Shareholders' Equity

12 Months Ended

Dec. 31, 2015

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, 2015 and 2014, the Company had approximately 120.8 million shares and 79.4 million shares, respectively, of its common shares in treasury.  Treasury stock of $4.7 billion and $2.7 billion at December 31, 2015 and 2014, respectively, is recorded at cost as a reduction of common stock.

Included in the foreign currency translation adjustment component of AOCI is a $19 million net of tax income pertaining to foreign currency-denominated debt designated as a net investment hedge (see Note 4 for more information).

The following tables set forth the changes in AOCI by component and the reclassifications out of AOCI for the years ended December 31, 2015 and 2014:

	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, 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	)
Other comprehensive income before reclassifications	(984		)	(53		)	87			20			(930		)
Amounts reclassified from AOCI	23			(46		)	67			—			44
Tax effect	(11		)	37			(47		)	2			(19		)
Net of tax amount	(972		)	(62		)	107			22			(905		)
Balance at December 31, 2015	$	(1,626	)	$	(15	)	$	(523	)	$	18		$	(2,146	)

The change in foreign currency translation adjustment is primarily due to the U.S. dollar appreciation, mainly impacting the Euro-denominated equity of the Company’s foreign subsidiaries.

	Amounts reclassified from AOCI Year Ended December 31									Affected line item in the consolidated statement of earnings
Details about AOCI components	2015			2014			2013
	(In millions)
Foreign currency translation adjustment
	$	23		$	—		$	—		Other income/expense
	—			—			—			Tax
	$	23		$	—		$	—		Net of tax
Deferred loss (gain) on hedging activities
	$	25		$	124		$	41		Cost of products sold
	(29		)	(5		)	(1		)	Other income/expense
	(1		)	(1		)	1			Interest expense
	(41		)	69			(4		)	Revenues
	(46		)	187			37			Total before tax
	17			(70		)	(14		)	Tax on reclassifications
	$	(29	)	$	117		$	23		Net of tax
Pension liability adjustment
Amortization of defined benefit pension items:
Prior service credit (loss)	$	37		$	(15	)	$	(15	)
Actuarial losses	30			36			75
	67			21			60			Total before tax
	(44		)	(7		)	(23		)	Tax on reclassifications
	$	23		$	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

The foreign currency translation adjustment reclassified to earnings in 2015 is due to foreign currency translation loss recognized upon the acquisition of the remaining interest in Eaststarch C.V. partially offset by foreign currency translation gain recognized upon the sale of the global cocoa and chocolate businesses.