XML 21 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
EARNINGS PER SHARE ("EPS") AND EQUITY (Notes)
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Equity and Earnings Per Share [Text Block]
NOTE 4. EARNINGS PER SHARE (“EPS”) AND EQUITY
Earnings Per Share
We calculate basic earnings per share ("EPS") using net earnings for the period and the weighted average number of outstanding shares of our common stock, par value $0.10 per share, during the period. Basic weighted average shares outstanding have decreased due to share repurchases. Diluted earnings per share computations, as calculated under the treasury stock method, include the weighted average number of shares of additional outstanding common stock issuable for stock options, restricted stock awards and restricted stock units whether or not currently exercisable. Diluted earnings per share does not include securities if their effect was anti-dilutive. Basic and diluted weighted average shares outstanding were as follows (in millions):
 
Three Months Ended
September 30,

Nine Months Ended
September 30,
 
2016

2015

2016

2015
Basic weighted average common shares outstanding
129

 
132

 
129

 
132

Dilutive effect of stock options, restricted stock and restricted stock units (1)
2

 
2

 
—

 
—

Diluted weighted average common shares outstanding
131

 
134

 
129

 
132



(1) Excludes the following securities because their inclusion would have been anti-dilutive:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2016
 
2015
 
2016
 
2015
Stock options
1

 
1

 
1

 
1

Restricted stock
—

 
—

 
1

 
—

Restricted stock units
—

 
—

 
1

 
1


Equity
Share Repurchases
In January 2016, we repurchased approximately 1.2 million shares of our common stock at a weighted average cost of $15.29 per share for an aggregate amount of $18 million.

Dividends per Share
Dividends declared per share were $0.25 for each of the three-month periods ended September 30, 2016 and 2015 and $0.75 for each of the nine month periods ended September 30, 2016 and 2015. Cash dividends declared were $33 million and $34 million for the three month periods ended September 30, 2016 and 2015, respectively and $99 million and $101 million for the nine month periods ended September 30, 2016 and 2015, respectively.
Accumulated Other Comprehensive Income (Loss) ("AOCI")
The changes in accumulated other comprehensive loss are as follows (in millions):
 
Foreign Currency Translation
 
Pension and Other Postretirement Plan Unrecognized Net Gain
 
Net Unrealized (Loss) Gain on Derivatives
 
Net Unrealized Gain on Securities
 
Total
Balance December 31, 2014
$
(12
)
 
$
2

 
$
(12
)
 
$
—

 
$
(22
)
Other comprehensive (loss) income before reclassifications
(14
)
 
—

 
6

 
—

 
(8
)
Amounts reclassified from accumulated other comprehensive loss
—

 
—

 
—

 
—

 
—

Net current period comprehensive (loss) income
(14
)
 
—

 
6

 
—

 
(8
)
Balance September 30, 2015
$
(26
)
 
$
2

 
$
(6
)
 
$
—

 
$
(30
)
 
 
 
 
 
 
 
 
 
 
Balance December 31, 2015
$
(34
)
 
$
2

 
$
(2
)
 
$
—

 
$
(34
)
Other comprehensive income (loss) before reclassifications
6

 
—

 
(20
)
 
—

 
(14
)
Amounts reclassified from accumulated other comprehensive loss
(5
)
 
—

 
—

 
—

 
(5
)
Net current period comprehensive income (loss)
1

 
—

 
(20
)
 
—

 
(19
)
Balance September 30, 2016
$
(33
)
 
$
2

 
$
(22
)
 
$
—

 
$
(53
)
Amount Reclassified from Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income Component
 
Nine Months Ended September 30, 2016
 
Affected Line Item in the Consolidated Statement of Operations
 
 
 
 
 
Foreign currency translation
 
$
5

 
Gain on asset sales
 
 
5

 
Total before tax
 
 
—

 
Tax benefit
Total reclassifications
 
$
5

 
Net of tax