Stockholders' Equity

12 Months Ended

Dec. 31, 2014

Stockholders' Equity

Note 10 – Stockholders’ Equity

At December 31, 2014 and 2013, our authorized capital was composed of 1.5 billion shares of common stock and 50 million shares of series preferred stock. Of the 316 million shares of common stock issued and outstanding as of December 31, 2014, 314 million shares were considered outstanding for Balance Sheet presentation purposes; the remaining shares were held in a separate trust. Of the 321 million shares of common stock issued and outstanding as of December 31, 2013, 319 million shares were considered outstanding for Balance Sheet presentation purposes; the remaining shares were held in a separate trust. No shares of preferred stock were issued and outstanding at December 31, 2014 or 2013.

Repurchases of Common Stock

During 2014, we repurchased 11.5 million shares of our common stock for $1.9 billion. During 2013 and 2012, we paid $1.8 billion and $990 million to repurchase 16.2 million and 11.1 million shares of our common stock. We reduced stockholders’ equity by $1.7 billion and $1.0 billion which represents the 16.0 million and 11.3 million shares of common stock we committed to repurchase during 2013 and 2012. Of the shares we committed to during 2012, a portion settled in cash during January 2013.

In September 2014, our Board of Directors approved a $2.0 billion increase to our share repurchase program. Inclusive of this increase, the total remaining authorization for future common share repurchases under our program was $3.7 billion as of December 31, 2014. As we repurchase our common shares, we reduce common stock for the $1 of par value of the shares repurchased, with the excess purchase price over par value recorded as a reduction of additional paid-in capital. Due to the volume of repurchases made under our share repurchase program, additional paid-in capital was reduced to zero, with the remainder of the excess purchase price over par value of $1.1 billion and $434 million recorded as a reduction of retained earnings in 2014 and 2013.

Accumulated Other Comprehensive Loss

Changes in the balance of AOCL, net of income taxes, consisted of the following (in millions):

	Postretirement   Benefit Plans		Other, net		AOCL
Balance at December 31, 2011 (a)		$ (11,186)		$ (71)		$ (11,257)
Other comprehensive (loss) income before reclassifications		(3,204)		105		(3,099)
Amounts reclassified from AOCL
Recognition of net actuarial losses		819		—		819
Amortization of net prior service costs		39		—		39
Other		—		5		5
Total reclassified from AOCL		858		5		863
Total other comprehensive (loss) income		(2,346)		110		(2,236)
Balance at December 31, 2012 (a)		(13,532)		39		(13,493)
Other comprehensive income before reclassifications		2,868		11		2,879
Amounts reclassified from AOCL
Recognition of net actuarial losses		973		—		973
Amortization of net prior service costs		42		—		42
Other		—		(2)		(2)
Total reclassified from AOCL		1,015		(2)		1,013
Total other comprehensive income		3,883		9		3,892
Balance at December 31, 2013 (a)		(9,649)		48		(9,601)
Other comprehensive loss before reclassifications		(2,870)		(103)		(2,973)
Amounts reclassified from AOCL
Recognition of net actuarial losses		806		—		806
Amortization of net prior service credits		(100)		—		(100)
Other		—		(2)		(2)
Total reclassified from AOCL		706		(2)		704
Total other comprehensive loss		(2,164)		(105)		(2,269)
Balance at December 31, 2014 (a)		$ (11,813)		$ (57)		$ (11,870)

^(a)  AOCL related to postretirement benefit plans is shown net of tax benefits at December 31, 2014, 2013 and 2012 of $6.4 billion, $5.3 billion and $7.4 billion. These tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes, which will be recognized on our tax returns in future years. See Note 7 and Note 9 for more information on our income taxes and postretirement benefit plans.