SHAREHOLDER'S EQUITY

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

SHAREHOLDER'S EQUITY

NOTE 10. SHAREHOLDERS' EQUITY

Common Stock Changes

During the second quarter of 2014, shareholders voted to increase the number of authorized shares from 100 million to 200 million shares, and reduce the par value of common stock from $1 per share to $0.01 per share, and the Board of Directors declared a two-for-one stock split by means of a stock distribution. The additional shares were distributed on July 9, 2014, to the shareholders of record on June 23, 2014. All historical share and per share information has been recast to reflect the changes in the Company's equity structure.

Dividends

During 2014, the Board of Directors declared dividends of $0.50 per share. The Company paid dividends of $68 million to shareholders of record during 2014.

Subsequent to year-end, the Board of Directors declared a quarterly cash dividend of $0.20 per share to be paid on March 10, 2015 to shareholders of record as of February 24, 2015. This is a 60% increase from the most recent quarterly dividends of $0.125 per share.

Common Stock Repurchase

In May 2014, the Board of Directors authorized a $650 million share repurchase program, which does not have a set expiration date. In September 2012, the Board of Directors authorized a $250 million share repurchase program, which was completed in July 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.

Share repurchase activity (in millions, except shares):

	2014			2013			2012
	Shares	Amount		Shares	Amount		Shares	Amount
2014 $650 million Repurchase Program	5,497,427	$	265	—	$	—	—	$	—
2012 $250 million Repurchase Program	1,819,304	83		4,984,186	159		405,020	8
2012 $50 million Repurchase Program	—	—		—	—		2,874,202	50
2011 $50 million Repurchase Program	—	—		—	—		92,680	2
Total	7,316,731	$	348	4,984,186	$	159	3,371,902	$	60

Retirement of Treasury Shares

In 2014, the Company retired 7,283,107 common shares that had been held in treasury. At December 31, 2014, the Company held 75,100 shares in treasury.

Accumulated Other Comprehensive Loss (AOCL)

AOCL consisted of the following (in millions, net of tax):  

	2014			2013
Related to marketable securities	—			—
Related to employee benefit plans	(298		)	(173		)
Related to interest rate derivatives	(12		)	(10		)
	$	(310	)	$	(183	)