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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 Statements1
 
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
)