Reinvested dividends |
— |
|
|
(4 |
) |
|
— |
|
|
(3 |
) |
|
— |
|
|
(4 |
) |
Options exercise deferrals |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Benefit payments |
— |
|
|
13 |
|
|
1 |
|
|
13 |
|
|
— |
|
|
19 |
|
Balance at end of year |
(1 |
) |
|
$ |
(69 |
) |
|
(1 |
) |
|
$ |
(78 |
) |
|
(2 |
) |
|
$ |
(88 |
) |
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| Activity Related to Noncontrolling Interests |
The activity related to our noncontrolling interests is presented below (in millions):
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2013 |
|
2012 |
|
2011 |
Noncontrolling Interests |
|
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|
|
|
Balance at beginning of period |
$ |
80 |
|
|
$ |
73 |
|
|
$ |
68 |
|
Purchase of noncontrolling interests |
(66 |
) |
|
7 |
|
|
5 |
|
Dividends attributable to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
Balance at end of period |
$ |
14 |
|
|
$ |
80 |
|
|
$ |
73 |
|
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