Additional Shareholders' Equity Information

12 Months Ended

Dec. 31, 2016

Additional Shareholders' Equity Information [Abstract]

Additional Shareholders' Equity Information

Note 17. Additional Shareholders’ Equity Information

Activity in shares of our common stock and treasury stock was as follows:

	Year Ended December 31,
	2016		2015
Common Stock Shares Issued
Shares, Beginning of Period	469,718,512		402,329,325
Exercise of Common Stock Options	954,898		343,145
Restricted Stock Awards, Net of Forfeitures	687,017		1,847,802
Public Equity Offering	—		24,150,000
Shares Exchanged in Rosetta Merger	—		41,048,240
Shares, End of Period	471,360,427		469,718,512
Treasury Stock
Shares, Beginning of Period	37,925,625		37,635,890
Shares Received From Employees in Payment of Withholding Taxes Due on Vesting of Shares of Restricted Stock	236,700		490,744
Rabbi Trust Shares Distributed and/or Sold	(201,009	)	(201,009	)
Shares, End of Period	37,961,316		37,925,625

Equity Offering On March 3, 2015, we closed an underwritten public offering of 21 million shares of common stock, par value $0.01 per share, at a price of $47.50 per share. In addition, on March 25, 2015, we completed the issuance of an additional 3.15 million shares of common stock, par value $0.01 per share, in connection with the exercise of the option of the underwriters to purchase additional shares of common stock. The aggregate net proceeds of the offerings were approximately $1.1 billion (after deducting underwriting discounts and commissions and offering expenses).

We used approximately $150 million of the net proceeds to repay outstanding indebtedness under our Revolving Credit Facility, which had been drawn for short-term purposes on February 27, 2015. The remainder of the net proceeds was used for general corporate purposes, including the funding of our capital investment program.

In accordance with our accounting policy, we excluded the intra-quarter Revolving Credit Facility activity from gross presentation in our consolidated statements of cash flows. We use net presentation when such activity includes short maturities (i.e., less than 90 days) with quick turnover.

Accumulated Other Comprehensive Loss Accumulated other comprehensive loss in the shareholders’ equity section of the balance sheet included:

	Accumulated Other Comprehensive Loss
(millions)		Interest Rate  Cash Flow Hedges			Pension- Related and  Other			Total
December 31, 2013		$	(24	)	$	(93	)	$	(117	)
Realized Amounts Reclassified Into Earnings		1			11			12
Unrealized Change in Fair Value		—			15			15
December 31, 2014		(23		)	(67		)	(90		)
Realized Amounts Reclassified Into Earnings		1			62			63
Unrealized Change in Fair Value		—			(6		)	(6		)
December 31, 2015		(22		)	(11		)	(33		)
Realized Amounts Reclassified Into Earnings		1			4			5
Unrealized Change in Fair Value		—			(3		)	(3		)
December 31, 2016		$	(21	)	$	(10	)	$	(31	)

All amounts in the table above are reported net of tax, using an effective income tax rate of 35%.

AOCL at December 31, 2016 included deferred losses of $21 million, net of tax, related to interest rate derivative instruments. This amount is being reclassified to earnings as an adjustment to interest expense over the term of our senior notes due March 2041.