XML 61 R46.htm IDEA: XBRL DOCUMENT v3.3.1.900
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2015
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Activities
The following tables summarize our activity in shareholders’ equity:
Dollars in millions
Total
 
PIC
 
Retained
Earnings
 
Treasury
Stock
 
AOCL
 
NCI
Balance at December 31, 2012
$
2,511

 
$
2,049

 
$
1,709

 
$
(606
)
 
$
(610
)
 
$
(31
)
Share-based compensation
16

 
16

 
—

 
—

 
—

 
—

Common stock issued upon exercise of stock options
6

 
6

 
—

 
—

 
—

 
—

Dividends declared to shareholders
(36
)
 
—

 
(36
)
 
—

 
—

 
—

Adjustment pursuant to tax sharing agreement
(7
)
 
(7
)
 
—

 
—

 
—

 
—

Repurchases of common stock
(7
)
 
—

 
—

 
(7
)
 
—

 
—

Issuance of ESPP shares
4

 
1

 
—

 
3

 
—

 
—

Investments by noncontrolling interests
9

 
—

 
—

 
—

 
—

 
9

Distributions to noncontrolling interests
(109
)
 
—

 
—

 
—

 
—

 
(109
)
Other noncontrolling interests activity
2

 
—

 
—

 
—

 
—

 
2

Net income
171

 
—

 
75

 
—

 
—

 
96

Other comprehensive (loss), net of tax
(121
)
 
—

 
—

 
—

 
(130
)
 
9

Balance at December 31, 2013
$
2,439

 
$
2,065

 
$
1,748

 
$
(610
)
 
$
(740
)
 
$
(24
)
Share-based compensation
22

 
22

 
—

 
—

 
—

 
—

Common stock issued upon exercise of stock options
4

 
4

 
—

 
—

 
—

 
—

Dividends declared to shareholders
(47
)
 
—

 
(47
)
 
—

 
—

 
—

Repurchases of common stock
(106
)
 
—

 
—

 
(106
)
 
—

 
—

Issuance of ESPP shares
4

 
—

 
—

 
4

 
—

 
—

Investments by noncontrolling interests
10

 
—

 
—

 
—

 
—

 
10

Distributions to noncontrolling interests
(61
)
 
—

 
—

 
—

 
—

 
(61
)
Other noncontrolling interests activity
2

 
—

 
—

 
—

 
—

 
2

Net income (loss)
(1,198
)
 
—

 
(1,262
)
 
—

 
—

 
64

Other comprehensive (loss), net of tax
(134
)
 
—

 
—

 
—

 
(136
)
 
2

Balance at December 31, 2014
$
935

 
$
2,091

 
$
439

 
$
(712
)
 
$
(876
)
 
$
(7
)
Acquisition of noncontrolling interest
(40
)
 
(40
)
 
—

 
—

 
—

 
—

Share-based compensation
18

 
18

 
—

 
—

 
—

 
—

Common stock issued upon exercise of stock options
1

 
1

 
—

 
—

 
—

 
—

Dividends declared to shareholders
(47
)
 
—

 
(47
)
 
—

 
—

 
—

Repurchases of common stock
(62
)
 
—

 
—

 
(62
)
 
—

 
—

Issuance of ESPP shares
5

 
—

 
—

 
5

 
—

 
—

Distributions to noncontrolling interests
(28
)
 
—

 
—

 
—

 
—

 
(28
)
Other noncontrolling interests activity
(3
)
 
—

 


 
—

 
—

 
(3
)
Net income
226

 
—

 
203

 
—

 
—

 
23

Other comprehensive income, net of tax
47

 
—

 
—

 
—

 
45

 
2

Balance at December 31, 2015
$
1,052

 
$
2,070

 
$
595

 
$
(769
)
 
$
(831
)
 
$
(13
)
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive loss, net of tax
 
December 31,
Dollars in millions
2015
 
2014
 
2013
Accumulated foreign currency translation adjustments, net of tax of $1, $4 and $0
$
(269
)
 
$
(203
)
 
$
(131
)
Pension and post-retirement benefits, net of tax of $209, $231 and $221
(560
)
 
(670
)
 
(608
)
Changes in fair value of derivatives, net of tax of $0, $0 and $0
(2
)
 
(3
)
 
(1
)
Total accumulated other comprehensive loss
$
(831
)
 
$
(876
)
 
$
(740
)
Changes in accumulated other comprehensive loss, net of tax, by component
Dollars in millions
Accumulated foreign currency translation adjustments
 
