STOCKHOLDERS' EQUITY

Share Repurchase Program

2015 Share Buyback Plan

In the first quarter 2015, DuPont announced its intention to buy back shares of about $4,000 using the distribution proceeds received from Chemours. In connection with the completion of the spin-off of Chemours, the Board of Directors authorized the use of the distribution proceeds to buy back shares of the company's common stock as follows: $2,000 to be purchased and retired by December 31, 2015 with the remainder to be purchased and retired by December 31, 2016. In August 2015, the company entered an accelerated share repurchase (ASR) agreement. Under the terms of the August 2015 ASR agreement, the company paid $2,000 to the financial institution and received and retired 35 million shares at an average price of $57.16 per share.

2014 Share Buyback Plan

In January 2014, the company's Board of Directors authorized a $5,000 share buyback plan. There is no required completion date for purchases under this plan. In February and August 2014, the company entered 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. The August 2014 ASR agreement was completed in the fourth quarter of 2014, under which the company purchased and retired 10.4 million shares for $700. In addition to the ASR agreements, for the years ended December 31, 2015 and 2014, the company repurchased and retired 4.6 million and 4.7 million shares in the open market for a total cost of $353 and $300, respectively. As of December 31, 2015 the company has purchased 34.7 million shares at a total cost of $2,353 under the plan. There is no required completion date for the remaining stock purchases.

2012 Share Buyback Plan

In December 2012, the company's Board of Directors authorized a $1,000 share buyback plan. In 2013, the company entered into an 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 and retirement 20.4 million shares of common stock.

Common stock held in treasury is recorded at cost. When retired, the excess of the cost of treasury stock over its par value is allocated between reinvested earnings and additional paid-in capital.

Set forth below is a reconciliation of common stock share activity for the years ended December 31, 2015, 2014 and 2013:



Shares of common stock	Issued		Held In Treasury
Balance January 1, 2013	1,020,057,000		(87,041,000	)
Issued	14,370,000		—
Repurchased	—		(20,400,000	)
Retired	(20,400,000	)	20,400,000
Balance December 31, 2013	1,014,027,000		(87,041,000	)
Issued	8,103,000		—
Repurchased	—		(30,110,000	)
Retired	(30,110,000	)	30,110,000
Balance December 31, 2014	992,020,000		(87,041,000	)
Issued	5,932,000		—
Repurchased	—		(39,564,000	)
Retired	(39,564,000	)	39,564,000
Balance December 31, 2015	958,388,000		(87,041,000	)

Noncontrolling Interest

In September 2015, the company obtained a controlling interest in a joint venture included in the Performance Materials segment. Accordingly, the company consolidated the entity at December 31, 2015 and recorded the fair value of the noncontrolling interest in the amount of $151 in the Consolidated Balance Sheet.

Other Comprehensive Income

A summary of the pre-tax, tax, and after-tax effects of the components of other comprehensive (loss) income for the years ended December 31, 2015, 2014, and 2013 is provided as follows:



