Quarterly report pursuant to Section 13 or 15(d)

SHAREOWNERS' EQUITY (Tables)

v2.4.0.6
SHAREOWNERS' EQUITY (Tables)
 6 Months Ended
Jun. 30, 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 six months ended June 30, 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
(3
)
 
—

 
(4
)
 
—

Stock award plans
4

 
—

 
2

 
—

Common stock issuances
2

 
—

 
2

 
—

Conversions of class A to class B common stock
(8
)
 
—

 
(11
)
 
—

Class A shares issued at end of period
235

 
$
3

 
247

 
$
3

Class B Common Stock
 
 
 
 
 
 
 
Balance at beginning of period
725

 
$
7

 
735

 
$
7

Common stock purchases
(8
)
 
—

 
(10
)
 
—

Conversions of class A to class B common stock
8

 
—

 
11

 
—

Class B shares issued at end of period
725

 
$
7

 
736

 
$
7

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

 
 
 
$
—

Stock award plans
 
 
291

 
 
 
236

Common stock purchases
 
 
(606
)
 
 
 
(209
)
Common stock issuances
 
 
144

 
 
 
126

Option premiums received (paid)
 
 
206

 
 
 
(150
)
Unsettled portion of accelerated stock repurchase program
 
(35
)
 
 
 
—

Balance at end of period
 
 
$
—

 
 
 
$
3

Retained Earnings
 
 
 
 
 
 
 
Balance at beginning of period
 
 
$
10,128

 
 
 
$
10,604

Net income
 
 
2,086

 
 
 
2,007

Dividends ($1.14 and $1.04 per share)
 
 
(1,123
)
 
 
 
(1,048
)
Common stock purchases
 
 
(264
)
 
 
 
(846
)
Balance at end of period
 
 
$
10,827

 
 
 
$
10,717

Schedule of Accumulated Other Comprehensive Income (Loss)
The activity in AOCI for the six months ended June 30, 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 $(3) and $(9))
(67
)
 
132

Balance at end of period
(227
)
 
64

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 $2 and $5)
4

 
9

Reclassification to earnings (net of tax effect of $(1) and $(8))
(3
)
 
(16
)
Balance at end of period
7

 
5

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 $(57) and $(50))
(94
)
 
(84
)
Reclassification to earnings (net of tax effect of $6 and $9)
10

 
16

Balance at end of period
(288
)
 
(307
)
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 $34 and $57)
55

 
94

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

 
8

Balance at end of period
(2,684
)
 
(2,238
)
Accumulated other comprehensive income (loss) at end of period
$
(3,192
)
 
$
(2,476
)
Schedule of Deferred Compensation and Treasury Stock Activity
Activity in the deferred compensation program for the six months ended June 30, 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
 
 
2

 
 
 
2

Benefit payments
 
 
(14
)
 
 
 
(19
)
Balance at end of period
 
 
$
76

 
 
 
$
86

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

 
(2
)
 
—

 
(2
)
Benefit payments
—

 
14

 
—

 
19

Balance at end of period
(2
)
 
$
(76
)
 
(2
)
 
$
(86
)
Activity Related to Noncontrolling Interests
The activity related to our noncontrolling interests is presented below for the six months ended June 30, 2012 and 2011 (in millions):
 
2012
 
2011
Noncontrolling Interests:
 
 
 
Balance at beginning of period
$
73

 
$
68

Acquired noncontrolling interests
7

 
7

Dividends attributable to noncontrolling interests
—

 
—

Net income attributable to noncontrolling interests
—

 
—

Balance at end of period
$
80

 
$
75