Shareholders' Equity

12 Months Ended

Dec. 31, 2014

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Shareholders' Equity

Shareholders' Equity

The Company has authorized one billion shares of common stock and 500,000 shares of preferred stock, each with zero par value.  No preferred stock has been issued.  At December 31, 2014 and 2013, the Company had approximately 79.4 million shares and 57.5 million shares, respectively, of its common shares in treasury.  Treasury stock of $2.7 billion and $1.6 billion at December 31, 2014 and 2013, respectively, is recorded at cost as a reduction of common stock.

Included in the foreign currency translation adjustment component of AOCI, is a $43 million net of tax loss pertaining to a foreign currency-denominated debt that was designated as a net investment hedge on October 27, 2014.

The following tables set forth the changes in AOCI by component and the reclassifications out of AOCI for the years ended December 31, 2014 and 2013:

	Foreign Currency Translation Adjustment			Deferred Gain (Loss) on Hedging Activities			Pension and Other Postretirement Benefit Liabilities Adjustment			Unrealized Gain (Loss) on Investments			Accumulated Other Comprehensive Income (Loss)
							(In millions)
Balance at December 31, 2012	$	136		$	4		$	(590	)	$	—		$	(450	)
Other comprehensive income before reclassifications	131			(35		)	354			(157		)	293
Amounts reclassified from AOCI	—			37			60			157			254
Tax effect	2			(1		)	(154		)	(1		)	(154		)
Net of tax amount	133			1			260			(1		)	393
Balance at December 31, 2013	$	269		$	5		$	(330	)	$	(1	)	$	(57	)
Other comprehensive income before reclassifications	(953		)	(119		)	(485		)	(11		)	(1,568		)
Amounts reclassified from AOCI	—			187			21			6			214
Tax effect	30			(26		)	164			2			170
Net of tax amount	(923		)	42			(300		)	(3		)	(1,184		)
Balance at December 31, 2014	$	(654	)	$	47		$	(630	)	$	(4	)	$	(1,241	)

	Amount reclassified from AOCI
	Year Ended December 31						Affected line item in the consolidated
Details about AOCI components	2014			2013			statement of earnings
	(In millions)
Deferred loss (gain) on hedging activities
	$	124		$	41		Cost of products sold
	(5		)	(1		)	Other income/expense
	(1		)	1			Interest expense
	69			(4		)	Revenues
	187			37			Total before tax
	(70		)	(14		)	Tax on reclassifications
	$	117		$	23		Net of tax
Pension liability adjustment
Amortization of defined benefit pension items:
Prior service credit	$	(15	)	$	(15	)
Actuarial losses	36			75
	21			60			Total before tax
	(7		)	(23		)	Tax on reclassifications
	$	14		$	37		Net of tax
Unrealized loss on investments
	$	6		$	157		Asset impairment, exit, and restructuring costs
	(2		)	(3		)	Tax on reclassifications
	$	4		$	154		Net of tax