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Stockholders' Equity
 9 Months Ended
Sep. 30, 2014
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
Stockholders’ Equity 
Share Repurchase Program
In January 2014, the company's Board of Directors authorized a $5,000 share buyback plan that replaced the 2011 plan. There is no required completion date for purchases under the 2014 plan. In February and August 2014, the company entered into two separate accelerated share repurchase ("ASR") agreements. The February 2014 ASR agreement was completed in the second quarter of 2014, under which the company purchased and retired 15.1 million shares for $1,000. Under the terms of the August 2014 ASR agreement, the company paid $700 to the financial institution and received and retired an initial delivery of 8.6 million shares, which represents 80 percent of the $700 notional amount of the agreement. The purchase price per share and final number of shares retired will be determined using the volume-weighted price of the company’s stock over the term of the ASR agreement. The August 2014 ASR will be completed in the fourth quarter 2014. In addition to the ASR agreements, during the three and nine months ended September 30, 2014, the company repurchased and retired 3.1 million shares and 4.7 million shares in the open market for a total cost of $203 and $300, respectively.

In December 2012, the company's Board of Directors authorized a $1,000 share buyback plan. In February 2013, the company entered into an ASR agreement 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.

Other Comprehensive (Loss) Income
A summary of the changes in other comprehensive (loss) income for the three and nine months ended September 30, 2014 and 2013 is provided as follows:
 
Three Months Ended
Three Months Ended
Affected Line Item in Consolidated Income Statements1
 
September 30, 2014
September 30, 2013
 
Pre-Tax
Tax
After-Tax
Pre-Tax
Tax
After-Tax
 
Cumulative translation adjustment
$
(428
)
$
—

$
(428
)
$
177

$
—

$
177

 
Net revaluation and clearance of cash flow hedges to earnings:
 
 
 
 
 
 
 
Additions and revaluations of derivatives designated as cash flow hedges
(3
)
2

(1
)
(15
)
6

(9
)
See (2) below
Clearance of hedge results to earnings:
 
 
 
 
 
 
 
Foreign currency contracts
(2
)
1

(1
)
1

—

1

Net sales
Net revaluation and clearance of cash flow hedges to earnings
(5
)
3

(2
)
(14
)
6

(8
)
 
Pension benefit plans:
 
 
 
 
 
 
 
Net loss
(5
)
1

(4
)
(4
)
—

(4
)
See (2) below
Prior service (cost) benefit
(1
)
—

(1
)
62

(22
)
40

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

—

1

2

—

2

See (3) below
Amortization of loss
151

(52
)
99

244

(83
)
161

See (3) below
Settlement loss
2

(1
)
1

—

—

—

See (3) below
Pension benefit plans, net
148

(52
)
96

304

(105
)
199

 
Other benefit plans:
 
 
 
 
 
 
 
Net (loss) gain
(33
)
10

(23
)
95

(34
)
61

See (2) below
Prior service benefit
50

(1
)
49

199

(69
)
130

See (2) below
Reclassifications to net income:
 
 
 
 
 
 
 
Amortization of prior service benefit
(54
)
18

(36
)
(48
)
16

(32
)
See (3) below
Amortization of loss
15

(6
)
9

26

(9
)
17

See (3) below
Other benefit plans, net
(22
)
21

(1
)
272

(96
)
176

 
Other comprehensive (loss) income
$
(307
)
$
(28
)
$
(335
)
$
739

$
(195
)
$
544

 


 
Nine Months Ended
Nine Months Ended
Affected Line Item in Consolidated Income Statements1
 
September 30, 2014
September 30, 2013
 
Pre-Tax
Tax
After-Tax
Pre-Tax
Tax
After-Tax
 
Cumulative translation adjustment
$
(559
)
$
—

$
(559
)
$
(46
)
$
—

$
(46
)
 
Net revaluation and clearance of cash flow hedges to earnings:
 
 
 
 
 
 
 
Additions and revaluations of derivatives designated as cash flow hedges
23

(8
)
15

(39
)
15

(24
)
See (2) below
Clearance of hedge results to earnings:
 
 
 
 
 
 
 
Foreign currency contracts
—

—

—

(2
)
1

(1
)
Net sales
Commodity contracts
29

(11
)
18

(25
)
10

(15
)
Cost of goods sold
Net revaluation and clearance of cash flow hedges to earnings
52

(19
)
33

(66
)
26

(40
)
 
Pension benefit plans:
 
 
 
 
 
 
 
Net (loss) gain
(107
)
34

(73
)
52

(14
)
38

See (2) below
Prior service (cost) benefit
(1
)
—

(1
)
62

(22
)
40

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

—

2

8

(2
)
6

See (3) below
Amortization of loss
450

(155
)
295

724

(247
)
477

See (3) below
Curtailment loss
4

(1
)
3

1

—

1

See (3) below
Settlement loss
4

(1
)
3

152

(45
)
107

See (3) below
Pension benefit plans, net
352

(123
)
229

999

(330
)
669

 
Other benefit plans:
 
 
 
 
 
 
 
Net (loss) gain
(33
)
10

(23
)
140

(49
)
91

See (2) below
Prior service benefit
50

(1
)
49

199

(69
)
130

See (2) below
Reclassifications to net income:
 
 
 
 
 
 
 
Amortization of prior service benefit
(160
)
56

(104
)
(142
)
50

(92
)
See (3) below
Amortization of loss
43

(15
)
28

51

(18
)
33

See (3) below
Curtailment gain
—

—

—

(154
)
54

(100
)
See (3) below
Settlement loss
—

—

—

1

—

1

See (3) below
Other benefit plans, net
(100
)
50

(50
)
95

(32
)
63

 
Net unrealized gain on securities
—

—

—

1

(1
)
—

 
Other comprehensive (loss) income
$
(255
)
$
(92
)
$
(347
)
$
983

$
(337
)
$
646

 


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 loss excluding changes due to reclassifying amounts to the interim Consolidated Income Statements.
3 
These accumulated other comprehensive loss 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 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 on Securities
Total
2014
 

 

 

 

 

 

Balance January 1, 2014
$
(140
)
$
(48
)
$
(5,749
)
$
494

$
2

$
(5,441
)
Other comprehensive (loss) income before reclassifications
(559
)
15

(74
)
26

—

(592
)
Amounts reclassified from accumulated other comprehensive loss
—

18

302

(76
)
—

244

Balance September 30, 2014
$
(699
)
$
(15
)
$
(5,521
)
$
444

$
2

$
(5,789
)

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

 

 

 

 

 

Balance January 1, 2013
$
(167
)
$
3

$
(8,686
)
$
202

$
2

$
(8,646
)
Other comprehensive (loss) income before reclassifications
(46
)
(24
)
78

221

—

229

Amounts reclassified from accumulated other comprehensive income (loss)
—

(16
)
591

(158
)
—

417

Balance September 30, 2013
$
(213
)
$
(37
)
$
(8,017
)
$
265

$
2

$
(8,000
)