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SHAREOWNERS' EQUITY (Tables)
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12 Months Ended |
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Dec. 31, 2014
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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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2014 |
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2013 |
|
2012 |
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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 |
212 |
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|
$ |
2 |
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|
225 |
|
|
$ |
3 |
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|
240 |
|
|
$ |
3 |
|
Common stock purchases |
(5 |
) |
|
— |
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|
(8 |
) |
|
(1 |
) |
|
(9 |
) |
|
— |
|
Stock award plans |
5 |
|
|
— |
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|
9 |
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|
— |
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|
8 |
|
|
— |
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Common stock issuances |
3 |
|
|
— |
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|
4 |
|
|
— |
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|
3 |
|
|
— |
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Conversions of class A to class B common stock |
(14 |
) |
|
— |
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|
(18 |
) |
|
— |
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|
(17 |
) |
|
— |
|
Class A shares issued at end of year |
201 |
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|
$ |
2 |
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|
212 |
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|
$ |
2 |
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|
225 |
|
|
$ |
3 |
|
Class B Common Stock |
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|
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Balance at beginning 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 |
|
Common stock purchases |
(21 |
) |
|
— |
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|
(35 |
) |
|
— |
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|
(13 |
) |
|
— |
|
Conversions of class A to class B common stock |
14 |
|
|
— |
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|
18 |
|
|
— |
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|
17 |
|
|
— |
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Class B shares issued at end of year |
705 |
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|
$ |
7 |
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|
712 |
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|
$ |
7 |
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|
729 |
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$ |
7 |
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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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$ |
— |
|
Stock award plans |
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|
656 |
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|
554 |
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|
444 |
|
Common stock purchases |
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(918 |
) |
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|
(768 |
) |
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(943 |
) |
Common stock issuances |
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|
309 |
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|
307 |
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|
293 |
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Option premiums received (paid) |
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(47 |
) |
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(93 |
) |
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|
206 |
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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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$ |
6,925 |
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$ |
7,997 |
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$ |
10,128 |
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Net income attributable to controlling interests |
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3,032 |
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4,372 |
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|
807 |
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Dividends ($2.68, $2.48 and $2.28 per share) |
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(2,487 |
) |
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(2,367 |
) |
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(2,243 |
) |
Common stock purchases |
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(1,744 |
) |
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(3,077 |
) |
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(695 |
) |
Balance at end of year |
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|
$ |
5,726 |
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$ |
6,925 |
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$ |
7,997 |
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| Activity in Accumulated Other Comprehensive Income (Loss) |
The activity in AOCI is as follows (in millions):
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2014 |
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2013 |
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2012 |
Foreign currency translation gain (loss): |
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Balance at beginning of year |
$ |
(126 |
) |
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$ |
134 |
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|
$ |
(160 |
) |
Reclassification to earnings (no tax impact in any period) |
— |
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|
(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: |
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Balance at beginning of year |
(1 |
) |
|
6 |
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|
6 |
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Current period changes in fair value (net of tax effect of $1, $(3), and $4) |
2 |
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|
(4 |
) |
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6 |
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Reclassification to earnings (net of tax effect of $0, $(2), and $(3)) |
(1 |
) |
|
(3 |
) |
|
(6 |
) |
Balance at end of year |
— |
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|
(1 |
) |
|
6 |
|
Unrealized gain (loss) on cash flow hedges, net of tax: |
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Balance at beginning of year |
(219 |
) |
|
(286 |
) |
|
(204 |
) |
Current period changes in fair value (net of tax effect of $133, $1 and $(25)) |
220 |
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|
1 |
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|
(43 |
) |
Reclassification to earnings (net of tax effect of $35, $39, and $(24)) |
