XML 114 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stockholders' Equity
 6 Months Ended
Jun. 30, 2013
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
Stockholders’ Equity 
Share Repurchase Program
In December 2012, the company's Board of Directors authorized a $1,000 share buyback plan. In February 2013, the company entered into an accelerated share repurchase (ASR) agreement with a financial institution under which the company used $1,000 of the proceeds from the sale of Performance Coatings for the purchase of shares of common stock. The 2012 $1,000 share buyback plan was completed in the second quarter 2013 through the ASR agreement, under which the company purchased and retired 20.4 million shares as of June 30, 2013.

During the six months ended June 30, 2012, the company paid $400 for the purchase and receipt of shares of common stock. During 2012, the company purchased and retired 7.8 million shares in connection with this agreement. These purchases completed the 2001 $2,000 share buyback plan and began purchases under the 2011 $2,000 share buyback plan authorized by the company's Board of Directors in April 2011. Under the completed 2001 plan, the company purchased a total of 42.0 million shares. Under the 2011 plan, the company has purchased 5.5 million shares at a total cost of $284 as of June 30, 2013. There is no required completion date for the purchases under the 2011 plan.

Noncontrolling Interest
In May 2012, the company completed the acquisition of the remaining 28 percent interest in the Solae, LLC joint venture from Bunge Limited for $447. As the purchase of the remaining interest did not result in a change of control, the difference between the carrying value of the noncontrolling interest of $378 and the consideration paid, net of taxes of $78, was recorded as a $9 increase to additional paid-in capital.





Other Comprehensive Income
A summary of the changes in other comprehensive income for the three and six months ended June 30, 2013 and 2012 is provided as follows:
 
Three Months Ended
Three Months Ended
Affected Line Item in Consolidated Income Statements1
 
June 30, 2013
June 30, 2012
 
Pre-Tax
Tax
After-Tax
Pre-Tax
Tax
After-Tax
 
Cumulative translation adjustment
$
(14
)
$
—

$
(14
)
$
(412
)
$
—

$
(412
)
 
Net revaluation and clearance of cash flow hedges to earnings:
 
 
 
 
 
 
 
Additions and revaluations of derivatives designated as cash flow hedges
(8
)
2

(6
)
38

(15
)
23

See (2) below
Clearance of hedge results to earnings:
 
 
 
 
 
 
 
Foreign currency contracts
(7
)
3

(4
)
(3
)
1

(2
)
Net Sales
Commodity contracts
(11
)
4

(7
)
(20
)
9

(11
)
Cost of goods sold
Net revaluation and clearance of cash flow hedges to earnings
(26
)
9

(17
)
15

(5
)
10

 
Pension benefit plans:
 
 
 
 
 
 
 
Net gain
—

—

—

4

7

11

See (2) below
Prior service cost
—

—

—

—

(1
)
(1
)
See (2) below
Reclassifications to net income:
 
 
 
 
 
 
 
Amortization of prior service cost
3

(1
)
2

3

(1
)
2

See (3) below
Amortization of loss
239

(82
)
157

220

(77
)
143

See (3) below
Pension benefit plans, net
242

(83
)
159

227

(72
)
155

 
Other benefit plans:
 
 
 
 
 
 
 
Net gain
28

(9
)
19

—

—

—

See (2) below
Reclassifications to net income:
 
 
 
 
 
 
 
Amortization of prior service benefit
(46
)
17

(29
)
(30
)
9

(21
)
See (3) below
Amortization of (gain) loss
(2
)
—

(2
)
22

(7
)
15

See (3) below
Other benefit plans, net
(20
)
8

(12
)
(8
)
2

(6
)
 
Net unrealized gain on securities
3

(1
)
2

1

(1
)
—

 
Other comprehensive income (loss)
$
185

$
(67
)
$
118

$
(177
)
$
(76
)
$
(253
)
 










 
Six Months Ended
Six Months Ended
Affected Line Item in Consolidated Income Statements1
 
June 30, 2013
June 30, 2012
 
Pre-Tax
Tax
After-Tax
Pre-Tax
Tax
After-Tax
 
Cumulative translation adjustment
$
(223
)
$
—

$
(223
)
$
(242
)
$
—

$
(242
)
 
