SHAREHOLDER'S EQUITY

12 Months Ended

Dec. 31, 2013

Equity [Abstract]

SHAREHOLDER'S EQUITY

SHAREHOLDERS' EQUITY

Dividends

During 2013, the Board of Directors declared dividends of $0.40 per share. The Company paid dividends of $28 million to shareholders of record during 2013.

Subsequent to year-end, the Board of Directors declared a quarterly cash dividend of $0.25 per share to be paid on March 11, 2014 to shareholders of record as of February 25, 2014. This is a 25% increase from the most recent quarterly dividends of $0.20 per share.

Common Stock Repurchase

In September 2012, the Board of Directors authorized a $250 million share repurchase program, which does not have an expiration date, but is expected to be completed by December 2014. In February 2012, the Board of Directors authorized a $50 million share repurchase program, which was completed in September 2012. In June 2011, the Board of Directors authorized a $50 million share repurchase program, which was completed in January 2012. In June 2010, the Board of Directors authorized a $50 million share repurchase program, which was completed in April 2011.

Share repurchase activity for the three years ending December 31 (in millions, except shares):

	2013			2012			2011
	Shares	Amount		Shares	Amount		Shares	Amount
$250 million Repurchase Program	2,492,093	$	159	202,510	$	8	—	$	—
2012 Repurchase Program	—	—		1,437,101	50		—	—
2011 Repurchase Program	—	—		46,340	2		1,595,000	48
2010 Repurchase Program	—	—		—	—		1,023,600	31
Total	2,492,093	$	159	1,685,951	$	60	2,618,600	$	79

Retirement of Treasury Shares

In 2013, the Company retired 2,471,355 common shares that had been held in treasury. At December 31, 2013, the Company held 20,738 shares in treasury.

Accumulated Other Comprehensive Loss (AOCL)

AOCL consisted of the following at December 31, 2013 (in millions, net of tax):  

	2013			2012
Unrealized gain on marketable securities considered available-for-sale	$	—		$	7
Related to employee benefit plans	(173		)	(423		)
Related to interest rate derivatives	(10		)	(20		)
	$	(183	)	$	(436	)