Pension and post-retirement benefits
 
Changes in fair value of derivatives
 
Total
Balance as of December 31, 2013
$
(131
)
 
$
(608
)
 
$
(1
)
 
$
(740
)
Other comprehensive income adjustments before reclassifications
(73
)
 
(96
)
 
(2
)
 
(171
)
Amounts reclassified from accumulated other comprehensive income
1

 
34

 
—

 
35

Balance at December 31, 2014
$
(203
)
 
$
(670
)
 
$
(3
)
 
$
(876
)
Other comprehensive income adjustments before reclassifications
(70
)
 
71

 
—

 
1

Amounts reclassified from accumulated other comprehensive income
4

 
39

 
1

 
44

Balance at December 31, 2015
$
(269
)
 
$
(560
)
 
$
(2
)
 
$
(831
)
Changes in AOCL
Accumulated other comprehensive loss, net of tax
 
December 31,
Dollars in millions
2015
 
2014
 
2013
Accumulated foreign currency translation adjustments, net of tax of $1, $4 and $0
$
(269
)
 
$
(203
)
 
$
(131
)
Pension and post-retirement benefits, net of tax of $209, $231 and $221
(560
)
 
(670
)
 
(608
)
Changes in fair value of derivatives, net of tax of $0, $0 and $0
(2
)
 
(3
)
 
(1
)
Total accumulated other comprehensive loss
$
(831
)
 
$
(876
)
 
$
(740
)
Changes in accumulated other comprehensive loss, net of tax, by component
Dollars in millions
Accumulated foreign currency translation adjustments
 
Pension and post-retirement benefits
 
Changes in fair value of derivatives
 
Total
Balance as of December 31, 2013
$
(131
)
 
$
(608
)
 
$
(1
)
 
$
(740
)
Other comprehensive income adjustments before reclassifications
(73
)
 
(96
)
 
(2
)
 
(171
)
Amounts reclassified from accumulated other comprehensive income
1

 
34

 
—

 
35

Balance at December 31, 2014
$
(203
)
 
$
(670
)
 
$
(3
)
 
$
(876
)
Other comprehensive income adjustments before reclassifications
(70
)
 
71

 
—

 
1

Amounts reclassified from accumulated other comprehensive income
4

 
39

 
1

 
44

Balance at December 31, 2015
$
(269
)
 
$
(560
)
 
$
(2
)
 
$
(831
)
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]
Reclassifications out of accumulated other comprehensive loss, net of tax, by component
Dollars in millions
December 31, 2015
 
December 31, 2014
 
Affected line item on the Consolidated Statements of Operations
Pension and post-retirement benefits
 
 
 
 
 
    Amortization of actuarial loss (a)
$
(48
)
 
$
(42
)
 
See (a) below
Tax benefit (expense)
9

 
8

 
Provision for income taxes
Net pension and post-retirement benefits
$
(39
)
 
$
(34
)
 
Net of tax

 
(a)
This item is included in the computation of net periodic pension cost. See Note 11 to our consolidated financial statements for further discussion.
Shares Of Common Stock
Shares of common stock
Shares in millions
Shares
Balance at December 31, 2013
173.9

Common stock issued
0.5

Balance at December 31, 2014
174.4

Common stock issued
0.7

Balance at December 31, 2015
175.1
Shares of Treasury Stock
Shares of treasury stock
Shares and dollars in millions
Shares
 
Amount
Balance at December 31, 2013
25.7

 
$
610

Treasury stock acquired, net of ESPP shares issued
3.9

 
102

Balance at December 31, 2014
29.6

 
712

Treasury stock acquired, net of ESPP shares issued
3.4

 
57

Balance at December 31, 2015
33.0

 
$
769

The table below presents information on our annual share repurchases activity under these programs:
 
Year Ending December 31, 2015
 
Number of Shares
 
Average Price per Share
 
Dollars in Millions
Repurchases under the $350 million authorized share repurchase program
2,992,687

 
$
17.43

 
$
52

Repurchases under the existing share maintenance program
466,974

 
15.43

 
7

Withheld to cover shares
182,964

 
16.98

 
3

Total
3,642,625

 
$
17.15

 
$
62

 
 
 
 
 
 
 
Year Ending December 31, 2014
 
Number of Shares
 
Average Price per Share
 
Dollars in Millions
Repurchases under the $350 million authorized share repurchase program
3,374,479

 
$
26.13

 
$
88

Repurchases under the existing share maintenance program
593,042

 
26.07

 
16

Withheld to cover shares
73,557

 
27.69

 
2

Total
4,041,078

 
$
26.15

 
$
106