Net revaluation and clearance of cash flow hedges to earnings:
 
 
 
 
 
 
 
Additions and revaluations of derivatives designated as cash flow hedges
(24
)
9

(15
)
36

(15
)
21

See (2) below
Clearance of hedge results to earnings:
 
 
 
 
 
 
 
Foreign currency contracts
(3
)
1

(2
)
(6
)
2

(4
)
Net Sales
Commodity contracts
(25
)
10

(15
)
(49
)
21

(28
)
Cost of goods sold
Net revaluation and clearance of cash flow hedges to earnings
(52
)
20

(32
)
(19
)
8

(11
)
 
Pension benefit plans:
 
 
 
 
 
 
 
Net gain (loss)
56

(14
)
42

(19
)
10

(9
)
See (2) below
Prior service benefit
—

—

—

22

(8
)
14

See (2) below
Reclassifications to net income:
 
 

 
 

 
Amortization of prior service cost
6

(2
)
4

7

(2
)
5

See (3) below
Amortization of loss
480

(164
)
316

439

(152
)
287

See (3) below
Curtailment loss
1

—

1

—

—

—

See (3) below
Settlement loss
152

(45
)
107

—

—

—

See (3) below
Pension benefit plans, net
695

(225
)
470

449

(152
)
297

 
Other benefit plans:
 
 
 
 
 
 
 
Net gain
45

(15
)
30

—

—

—

See (2) below
Reclassifications to net income:
 
 
 
 
 
 
 
Amortization of prior service benefit
(94
)
34

(60
)
(60
)
20

(40
)
See (3) below
Amortization of loss
25

(9
)
16

44

(15
)
29

See (3) below
Curtailment gain
(154
)
54

(100
)
—

—

—

See (3) below
Settlement loss
1

—

1

—

—

—

See (3) below
Other benefit plans, net
(177
)
64

(113
)
(16
)
5

(11
)
 
Net unrealized gain on securities
1

(1
)
—

2

(1
)
1

 
Other comprehensive income
$
244

$
(142
)
$
102

$
174

$
(140
)
$
34

 

1 
Represents the income statement line item within the interim Consolidated Income Statement affected by the pre-tax reclassification out of other comprehensive income (loss).
2 
These amounts represent changes in accumulated other comprehensive income excluding changes due to reclassifying amounts to the interim Consolidated Income Statements.
3 
These accumulated other comprehensive income components are included in the computation of net periodic benefit cost of the company's pension and other long-term employee benefit plans. See Note 12 for additional information.












The changes and after-tax balances of components comprising accumulated other comprehensive income (loss) are summarized below:

 
Cumulative Translation Adjustment
Net Revaluation and Clearance of Cash Flow Hedges to Earnings
Pension Benefit Plans
Other Benefit Plans
Unrealized Gain (Loss) on Securities
Total
2013
 

 

 

 

 

 

Balance January 1, 2013
$
(167
)
$
3

$
(8,686
)
$
202

$
2

$
(8,646
)
Other comprehensive income before reclassifications
(223
)
(15
)
42

30

1

(165
)
Amounts reclassified from accumulated other comprehensive income (loss)
—

(17
)
428

(143
)
(1
)
267

Balance June 30, 2013
$
(390
)
$
(29
)
$
(8,216
)
$
89

$
2

$
(8,544
)

 
Cumulative Translation Adjustment
Net Revaluation and Clearance of Cash Flow Hedges to Earnings
Pension Benefit Plans
Other Benefit Plans
Unrealized Gain on Securities
Total
2012
 

 

 

 

 

 

Balance January 1, 2012
$
(244
)
$
41

$
(8,276
)
$
(274
)
$
3

$
(8,750
)
Other comprehensive income before reclassifications
(242
)
20

(20
)
(1
)
—

(243
)
Amounts reclassified from accumulated other comprehensive income (loss)
—

(32
)
292

(11
)
1

250

Balance June 30, 2012
$
(486
)
$
29

$
(8,004
)
$
(286
)
$
4

$
(8,743
)