XML 95 R24.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Stockholders' Equity | 12 Months Ended
--- | ---
Dec. 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 and August 2014, the company entered into two separate accelerated share repurchase (ASR) agreements. The February 2014 ASR agreement was completed in the second quarter of 2014, under which the company purchased and retired 15.1 million shares for $1,000. The August 2014 ASR agreement was completed in the fourth quarter of 2014, under which the company purchased and retired 10.4 million shares for $700. In addition to the ASR agreements, for the year ended December 31, 2014, the company repurchased and retired 4.7 million shares in the open market for a total cost of $300. 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. During 2012, the company purchased and retired 7.8 million shares at a total cost of $400. These purchases completed the 2001 $2,000 share buyback plan and began purchases under a $2,000 share buyback plan authorized by the company's Board of Directors in April 2011. Under the completed 2001 plan, the company purchased a total of 42.0 million shares. Under the 2011 plan, the company purchased 5.5 million shares at a total cost of $284 as of December 31, 2013. Common stock held in treasury is recorded at cost. When retired, the excess of the cost of treasury stock over its par value is allocated between reinvested earnings and additional paid-in capital. Set forth below is a reconciliation of common stock share activity for the years ended December 31, 2014, 2013 and 2012:
Shares of common stock | Issued | Held In Treasury
Balance January 1, 2012 | 1,013,164,000 |  | (87,041,000 | )
Issued | 14,671,000 |  | — |
Repurchased | — |  | (7,778,000 | )
Retired | (7,778,000 | ) | 7,778,000 |
Balance December 31, 2012 | 1,020,057,000 |  | (87,041,000 | )
Issued | 14,370,000 |  | — |
Repurchased | — |  | (20,400,000 | )
Retired | (20,400,000 | ) | 20,400,000 |
Balance December 31, 2013 | 1,014,027,000 |  | (87,041,000 | )
Issued | 8,103,000 |  | — |
Repurchased | — |  | (30,110,000 | )
Retired | (30,110,000 | ) | 30,110,000 |
Balance December 31, 2014 | 992,020,000 |  | (87,041,000 | )
Noncontrolling Interest In May 2012, the company completed the acquisition of the remaining 28 percent interest in the Solae, LLC joint venture from Bunge Limited for $447. As the purchase of the remaining interest did not result in a change of control, the difference between the carrying value of the noncontrolling interest of $378 and the consideration paid, net of taxes of $78, was recorded as a $9 increase to additional paid-in capital. Other Comprehensive Income A summary of the pre-tax, tax, and after-tax effects of the components of other comprehensive (loss) income for the years ended December 31, 2014, 2013, and 2012 is provided as follows:
For the year ended December 31, | 2014 | 2013 | 2012 | Affected Line Item in Consolidated Income Statements 1
| Pre-Tax | Tax | After-Tax | Pre-Tax | Tax | After-Tax | Pre-Tax | Tax | After-Tax
Cumulative translation adjustment | $ | (876 | ) | $ | — |  | $ | (876 | ) | $ | 25 |  | $ | — |  | $ | 25 |  | $ | 77 |  | $ | — |  | $ | 77 |  |
Net revaluation and clearance of cash flow hedges to earnings: |  |  |  |  |  |  |  |  |  |
Additions and revaluations of derivatives designated as cash flow hedges | 53 |  | (20 | ) | 33 |  | (58 | ) | 22 |  | (36 | ) | 8 |  | (6 | ) | 2 |  | See (2) below
Clearance of hedge results to earnings: |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | (15 | ) | 5 |  | (10 | ) | (1 | ) | — |  | (1 | ) | (21 | ) | 8 |  | (13 | ) | Net sales
Commodity contracts | 30 |  | (11 | ) | 19 |  | (24 | ) | 10 |  | (14 | ) | (44 | ) | 20 |  | (24 | ) | Cost of goods sold
Net revaluation and clearance of cash flow hedges to earnings | 68 |  | (26 | ) | 42 |  | (83 | ) | 32 |  | (51 | ) | (57 | ) | 22 |  | (35 | ) |
Pension benefit plans: |  |  |  |  |  |  |  |  |  |
Net (loss) gain | (4,131 | ) | 1,497 |  | (2,634 | ) | 3,293 |  | (1,136 | ) | 2,157 |  | (1,433 | ) | 437 |  | (996 | ) | See (2) below
