SHAREOWNERS’ EQUITY

Common Stock

The company is authorized to issue 500 million shares of common stock, with a par value of $1 per share, and 30 million shares of Preferred Stock, without par value, of which 2 million shares are designated as Series A Junior Participating Preferred Stock (Junior Preferred Stock). No shares of Preferred Stock or Junior Preferred Stock have been issued.

In the first quarter of fiscal year 2015, the company filed a shelf registration statement with the Securities and Exchange Commission, registering an unlimited amount of debt and/or equity securities that may be offered in one or more offerings on terms to be determined at the time of sale.

The company has reserved approximately 10 million shares of common stock in connection with its 2010 Long-Term Incentive Plan, as amended ("LTIP") for grants of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, performance shares, restricted share units and stock awards to key employees and directors. At September 30, 2015, there were 3.7 million shares available for future grants under these plans.

Equity and Equity-Linked Repurchase Authorizations

In June 2014, the company's Board of Directors authorized the repurchase of up to $210 million of its equity and equity-linked securities (including convertible debt securities), subject to the achievement of its M2016 net debt reduction target and compliance with legal and regulatory requirements and its debt covenants. In September 2014, the company's Board authorized the repurchase of up to $40 million of its equity or equity-linked securities (including convertible debt securities) under the $210 million authorization that may be made annually without regard to achievement of the M2016 net debt reduction target. These authorizations have no stated expiration.

During fiscal year 2015, the company repurchased 4.2 million shares of common stock for $55 million and $19 million principal amount of its 4.0 percent convertible notes due 2027 pursuant to this authorization. The amount remaining available for repurchases under the authorization is $136 million as of September 30, 2015.

In January 2015, the Offering Committee of the company's Board of Directors approved a repurchase program for up to $150 million aggregate principal amount of any of its public debt securities (including convertible debt securities) from time to time through open market purchases or privately negotiated transactions or otherwise, until September 30, 2016, subject to compliance with legal and regulatory requirements and the company's debt covenants. This repurchase program is in addition to the equity and equity-linked repurchase authorizations described above. The amount remaining available for repurchases under the program is $150 million as of September 30, 2015.

In May 2015, the Offering Committee of the company's Board of Directors approved a repurchase program for up to $175 million aggregate principal amount at maturity of its 7.875 percent convertible notes due 2026 from time to time prior to September 30, 2015, subject to compliance with legal and regulatory requirements and its debt covenants. This repurchase program is in addition to the equity and equity-linked and debt repurchase programs described above.

During fiscal year 2015, the company repurchased $110 million principal amount at maturity of the company's 7.875 percent convertible notes for $179 million (see Note 16). The amount remaining available for repurchases under the authorization is $65 million as of September 30, 2015.

Accumulated Other Comprehensive Loss (AOCL)

The components of AOCL as reported in the Consolidated Balance Sheet and Statement of Equity (Deficit), and the changes in AOCL by components, net of tax, are as follows (in millions):



	Foreign Currency Translation			Employee Benefit Related Adjustments			Unrealized Loss, net of tax			Total
Balance at September 30, 2014	$	41		$	(789	)	$	(1	)	$	(749	)
Other comprehensive loss before reclassification	(96		)	(18		)	(6		)	(120		)
Amounts reclassified from accumulated other comprehensive loss - net of tax	1			102			—			103
Net current-period other comprehensive income (loss)	$	(95	)	$	84		$	(6	)	$	(17	)
Balance at September 30, 2015	$	(54	)	$	(705	)	$	(7	)	$	(766	)



Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss			Affected Line Item in the Consolidated Statement of Operations
Employee Benefit Related Adjustment
Amortization of prior service costs	$	(1	)	^(a)
Amortization of actuarial losses	47			^(a)
Recognized prior service costs due to settlement	56			^(a)
	102			Total before tax
	—			Tax (benefit) expense
	$	102		Net of tax


Employee Benefit Related Adjustment
Other reclassification adjustment	$	1		^(b)
	1			Total before tax
	—			Tax (benefit) expense
	$	1		Net of tax


Total reclassifications for the period	$	103		Net of tax

^(a) These accumulated other comprehensive income components are included in the computation of net periodic pension and retiree medical expense (see Note 20 and 21 for additional details).

^(b) These accumulated other comprehensive income components are included in the computation of loss from discontinued operations (see Note 3).



	Foreign Currency Translation			Employee Benefit Related Adjustments			Unrealized Loss, net of tax			Total
Balance at September 30, 2013	$	61		$	(792	)	$	(3	)	$	(734	)
Other comprehensive income (loss) before reclassification	(20		)	(21		)	2			(39		)
Amounts reclassified from accumulated other comprehensive loss - net of tax	—			24			—			24
Net current-period other comprehensive income (loss)	$	(20	)	$	3		$	2		$	(15	)
Balance at September 30, 2014	$	41		$	(789	)	$	(1	)	$	(749	)



Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss			Affected Line Item in the Consolidated Statement of Operations
Employee Benefit Related Adjustment
Amortization of prior service costs	$	(7	)	^(a)
Amortization of actuarial losses	46			^(a)
Recognized prior service costs due to curtailment	(15		)	^(a)
	24			Total before tax
	—			Tax (benefit) expense
	$	24		Net of tax

Total reclassifications for the period	24			Net of tax

^(a) These accumulated other comprehensive income components are included in the computation of net periodic pension and retiree medical expense (see Note 20 and 21 for additional details).