For the year ended December 31,	2015									2014									2013									Affected Line Item in Consolidated Income Statements
	Pre-Tax			Tax			After-Tax			Pre-Tax			Tax			After-Tax			Pre-Tax			Tax			After-Tax
Cumulative translation adjustment⁽¹⁾	$	(1,605	)	$	—		$	(1,605	)	$	(876	)	$	—		$	(876	)	$	25		$	—		$	25
Net revaluation and clearance of cash flow hedges to earnings:
Additions and revaluations of derivatives designated as cash flow hedges	(37		)	12			(25		)	53			(20		)	33			(58		)	22			(36		)	See (2) below
Clearance of hedge results to earnings:
Foreign currency contracts	(10		)	4			(6		)	(15		)	5			(10		)	(1		)	—			(1		)	Net sales
Commodity contracts	22			(9		)	13			30			(11		)	19			(24		)	10			(14		)	Cost of goods sold
Net revaluation and clearance of cash flow hedges to earnings	(25		)	7			(18		)	68			(26		)	42			(83		)	32			(51		)
Pension benefit plans:
Net (loss) gain	(57		)	10			(47		)	(4,131		)	1,497			(2,634		)	3,293			(1,136		)	2,157			See (2) below
Prior service benefit	—			—			—			44			(11		)	33			62			(22		)	40			See (2) below
Effect of foreign exchange rates	119			(33		)	86			—			—			—			—			—			—			See (2) below
Reclassifications to net income:
Amortization of prior service (benefit) cost	(9		)	2			(7		)	2			—			2			8			(2		)	6			See (3) below
Amortization of loss	768			(273		)	495			601			(209		)	392			957			(331		)	626			See (3) below
Curtailment (gain) loss	(6		)	3			(3		)	4			(1		)	3			1			—			1			See (3) below
Settlement loss	76			(26		)	50			7			(2		)	5			152			(45		)	107			See (3) below
Pension benefit plans, net	891			(317		)	574			(3,473		)	1,274			(2,199		)	4,473			(1,536		)	2,937
Other benefit plans:
Net gain (loss)	4			(1		)	3			(280		)	100			(180		)	513			(184		)	329			See (2) below
Prior service benefit	—			—			—			50			(1		)	49			211			(72		)	139			See (2) below
Effect of foreign exchange rates	(1		)	1			—			—			—			—			—			—			—			See (2) below
Reclassifications to net income:
Amortization of prior service benefit	(182		)	64			(118		)	(214		)	76			(138		)	(195		)	69			(126		)	See (3) below
Amortization of loss	78			(27		)	51			57			(20		)	37			76			(27		)	49			See (3) below
Curtailment gain	(274		)	98			(176		)	—			—			—			(154		)	54			(100		)	See (3) below
Settlement loss	—			—			—			—			—			—			1			—			1			See (3) below
Other benefit plans, net	(375		)	135			(240		)	(387		)	155			(232		)	452			(160		)	292
Net unrealized (loss) gain on securities:
Unrealized (loss) gain on securities arising during the period	(17		)	—			(17		)	—			—			—			1			(1		)	—			See (4) below
Reclassification of gain realized in net income	(2		)	—			(2		)	—			—			—			—			—			—			Other income, net
Net unrealized (loss) gain on securities	(19		)	—			(19		)	—			—			—			1			(1		)	—
Other comprehensive (loss) income	$	(1,133	)	$	(175	)	$	(1,308	)	$	(4,668	)	$	1,403		$	(3,265	)	$	4,868		$	(1,665	)	$	3,203


^1.	The increase in currency translation adjustment losses over prior year for the years ended December 31, 2015 and 2014, is driven by the strengthening USD against primarily the Euro and Brazilian Real. For the year ended December 31, 2015, the increase over prior year is also due to changes in certain foreign entity's functional currency as described in Note 1.


^2.	These amounts represent changes in accumulated other comprehensive (loss) income excluding changes due to reclassifying amounts to the 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 18 for additional information.


^4.	The unrealized loss on securities during the year ended December 31, 2015 is due to the re-measurement of USD denominated marketable securities held by certain foreign entities at December 31, 2015 with a corresponding offset to cumulative translation adjustment.

Tax (expense) benefit recorded in Stockholders' Equity was $(138), $1,461 and $(1,617) for the years 2015, 2014 and 2013, respectively. Included in these amounts were tax benefits of $37, $58 and $48 for the years 2015, 2014 and 2013, respectively, associated with stock compensation programs. The remainder consists of amounts recorded within other comprehensive income as shown in the table above.

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 (Loss) on Securities			Total
2013
Balance January 1, 2013	$	(70	)	$	3		$	(8,632	)	$	202		$	2		$	(8,495	)
Other comprehensive income (loss) before reclassifications	27			(36		)	2,197			468			—			2,656
Amounts reclassified from accumulated other comprehensive income (loss)	—			(15		)	740			(176		)	—			549
Balance December 31, 2013	$	(43	)	$	(48	)	$	(5,695	)	$	494		$	2		$	(5,290	)
2014
Other comprehensive income (loss) before reclassifications	(876		)	33			(2,601		)	(131		)	—			(3,575		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			9			401			(101		)	—			309
Balance December 31, 2014	$	(919	)	$	(6	)	$	(7,895	)	$	262		$	2		$	(8,556	)
2015
Other comprehensive income (loss) before reclassifications	(1,605		)	(25		)	39			3			(17		)	(1,605		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			7			535			(243		)	(2		)	297
Spin-off of Chemours	191			—			278			—			(1		)	468
Balance December 31, 2015	$	(2,333	)	$	(24	)	$	(7,043	)	$	22		$	(18	)	$	(9,396	)