Shareholders' Equity

12 Months Ended

Dec. 31, 2011

Shareholders' Equity [Abstract]

Shareholders' Equity

L. SHAREHOLDERS' EQUITY

Authorized Stock. Our authorized capital stock consists of 500 million shares of $1 per share par value common stock and 50 million shares of $1 per share par value preferred stock. The preferred stock is issuable in series, with the rights, preferences and limitations of each series to be determined by our board of directors.

Shares Issued and Outstanding. We had 481,880,634 shares of common stock issued on December 31, 2010 and 2011. We had 372,052,313 and 356,437,880 shares of common stock outstanding on December 31, 2010, and 2011, respectively.No shares of our preferred stock were outstanding on either date. The only changes in our shares outstanding during 2011 resulted from shares issued under our equity compensation plans (see Note O for further discussion) and shares repurchased in the open market. In 2011, we repurchased 20 million shares at an average price of $69 per share. On October 5, 2011, our board of directors authorized our management to repurchase up to an additional 10 million shares, about 3 percent of our total shares outstanding.

Dividends per Share. Dividends declared per share were $1.52 in 2009, $1.68 in 2010 and $1.88 in 2011.

Accumulated Other Comprehensive Income. Accumulated other comprehensive income (loss) (AOCI) consisted of the following:

		Gross Balance			Deferred Taxes (a)			Net Balance		Gross Balance			Deferred Taxes (a)			Net Balance
	December 31, 2010								December 31, 2011
Unrealized gains on securities	$	6		$	(2	)	$	4	$	5		$	(2	)	$	3
Foreign currency translation adjustment		1,040			(147	)		893		951			(129	)		822
Pension plans (b)		(3,457	)		1,178			(2,279)		(4,532	)		1,542			(2,990)
Other post-retirement plans (b)		(210	)		72			(138)		(264	)		92			(172)
Gains on cash flow hedges		112			(28	)		84		31			(6	)		25
Total AOCI	$	(2,509	)	$	1,073		$	(1,436)	$	(3,809	)	$	1,497		$	(2,312)

(a) The amount of income tax expense (benefit) reported in other comprehensive income was $244 in 2009, ($251) in 2010 and ($424) in 2011.

(b) We recognize an asset or liability on the balance sheet for the full funded status of our defined-benefit retirement plans. The difference between the cumulative benefit cost recognized and the full funded status of these plans is recorded directly to AOCI, net of tax. See Note P for further discussion.