Note 11 – Stockholders’ Equity
At December 31, 2013, our authorized capital was composed of 1.5 billion shares of common stock and 50 million shares of series preferred stock. Of the 321 million shares of common stock issued and outstanding, 319 million shares were considered outstanding for Balance Sheet presentation purposes; the remaining shares were held in a separate trust. No shares of preferred stock were issued and outstanding at December 31, 2013.
Repurchases of Common Stock
During 2013, 2012, and 2011, we paid $1.8 billion, $990 million, and $2.5 billion to repurchase 16.2 million, 11.1 million and 32.7 million shares of our common stock. We reduced stockholders’ equity by $1.7 billion, $1.0 billion, and $2.4 billion, which represents the 16.0 million, 11.3 million, and 31.8 million shares of common stock we committed to repurchase during 2013, 2012, and 2011. Of the shares we committed to during 2012, a portion settled in cash during January 2013. The amount paid for shares during 2011 includes a portion committed to during December 2010 that settled in cash during January 2011.
In September 2013, our Board of Directors approved a $3.0 billion increase to our share repurchase program. We had total remaining authorization of $3.6 billion for future common share repurchases under our program as of December 31, 2013. As we repurchase our common shares, we reduce common stock for the $1 of par value of the shares repurchased, with the excess purchase price over par value recorded as a reduction of additional paid-in capital. Due to the volume of repurchases made under our share repurchase program, additional paid-in capital was reduced to zero, with the remainder of the excess purchase price over par value of $434 million and $108 million recorded as a reduction of retained earnings in 2013 and 2012.
Accumulated Other Comprehensive Loss
Changes in the balance of accumulated other comprehensive loss (AOCL), net of income taxes, consisted of the following (in millions):
| Postretirement Benefit Plans |
Other, net | AOCL | ||||||||||
|
Balance at December 31, 2010 |
$ (8,994) | $ (16) | $ | (9,010) | ||||||||
|
Other comprehensive loss before reclassifications |
(2,858) | (46) | (2,904) | |||||||||
|
Amounts reclassified from AOCL |
||||||||||||
|
Net actuarial losses |
624 | — | 624 | |||||||||
|
Prior service cost |
42 | — | 42 | |||||||||
|
Other |
— | (9) | (9) | |||||||||
|
Total reclassified from AOCL |
666 | (9) | 657 | |||||||||
|
Total other comprehensive loss |
(2,192) | (55) | (2,247) | |||||||||
|
Balance at December 31, 2011 (a) |
(11,186) | (71) | (11,257) | |||||||||
|
Other comprehensive loss before reclassifications |
(3,204) | 105 | (3,099) | |||||||||
|
Amounts reclassified from AOCL |
||||||||||||
|
Net actuarial losses |
819 | — | 819 | |||||||||
|
Prior service cost |
39 | — | 39 | |||||||||
|
Other |
— | 5 | 5 | |||||||||
|
Total reclassified from AOCL |
858 | 5 | 863 | |||||||||
|
Total other comprehensive (loss) income |
(2,346) | 110 | (2,236) | |||||||||
|
Balance at December 31, 2012 (a) |
(13,532) | 39 | (13,493) | |||||||||
|
Other comprehensive income before reclassifications |
2,868 | 11 | 2,879 | |||||||||
|
Amounts reclassified from AOCL |
||||||||||||
|
Net actuarial losses |
973 | — | 973 | |||||||||
|
Prior service cost |
42 | — | 42 | |||||||||
|
Other |
— | (2) | (2) | |||||||||
|
Total reclassified from AOCL |
1,015 | (2) | 1,013 | |||||||||
|
Total other comprehensive income |
3,883 | 9 | 3,892 | |||||||||
|
Balance at December 31, 2013 (a) |
$ (9,649) | $ 48 | $ | (9,601) | ||||||||
| (a) |
AOCL related to postretirement benefit plans is shown net of tax benefits at December 31, 2013, 2012, and 2011 of $5.3 billion, $7.4 billion, and $6.1 billion. These tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes, which will be recognized on our tax returns in future years. See Note 8 and Note 10 for more information on our income taxes and postretirement benefit plans. |