XML 61 R15.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Stockholders' Equity | 3 Months Ended
--- | ---
Mar. 31, 2014
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Stockholders’ Equity Share Repurchase Program In January 2014, the company's Board of Directors authorized a $5,000 share buyback plan that replaced the 2011 plan. There is no required completion date for purchases under the 2014 plan. In February 2014, the company entered into an accelerated share repurchase (ASR) agreement with a financial institution. Under the terms of the ASR agreement, in February 2014, the Company paid $1,000 to the financial institution and received and retired an initial delivery of 12.5 million shares, which represents 80 percent of the $1,000 notional amount of the ASR agreement. The purchase price per share and final number of shares retired will be determined using the volume-weighted price of the company's stock over the term of the ASR agreement. This ASR will be completed in the second quarter 2014. In February 2014, the company also repurchased 1.0 million shares in the open market at an average price of $61.32 per share for a total of $61. These shares were retired upon repurchase. In December 2012, the company's Board of Directors authorized a $1,000 share buyback plan. In February 2013, the company entered into an ASR agreement with a financial institution under which the company used $1,000 of the proceeds from the sale of Performance Coatings for the purchase of shares of common stock. The 2012 $1,000 share buyback plan was completed in the second quarter 2013 through the ASR agreement, under which the company purchased and retired 20.4 million shares. Other Comprehensive Income (Loss) A summary of the changes in other comprehensive income (loss) for the three months ended March 31, 2014 and 2013 is provided as follows:
| Three Months Ended | Three Months Ended | Affected Line Item in Consolidated Income Statements 1
| March 31, 2014 | March 31, 2013
| Pre-Tax | Tax | After-Tax | Pre-Tax | Tax | After-Tax |
Cumulative translation adjustment | $ | (72 | ) | $ | — |  | $ | (72 | ) | $ | (209 | ) | $ | — |  | $ | (209 | ) |
Net revaluation and clearance of cash flow hedges to earnings: |  |  |  |  |  |  |
Additions and revaluations of derivatives designated as cash flow hedges | 38 |  | (14 | ) | 24 |  | (16 | ) | 7 |  | (9 | ) | See (2) below
Clearance of hedge results to earnings: |  |  |  |  |  |  |
Foreign currency contracts | 1 |  | — |  | 1 |  | 4 |  | (1 | ) | 3 |  | Net sales
Commodity contracts | 17 |  | (7 | ) | 10 |  | (14 | ) | 5 |  | (9 | ) | Cost of goods sold
Net revaluation and clearance of cash flow hedges to earnings | 56 |  | (21 | ) | 35 |  | (26 | ) | 11 |  | (15 | ) |
Pension benefit plans: |  |  |  |  |  |  |
Net gain | 1 |  | — |  | 1 |  | 56 |  | (14 | ) | 42 |  | See (2) below
Reclassifications to net income: |  |  |  |  |  |  |
Amortization of prior service cost | 1 |  | — |  | 1 |  | 3 |  | (1 | ) | 2 |  | See (3) below
Amortization of loss | 149 |  | (51 | ) | 98 |  | 241 |  | (82 | ) | 159 |  | See (3) below
Curtailment loss | — |  | — |  | — |  | 1 |  | — |  | 1 |  | See (3) below
Settlement loss | — |  | — |  | — |  | 152 |  | (45 | ) | 107 |  | See (3) below
Pension benefit plans, net | 151 |  | (51 | ) | 100 |  | 453 |  | (142 | ) | 311 |  |
Other benefit plans: |  |  |  |  |  |  |
Net gain | — |  | — |  | — |  | 17 |  | (6 | ) | 11 |  | See (2) below
Reclassifications to net income: |  |  |  |  |  |  |
Amortization of prior service benefit | (53 | ) | 19 |  | (34 | ) | (48 | ) | 17 |  | (31 | ) | See (3) below
Amortization of loss | 14 |  | (4 | ) | 10 |  | 27 |  | (9 | ) | 18 |  | See (3) below
Curtailment gain | — |  | — |  | — |  | (154 | ) | 54 |  | (100 | ) | See (3) below
Settlement loss | — |  | — |  | — |  | 1 |  | — |  | 1 |  | See (3) below
Other benefit plans, net | (39 | ) | 15 |  | (24 | ) | (157 | ) | 56 |  | (101 | ) |
Net unrealized loss on securities | — |  | — |  | — |  | (2 | ) | — |  | (2 | ) |
Other comprehensive income (loss) | $ | 96 |  | $ | (57 | ) | $ | 39 |  | $ | 59 |  | $ | (75 | ) | $ | (16 | ) |
1 | Represents the income statement line item within the interim Consolidated Income Statement affected by the pre-tax reclassification out of other comprehensive income (loss).
2 | These amounts represent changes in accumulated other comprehensive income excluding changes due to reclassifying amounts to the interim Consolidated Income Statements.
3 | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost of the company's pension and other long-term employee benefit plans. See Note 11 for additional information.
The changes and after-tax balances of components comprising accumulated other comprehensive loss are summarized below:
| Cumulative Translation Adjustment | Net Revaluation and Clearance of Cash Flow Hedges to Earnings | Pension Benefit Plans | Other Benefit Plans | Unrealized Gain on Securities | Total
2014 |  |  |  |  |  |  |  |  |  |  |  |
Balance January 1, 2014 | $ | (140 | ) | $ | (48 | ) | $ | (5,749 | ) | $ | 494 |  | $ | 2 |  | $ | (5,441 | )
Other comprehensive (loss) income before reclassifications | (72 | ) | 24 |  | 1 |  | — |  | — |  | (47 | )
Amounts reclassified from accumulated other comprehensive loss | — |  | 11 |  | 99 |  | (24 | ) | — |  | 86 |
Balance March 31, 2014 | $ | (212 | ) | $ | (13 | ) | $ | (5,649 | ) | $ | 470 |  | $ | 2 |  | $ | (5,402 | )
| Cumulative Translation Adjustment | Net Revaluation and Clearance of Cash Flow Hedges to Earnings | Pension Benefit Plans | Other Benefit Plans | Unrealized Gain on Securities | Total
2013 |  |  |  |  |  |  |  |  |  |  |  |
Balance January 1, 2013 | $ | (167 | ) | $ | 3 |  | $ | (8,686 | ) | $ | 202 |  | $ | 2 |  | $ | (8,646 | )
Other comprehensive (loss) income before reclassifications | (209 | ) | (9 | ) | 42 |  | 11 |  | — |  | (165 | )
Amounts reclassified from accumulated other comprehensive loss | — |  | (6 | ) | 269 |  | (112 | ) | (2 | ) | 149 |
Balance March 31, 2013 | $ | (376 | ) | $ | (12 | ) | $ | (8,375 | ) | $ | 101 |  | $ | — |  | $ | (8,662 | )

X
- Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration