Stockholders' Equity

6 Months Ended

Jun. 30, 2020

Stockholders' Equity Note [Abstract]

Stockholders' Equity [Text Block]

Note 11 – Stockholders’ Equity

Stockholder Rights Agreement

On March 19, 2020, our board of directors approved the adoption of a limited duration stockholder rights agreement (Rights Agreement) and declared a distribution of one preferred stock purchase right for each outstanding share of common stock. The Rights Agreement is intended to protect the interests of us and our stockholders by reducing the likelihood of another party gaining control of or significant influence over us without paying an appropriate premium considering recent volatile markets. Each preferred stock purchase right represents the right to purchase, upon certain terms and conditions, one one-thousandth of a share of Series C Participating Cumulative Preferred Stock, $1.00 par value per share. Each one-thousandth of a share of Series C Participating Cumulative Preferred Stock, if issued, would

have rights similar to one share of our common stock. The distribution of preferred stock purchase rights occurred on March 30, 2020, to holders of record as of the close of business on that date. The Rights Agreement expires on March 20, 2021. Please see our Current Report on Form 8-K dated March 20, 2020, for additional details of the Rights Agreement.

AOCI

The following table presents the changes in AOCI by component, net of income taxes:

	Cash Flow Hedges			Foreign Currency Translation			Pension and Other Postretirement Benefits			Total
	(Millions)
Balance at December 31, 2019	$	(2	)	$	(1	)	$	(196	)	$	(199	)
Other comprehensive income (loss) before reclassifications	—			—			9			9
Amounts reclassified from accumulated other comprehensive income (loss)	—			—			14			14
Other comprehensive income (loss)	—			—			23			23
Balance at June 30, 2020	$	(2	)	$	(1	)	$	(173	)	$	(176	)

Reclassifications out of AOCI are presented in the following table by component for the six months ended June 30, 2020:

Component	Reclassifications			Classification
	(Millions)
Pension and other postretirement benefits:
Amortization of actuarial (gain) loss and net actuarial loss from settlements included in net periodic benefit cost (credit)	$	19		Other income (expense) – net below Operating income (loss)
Income tax benefit	(5		)	Provision (benefit) for income taxes
Reclassifications during the period	$	14