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Shareholders' Equity
 3 Months Ended
Mar. 31, 2015
Shareholders' Equity  
Shareholders' Equity

 

 

Note 14—Shareholders’ Equity

 

Distributions of qualifying additional paid-in capital—On February 15, 2015, our board of directors announced its recommendation that our shareholders at the 2015 annual general meeting approve a distribution of qualifying additional paid-in capital in the form of a U.S. dollar denominated dividend of $0.60 per outstanding share, payable in four quarterly installments of $0.15 per outstanding share, subject to certain limitations.  If approved, we expect that the dividend installments will be paid in June 2015, September 2015, December 2015 and March 2016.

 

In May 2014, at our annual general meeting, our shareholders approved the distribution of qualifying additional paid-in capital in the form of a U.S. dollar denominated dividend of $3.00 per outstanding share, payable in four quarterly installments of $0.75 per outstanding share, subject to certain limitations.  At December 31, 2014, the aggregate carrying amount of the distribution payable was $272 million.  On March 18, 2015, we paid the final installment in the aggregate amount of $272 million to shareholders of record as of February 20, 2015.

 

In May 2013, at our annual general meeting, our shareholders approved the distribution of qualifying additional paid-in capital in the form of a U.S. dollar denominated dividend of $2.24 per outstanding share, payable in four quarterly installments of $0.56 per outstanding share, subject to certain limitations.  On March 19, 2014, we paid the final installment in the aggregate amount of $202 million to shareholders of record as of February 21, 2014.

 

Shares held by subsidiary—One of our subsidiaries holds our shares for future use to satisfy our obligations to deliver shares in connection with awards granted under our incentive plans or other rights to acquire our shares.  At March 31, 2015 and December 31, 2014, our subsidiary held 7.6 million shares and 8.7 million shares, respectively.

 

Accumulated other comprehensive loss—The changes in accumulated other comprehensive loss, presented net of tax, were as follows (in millions):

 

 

 

Three months ended March 31, 2015

 

Three months ended March 31, 2014

 

 

 

Defined benefit
pension plans

 

Derivative
instruments

 

Total

 

Defined benefit
pension plans

 

Derivative
instruments

 

Total

 

Balance, beginning of period

 

$
(404

)

$

—

 

$
(404

)

$
(264

)

$
2

 

$
(262

)

Other comprehensive loss before reclassifications

 
(11

)

—

 
(11

)
(5

)

—

 
(5

)

Reclassifications to net income

 
1

 

—

 
1

 
6

 
(2

)
4

 

Other comprehensive income (loss), net

 
(10

)

—

 
(10

)
1

 
(2

)
(1

)

Balance, end of period

 

$
(414

)

$

—

 

$
(414

)

$
(263

)

$

—

 

$
(263

)

 

Significant reclassifications from accumulated other comprehensive income to net income included the following (in millions):

 

 

 

 

 

Three months ended
March 31,

 

 

 

Statement of operations classification

 

2015

 

2014

 

Defined benefit pension plans

 

 

 

 

 

 

 

Actuarial losses

 

 

 

$
5

 

$
6

 

Total amortization, before income taxes

 

Net periodic benefit costs (a)

 
5

 
6

 

Income tax benefit

 

Income tax expense

 
(4

)

—

 

Total amortization, net of income taxes

 

 

 

$
1

 

$
6

 

 

(a)

We recognize the amortization of accumulated other comprehensive income components related to defined benefit pension plans in net periodic benefit costs.  In the three months ended March 31, 2015, our net periodic benefit costs included $4 million and $1 million, recorded in operating and maintenance costs and general and administrative costs, respectively.  In the three months ended March 31, 2014, our net periodic benefit costs included $4 million and $2 million, recorded in operating and maintenance costs and general and administrative costs, respectively.  See Note 12—Postemployment Benefit Plans.