Stockholders' Equity and Noncontrolling Interests

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Note [Abstract]

Stockholders' Equity and Noncontrolling Interests [Text Block]

Stockholders’ Equity and Noncontrolling Interests

Preferred and Common Stock We have 2.0 billion shares of preferred stock and 5.0 billion shares of common stock authorized for issuance. At December 31, 2016 and 2015 we had 1.5 billion shares of common stock issued and outstanding.

Common Stock Holders of our common stock are entitled to dividends at the sole discretion of our Board of Directors. Our dividends declared per common share were $1.52, $1.38 and $1.20 and our total dividends paid on common stock were $2.3 billion, $2.2 billion and $1.9 billion for the years ended December 31, 2016, 2015 and 2014. Holders of common stock are entitled to one vote per share on all matters submitted to our stockholders for a vote. The liquidation rights of holders of our common stock are secondary to the payment or provision for payment of all our debts and liabilities and to holders of our preferred stock, if any such shares are then outstanding.

In the years ended December 31,2016 and 2015 we purchased 77 million and 102 million shares of our outstanding common stock for $2.5 billion and $3.5 billion as part of the common stock repurchase program announced in March 2015, which our Board of Directors increased and extended in January 2016 and January 2017.

Warrants At December 31, 2015 the number of warrants outstanding was 70 million consisting of two tranches of warrants that we issued in July 2009. The first tranche expired on July 10, 2016. The second tranche is exercisable at any time prior to July 10, 2019 at an exercise price of $18.33 per share. We had 42 million of these warrants outstanding at December 31, 2016.

Series A Preferred Stock In December 2014 we redeemed all of the remaining outstanding shares of our Series A Preferred Stock at a price equal to the aggregate liquidation amount, including accumulated dividends, of $3.9 billion, which reduced Net income attributable to common stockholders by $809 million.

The following table summarizes the significant components of Accumulated other comprehensive loss:

	Years Ended December 31,
	2016			2015			2014
Foreign Currency Translation Adjustments
Balance at beginning of period	$	(2,034	)	$	(1,064	)	$	(614	)
Other comprehensive loss before reclassification adjustment, net of tax(a)	(375		)	(1,153		)	(475		)
Reclassification adjustment, net of tax(a)(b)	(4		)	198			2
Other comprehensive loss, net of tax(a)	(379		)	(955		)	(473		)
Other comprehensive income (loss) attributable to noncontrolling interests, net of tax(a)	58			(15		)	23
Balance at end of period	$	(2,355	)	$	(2,034	)	$	(1,064	)
Defined Benefit Plans
Balance at beginning of period	$	(5,999	)	$	(7,006	)	$	(2,501	)
Other comprehensive income (loss) before reclassification adjustment	(1,546		)	817			(6,477		)
Tax expense (benefit)	(459		)	41			(1,854		)
Other comprehensive income (loss) before reclassification adjustment, net of tax	(1,087		)	776			(4,623		)
Reclassification adjustment, net of tax(a)(c)	118			235			118
Other comprehensive income (loss), net of tax	(969		)	1,011			(4,505		)
Other comprehensive loss attributable to noncontrolling interests, net of tax(a)	—			(4		)	—
Balance at end of period	$	(6,968	)	$	(5,999	)	$	(7,006	)

__________

(a) The income tax effect was insignificant in the years ended December 31, 2016, 2015 and 2014.

(b) Related to the Russia exit in the year ended December 31, 2015. Included in Automotive cost of sales. Refer to Note 17 for additional information.

(c) Included in the computation of net periodic pension and OPEB (income) expense. Refer to Note 14 for additional information.