Quarterly report pursuant to Section 13 or 15(d)

SHAREOWNERS' EQUITY (Tables)

v2.4.0.6
SHAREOWNERS' EQUITY (Tables)
 3 Months Ended
Mar. 31, 2012
Stockholders' Equity Note [Abstract]  
Schedule of Stockholders Equity
The following is a rollforward of our common stock, additional paid-in capital and retained earnings accounts for the three months ended March 31, 2012 and 2011 (in millions, except per share amounts):
 
2012
 
2011
 
Shares
 
Dollars
 
Shares
 
Dollars
Class A Common Stock
 
 
 
 
 
 
 
Balance at beginning of period
240

 
$
3

 
258

 
$
3

Common stock purchases
(2
)
 
—

 
(2
)
 
—

Stock award plans
2

 
—

 
1

 
—

Common stock issuances
1

 
—

 
1

 
—

Conversions of class A to class B common stock
(5
)
 
—

 
(6
)
 
—

Class A shares issued at end of period
236

 
$
3

 
252

 
$
3

Class B Common Stock
 
 
 
 
 
 
 
Balance at beginning of period
725

 
$
7

 
735

 
$
7

Common stock purchases
(5
)
 
—

 
(5
)
 
—

Conversions of class A to class B common stock
5

 
—

 
6

 
—

Class B shares issued at end of period
725

 
$
7

 
736

 
$
7

Additional Paid-In Capital
 
 
 
 
 
 
 
Balance at beginning of period
 
 
$
—

 
 
 
$
—

Stock award plans
 
 
210

 
 
 
143

Common stock purchases
 
 
(428
)
 
 
 
(176
)
Common stock issuances
 
 
63

 
 
 
58

Option premiums received (paid)
 
 
155

 
 
 
(25
)
Balance at end of period
 
 
$
—

 
 
 
$
—

Retained Earnings
 
 
 
 
 
 
 
Balance at beginning of period
 
 
$
10,128

 
 
 
$
10,604

Net income
 
 
970

 
 
 
915

Dividends ($0.57 and $0.52 per share)
 
 
(551
)
 
 
 
(518
)
Common stock purchases
 
 
(114
)
 
 
 
(325
)
Balance at end of period
 
 
$
10,433

 
 
 
$
10,676

Schedule of Accumulated Other Comprehensive Income (Loss)
The activity in AOCI for the three months ended March 31, 2012 and 2011 is as follows (in millions):
 
2012
 
2011
Foreign currency translation gain (loss):
 
 
 
Balance at beginning of period
$
(160
)
 
$
(68
)
Aggregate adjustment for the period (net of tax effect of $(11) and $(9))
91

 
125

Balance at end of period
(69
)
 
57

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

 
12

Current period changes in fair value (net of tax effect of $0, and $2)
1

 
4

Reclassification to earnings (net of tax effect of $(1) and $(4))
(2
)
 
(8
)
Balance at end of period
5

 
8

Unrealized gain (loss) on cash flow hedges, net of tax:
 
 
 
Balance at beginning of period
(204
)
 
(239
)
Current period changes in fair value (net of tax effect of $(25) and $(32))
(42
)
 
(53
)
Reclassification to earnings (net of tax effect of $0 and $(6))
1

 
(10
)
Balance at end of period
(245
)
 
(302
)
Unrecognized pension and postretirement benefit costs, net of tax:
 
 
 
Balance at beginning of period
(2,745
)
 
(2,340
)
Reclassification to earnings (net of tax effect of $16 and $29)
28

 
47

Adjustment for Early Retirement Reinsurance Program (net of tax effect of $4 and $4)
6

 
8

Balance at end of period
(2,711
)
 
(2,285
)
Accumulated other comprehensive income (loss) at end of period
$
(3,020
)
 
$
(2,522
)
Schedule of Deferred Compensation and Treasury Stock Activity
Activity in the deferred compensation program for the three months ended March 31, 2012 and 2011 is as follows (in millions):
 
2012
 
2011
Shares
 
Dollars
 
Shares
 
Dollars
Deferred Compensation Obligations:
 
 
 
 
 
 
 
Balance at beginning of period
 
 
$
88

 
 
 
$
103

Reinvested dividends
 
 
1

 
 
 
1

Benefit payments
 
 
(13
)
 
 
 
(19
)
Balance at end of period
 
 
$
76

 
 
 
$
85

Treasury Stock:
 
 
 
 
 
 
 
Balance at beginning of period
(2
)
 
$
(88
)
 
(2
)
 
$
(103
)
Reinvested dividends
—

 
(1
)
 
—

 
(1
)
Benefit payments
—

 
13

 
—

 
19

Balance at end of period
(2
)
 
$
(76
)
 
(2
)
 
$
(85
)
Activity Related to Noncontrolling Interests
The activity related to our noncontrolling interests is presented below for the three months ended March 31, 2012 and 2011 (in millions):
 
2012
 
2011
Noncontrolling Interests:
 
 
 
Balance at beginning of period
$
73

 
$
68

Acquired noncontrolling interests
3

 
2

Dividends attributable to noncontrolling interests
—

 
—

Net income attributable to noncontrolling interests
—

 
—

Balance at end of period
$
76

 
$
70