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Stockholders' Equity
 12 Months Ended
Dec. 31, 2015
Stockholders' Equity

Note 12 – Stockholders’ Equity

At December 31, 2015 and 2014, our authorized capital was composed of 1.5 billion shares of common stock and 50 million shares of series preferred stock. Of the 305 million shares of common stock issued and outstanding as of December 31, 2015, 303 million shares were considered outstanding for Balance Sheet presentation purposes; the remaining shares were held in a separate trust. Of the 316 million shares of common stock issued and outstanding as of December 31, 2014, 314 million shares were considered outstanding for Balance Sheet presentation purposes; the remaining shares were held in a separate trust. No shares of preferred stock were issued and outstanding at December 31, 2015 or 2014.

Repurchases of Common Stock

During 2015, we repurchased 15.2 million shares of our common stock for $3.1 billion. During 2014 and 2013, we paid $1.9 billion and $1.8 billion to repurchase 11.5 million and 16.2 million shares of our common stock.

On September 24, 2015, our Board of Directors approved a $3.0 billion increase to our share repurchase program. Inclusive of this increase, the total remaining authorization for future common share repurchases under our program was $3.6 billion as of December 31, 2015. As we repurchase our common shares, we reduce common stock for the $1 of par value of the shares repurchased, with the excess purchase price over par value recorded as a reduction of additional paid-in capital. Due to the volume of repurchases made under our share repurchase program, additional paid-in capital was reduced to zero, with the remainder of the excess purchase price over par value of $2.4 billion and $1.1 billion recorded as a reduction of retained earnings in 2015 and 2014.

We paid dividends totaling $1.9 billion ($6.15 per share) in 2015, $1.8 billion ($5.49 per share) in 2014 and $1.5 billion ($4.78 per share) in 2013. We have increased our quarterly dividend rate in each of the last three years, including a 10% increase in the quarterly dividend rate in the fourth quarter of 2015. We declared quarterly dividends of $1.50 per share during each of the first three quarters of 2015 and $1.65 per share during the fourth quarter of 2015; $1.33 per share during each of the first three quarters of 2014 and $1.50 per share during the fourth quarter of 2014; and $1.15 per share during each of the first three quarters of 2013 and $1.33 per share during the fourth quarter of 2013.

 

Accumulated Other Comprehensive Loss

Changes in the balance of AOCL, net of income taxes, consisted of the following (in millions):

 

     Postretirement  
Benefit Plans  		     Other, net            AOCL         

Balance at December 31, 2012 (a)

     $(13,532)              $      39                  $(13,493)         

Other comprehensive income before reclassifications

     2,868               11                  2,879          

Amounts reclassified from AOCL

      

Recognition of net actuarial losses

     973               —                   973          

Amortization of net prior service costs

     42               —                   42          

Other

     —               (2)                  (2)         

Total reclassified from AOCL

     1,015               (2)                  1,013          

Total other comprehensive income

     3,883               9                   3,892          

Balance at December 31, 2013 (a)

     (9,649)              48                   (9,601)         

Other comprehensive loss before reclassifications

     (2,870)              (103)                  (2,973)         

Amounts reclassified from AOCL

      

Recognition of net actuarial losses

     806               —                   806          

Amortization of net prior service credits

     (100)              —                   (100)         

Other

     —               (2)                  (2)         

Total reclassified from AOCL

     706               (2)                  704          

Total other comprehensive loss

     (2,164)              (105)                  (2,269)         

Balance at December 31, 2014 (a)

     (11,813)              (57)                  (11,870)         

Other comprehensive loss before reclassifications

     (351)              (73)                  (424)         

Amounts reclassified from AOCL

      

Recognition of net actuarial losses

     1,109               —                   1,109          

Amortization of net prior service credits

     (259)              —                   (259)         

Other

     —               —                   —          

Total reclassified from AOCL

     850               —                   850          

Total other comprehensive loss

     499               (73)                  426          

Balance at December 31, 2015 (a)

     $(11,314)              $  (130)                  $(11,444)         

 

(a) 

AOCL related to postretirement benefit plans is shown net of tax benefits at December 31, 2015, 2014 and 2013 of $6.2 billion, $6.4 billion and $5.3 billion. These tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes, which will be recognized on our tax returns in future years. See Note 9 and Note 11 for more information on our income taxes and postretirement benefit plans.