SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

Dividends

During the three months ended September 30, 2015, the Company declared and paid cash dividends of $0.20 per share, or $26 million. During the nine months ended September 30, 2015, the Company declared and paid cash dividends of $0.60 per share, or $78 million.

Common Stock Repurchase

In September 2012, the Board of Directors authorized a $250 million share repurchase program, which was completed in July 2014. In May 2014, the Board of Directors authorized a $650 million share repurchase program, which was completed in October 2015. In August 2015, the Board of Directors authorized a $1 billion share repurchase program, which began in October 2015.

Share repurchase activity (in millions, except share amounts):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
2014 Repurchase Program - $650 million	1,588,251	$	119	3,438,723	$	159	5,649,805	$	381	3,438,723	$	159
2012 Repurchase Program - $250 million	—	$	—	5,268	$	—	—	$	—	1,819,304	$	83
Total	1,588,251	$	119	3,443,991	$	159	5,649,805	$	381	5,258,027	$	242

Accumulated Other Comprehensive Loss

Components of accumulated other comprehensive income (loss), net of tax (in millions):

	September 30, 2015			December 31, 2014
Marketable securities	$	1		$	—
Employee benefit plans	(291		)	(298		)
Interest rate derivatives	(13		)	(12		)
Total	$	(303	)	$	(310	)

Earnings Per Share (EPS)

Diluted EPS is calculated by dividing net income by the average number of common shares outstanding plus the number of additional common shares that would have been outstanding assuming the exercise of in-the-money stock options and restricted stock units, using the treasury-stock method. For the three and nine months ended September 30, 2015 and 2014, anti-dilutive shares excluded from the calculation of EPS were not material.