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Share Owners' Equity
 6 Months Ended
Jun. 30, 2013
Share Owners' Equity  
Share Owners' Equity

9.  Share Owners’ Equity

 

The activity in share owners’ equity for the three months ended June 30, 2013 and 2012 is as follows:

 

 

 

Share Owners’ Equity of the Company

 

 

 

 

 

 

 

Common
Stock

 

Capital in
Excess of
Par Value

 

Treasury
Stock

 

Retained
Earnings
(Loss)

 

Accumulated
Other
Comprehensive
Loss

 

Non-
controlling
Interests

 

Total Share
Owners’
Equity

 

Balance on April 1, 2013

 

$

2

 

$

3,013

 

$

(424

)

$

(126

)

$

(1,485

)

$

175

 

$

1,155

 

Issuance of common stock (0.1 million shares)

 

 

 

3

 

 

 

 

 

 

 

 

 

3

 

Reissuance of common stock (0.06 million shares)

 

 

 

 

 

1

 

 

 

 

 

 

 

1

 

Treasury shares purchased (0.3 million shares)

 

 

 

 

 

(10

)

 

 

 

 

 

 

(10

)

Repurchase of exchangeable notes

 

 

 

(1

)

 

 

 

 

 

 

 

 

(1

)

Stock compensation

 

 

 

3

 

 

 

 

 

 

 

 

 

3

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

 

 

 

 

 

 

132

 

 

 

5

 

137

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

(160

)

(2

)

(162

)

Pension and other postretirement benefit adjustments, net of tax

 

 

 

 

 

 

 

 

 

90

 

 

 

90

 

Change in fair value of derivative instruments

 

 

 

 

 

 

 

 

 

(4

)

 

 

(4

)

Dividends paid to noncontrolling interests on subsidiary common stock

 

 

 

 

 

 

 

 

 

 

 

(21

)

(21

)

Contributions from noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

3

 

3

 

Balance on June 30, 2013

 

$

2

 

$

3,018

 

$

(433

)

$

6

 

$

(1,559

)

$

160

 

$

1,194

 

 

 

 

Share Owners’ Equity of the Company

 

 

 

 

 

 

 

Common
Stock

 

Capital in
Excess of
Par Value

 

Treasury
Stock

 

Retained
Loss

 

Accumulated
Other
Comprehensive
Loss

 

Non-
controlling
Interests

 

Total Share
Owners’
Equity

 

Balance on April 1, 2012

 

$

2

 

$

2,996

 

$

(404

)

$

(258

)

$

(1,205

)

$

164

 

$

1,295

 

Issuance of common stock (0.1 million shares)

 

 

 

1

 

 

 

 

 

 

 

 

 

1

 

Reissuance of common stock (0.07 million shares)

 

 

 

 

 

2

 

 

 

 

 

 

 

2

 

Stock compensation

 

 

 

3

 

 

 

 

 

 

 

 

 

3

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

 

 

 

 

 

 

133

 

 

 

4

 

137

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

(204

)

(3

)

(207

)

Pension and other postretirement benefit adjustments, net of tax

 

 

 

 

 

 

 

 

 

33

 

 

 

33

 

Change in fair value of derivative instruments

 

 

 

 

 

 

 

 

 

3

 

 

 

3

 

Dividends paid to noncontrolling interests on subsidiary common stock

 

 

 

 

 

 

 

 

 

 

 

(23

)

(23

)

Balance on June 30, 2012

 

$

2

 

$

3,000

 

$

(402

)

$

(125

)

$

(1,373

)

$

142

 

$

1,244

 

 

The activity in share owners’ equity for the six months ended June 30, 2013 and 2012 is as follows:

 

 

 

Share Owners’ Equity of the Company

 

 

 

 

 

 

 

Common
Stock

 

Capital in
Excess of
Par Value

 

Treasury
Stock

 

Retained
Earnings
(Loss)

 

Accumulated
Other
Comprehensive
Loss

 

Non-
controlling
Interests

 

Total Share
Owners’
Equity

 

Balance on January 1, 2013

 

$

2

 

$

3,005

 

$

(425

)

$

(195

)

$

(1,506

)

$

174

 

$

1,055

 

Issuance of common stock (0.4 million shares)

 

 

 

7

 

 

 

 

 

 

 

 

 

7

 

Reissuance of common stock (0.1 million shares)

 

 

 

 

 

2

 

 

 

 

 

 

 

2

 

Treasury shares purchased (0.3 million shares)

 

 

 

 

 

(10

)

 

 

 

 

 

 

(10

)

Repurchase of exchangeable notes

 

 

 

(1

)

 

 

 

 

 

 

 

 

(1

)

Stock compensation

 

 

 

7

 

 

 

 

 

 

 

 

 

7

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

 

 

 

 

 

 

201

 

 

 

10

 

211

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

(188

)

(6

)

(194

)

Pension and other postretirement benefit adjustments, net of tax

 

 

 

 

 

 

 

 

 

135

 

 

 

135

 

Dividends paid to noncontrolling interests on subsidiary common stock

 

 

 

 

 

 

 

 

 

 

 

(21

)

(21

)

Contributions from noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

3

 

3

 

Balance on June 30, 2013

 

$

2

 

$

3,018

 

$

(433

)

$

6

 

$

(1,559

)

$

160

 

$

1,194

 

 

 

 

Share Owners’ Equity of the Company

 

 

 

 

 

 

 

Common
Stock

 

Capital in
Excess of
Par Value

 

Treasury
Stock

 

Retained
Loss

 

Accumulated
Other
Comprehensive
Loss

 

Non-
controlling
Interests

 

Total Share
Owners’
Equity

 

Balance on January 1, 2012

 

$

2

 

$

2,991

 

$

(405

)

$

(379

)

$

(1,321

)

$

153

 

$

1,041

 

Issuance of common stock (0.2 million shares)

 

 

 

2

 

 

 

 

 

 

 

 

 

2

 

Reissuance of common stock (0.1 million shares)

 

 

 

 

 

3

 

 

 

 

 

 

 

3

 

Stock compensation

 

 

 

7

 

 

 

 

 

 

 

 

 

7

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

 

 

 

 

 

 

254

 

 

 

8

 

262

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

(112

)

4

 

(108

)

Pension and other postretirement benefit adjustments, net of tax

 

 

 

 

 

 

 

 

 

57

 

 

 

57

 

Change in fair value of derivative instrument

 

 

 

 

 

 

 

 

 

3

 

 

 

3

 

Dividends paid to noncontrolling interests on subsidiary common stock

 

 

 

 

 

 

 

 

 

 

 

(23

)

(23

)

Balance on June 30, 2012

 

$

2

 

$

3,000

 

$

(402

)

$

(125

)

$

(1,373

)

$

142

 

$

1,244

 

 

During the three and six months ended June 30, 2013, the Company purchased 348,000 shares of its common stock for $10 million pursuant to authorization by its Board of Directors in August 2012 to purchase up to $75 million of the Company’s common stock until December 31, 2013.