Prior service benefit | 44 |  | (11 | ) | 33 |  | 62 |  | (22 | ) | 40 |  | 22 |  | (8 | ) | 14 |  | See (2) below
Reclassifications to net income: |  |  |  |  |  |  |  |  |  |
Amortization of prior service cost | 2 |  | — |  | 2 |  | 8 |  | (2 | ) | 6 |  | 13 |  | (4 | ) | 9 |  | See (3) below
Amortization of loss | 601 |  | (209 | ) | 392 |  | 957 |  | (331 | ) | 626 |  | 887 |  | (305 | ) | 582 |  | See (3) below
Curtailment loss | 4 |  | (1 | ) | 3 |  | 1 |  | — |  | 1 |  | 2 |  | — |  | 2 |  | See (3) below
Settlement loss | 7 |  | (2 | ) | 5 |  | 152 |  | (45 | ) | 107 |  | 5 |  | (2 | ) | 3 |  | See (3) below
Pension benefit plans, net | (3,473 | ) | 1,274 |  | (2,199 | ) | 4,473 |  | (1,536 | ) | 2,937 |  | (504 | ) | 118 |  | (386 | ) |
Other benefit plans: |  |  |  |  |  |  |  |  |  |
Net (loss) gain | (280 | ) | 100 |  | (180 | ) | 513 |  | (184 | ) | 329 |  | (60 | ) | 17 |  | (43 | ) | See (2) below
Prior service benefit | 50 |  | (1 | ) | 49 |  | 211 |  | (72 | ) | 139 |  | 857 |  | (299 | ) | 558 |  | See (2) below
Reclassifications to net income: |  |  |  |  |  |  |  |  |  |
Amortization of prior service benefit | (214 | ) | 76 |  | (138 | ) | (195 | ) | 69 |  | (126 | ) | (155 | ) | 54 |  | (101 | ) | See (3) below
Amortization of loss | 57 |  | (20 | ) | 37 |  | 76 |  | (27 | ) | 49 |  | 94 |  | (33 | ) | 61 |  | See (3) below
Curtailment (gain) loss | — |  | — |  | — |  | (154 | ) | 54 |  | (100 | ) | 3 |  | (1 | ) | 2 |  | See (3) below
Settlement loss | — |  | — |  | — |  | 1 |  | — |  | 1 |  | — |  | — |  | — |  | See (3) below
Other benefit plans, net | (387 | ) | 155 |  | (232 | ) | 452 |  | (160 | ) | 292 |  | 739 |  | (262 | ) | 477 |  |
Net unrealized gain (loss) on securities | — |  | — |  | — |  | 1 |  | (1 | ) | — |  | (2 | ) | 1 |  | (1 | ) |
Other comprehensive (loss) income | $ | (4,668 | ) | $ | 1,403 |  | $ | (3,265 | ) | $ | 4,868 |  | $ | (1,665 | ) | $ | 3,203 |  | $ | 253 |  | $ | (121 | ) | $ | 132 |  |
1 | Represents the income statement line item within the Consolidated Income Statement affected by the pre-tax reclassification out of other comprehensive income.
2 | These amounts represent changes in accumulated other comprehensive income excluding changes due to reclassifying amounts to the 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 17 for additional information.
Tax benefit (expense) recorded in Stockholders' Equity was $1,461, $(1,617) and $(70) for the years 2014, 2013 and 2012, respectively. Included in these amounts were tax benefits of $58, $48 and $51 for the years 2014, 2013 and 2012, respectively, associated with stock compensation programs. The remainder consists of amounts recorded within other comprehensive income as shown in the table above. 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 (Loss) on Securities | Total
2012 |  |  |  |  |  |  |  |  |  |  |  |
Balance January 1, 2012 | $ | (244 | ) | $ | 41 |  | $ | (8,276 | ) | $ | (274 | ) | $ | 3 |  | $ | (8,750 | )
Other comprehensive income (loss) before reclassifications | 77 |  | (1 | ) | (1,006 | ) | 514 |  | (1 | ) | (417 | )
Amounts reclassified from accumulated other comprehensive income (loss) | — |  | (37 | ) | 596 |  | (38 | ) | — |  | 521 |
Balance December 31, 2012 | $ | (167 | ) | $ | 3 |  | $ | (8,686 | ) | $ | 202 |  | $ | 2 |  | $ | (8,646 | )
2013 |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications | 27 |  | (36 | ) | 2,197 |  | 468 |  | — |  | 2,656 |
Amounts reclassified from accumulated other comprehensive income (loss) | — |  | (15 | ) | 740 |  | (176 | ) | — |  | 549 |
Balance December 31, 2013 | $ | (140 | ) | $ | (48 | ) | $ | (5,749 | ) | $ | 494 |  | $ | 2 |  | $ | (5,441 | )
2014 |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications | (876 | ) | 33 |  | (2,601 | ) | (131 | ) | — |  | (3,575 | )
Amounts reclassified from accumulated other comprehensive income (loss) | — |  | 9 |  | 401 |  | (101 | ) | — |  | 309 |
Balance December 31, 2014 | $ | (1,016 | ) | $ | (6 | ) | $ | (7,949 | ) | $ | 262 |  | $ | 2 |  | $ | (8,707 | )

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