60 |
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|
66 |
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|
(39 |
) |
Balance at end of year |
61 |
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(219 |
) |
|
(286 |
) |
Unrecognized pension and postretirement benefit costs, net of tax: |
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Balance at beginning of year |
(114 |
) |
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(3,208 |
) |
|
(2,745 |
) |
Reclassification to earnings (net of tax effect of $870, $67, and $1,876) |
1,462 |
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|
111 |
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|
3,135 |
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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 $(2,714), $1,786, and $(2,151)) |
(4,546 |
) |
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2,983 |
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(3,598 |
) |
Balance at end of year |
(3,198 |
) |
|
(114 |
) |
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(3,208 |
) |
Accumulated other comprehensive income (loss) at end of year |
$ |
(3,594 |
) |
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$ |
(460 |
) |
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$ |
(3,354 |
) |
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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, 2014, 2013 and 2012 is as follows (in millions):
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2014 Amount Reclassified from AOCI |
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2013 Amount Reclassified from AOCI |
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2012 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 |
$ |
— |
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$ |
161 |
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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 |
— |
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|
161 |
|
|
— |
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Net income |
Unrealized gain (loss) on marketable securities: |
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Realized gain (loss) on sale of securities |
1 |
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|
5 |
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|
9 |
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Investment income |
Income tax (expense) benefit |
— |
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|
(2 |
) |
|
(3 |
) |
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Income tax expense |
Impact on net income |
1 |
|
|
3 |
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|
6 |
|
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Net income |
Unrealized gain (loss) on cash flow hedges: |
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Interest rate contracts |
(23 |
) |
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(22 |
) |
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(22 |
) |
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Interest expense |
Foreign exchange contracts |
(48 |
) |
|
18 |
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|
24 |
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Interest expense |
Foreign exchange contracts |
(24 |
) |
|
(53 |
) |
|
61 |
|
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Revenue |
Commodity contracts |
— |
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|
(48 |
) |
|
— |
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Fuel expense |
Income tax (expense) benefit |
35 |
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|
39 |
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|
(24 |
) |
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Income tax expense |
Impact on net income |
(60 |
) |
|
(66 |
) |
|
39 |
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Net income |
Unrecognized pension and postretirement benefit costs: |
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Prior service costs |
(170 |
) |
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(178 |
) |
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(5,011 |
) |
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Compensation and benefits |
Settlement and curtailment loss |
(356 |
) |
|
— |
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|
— |
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Compensation and benefits |
Remeasurement of benefit obligation |
(1,806 |
) |
|
— |
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|
— |
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Compensation and benefits |
Income tax (expense) benefit |
870 |
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|
67 |
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|
1,876 |
|
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Income tax expense |
Impact on net income |
(1,462 |
) |
|
(111 |
) |
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(3,135 |
) |
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Net income |
|
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|
|
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Total amount reclassified for the period |
$ |
(1,521 |
) |
|
$ |
(13 |
) |
|
$ |
(3,090 |
) |
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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, 2014, 2013 and 2012 is as follows (in millions):
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|
2014 |
|
2013 |
|
2012 |
|
Shares |
|
Dollars |
|
Shares |
|
Dollars |
|
Shares |
|
Dollars |
Deferred Compensation Obligations |
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Balance at beginning of year |
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$ |
69 |
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$ |
78 |
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|
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$ |
88 |
|
Reinvested dividends |
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|
2 |
|
|
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|
4 |
|
|
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|
3 |
|
Options exercise deferrals |
|
|
— |
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|
|
|
— |
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|
|
|
— |
|
Benefit payments |
|
|
(12 |
) |
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|
|
(13 |
) |
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|
(13 |
) |
Balance at end of year |
|
|
$ |
59 |
|
|
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$ |
69 |
|
|
|
|
$ |
78 |
|
Treasury Stock |
|
|
|
|
|
|
|
|
|
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|
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 |
) |
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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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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 |
— |
|
|
— |
|
|
— |
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Net income attributable to noncontrolling interests |
— |
|
|
— |
|
|
— |
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Balance at end of period |
$ |
17 |
|
|
$ |
14 |
|
|
$ |
80 |
|
|