SHAREHOLDER'S EQUITY

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

SHAREHOLDER'S EQUITY

NOTE 9. SHAREHOLDERS' EQUITY

Common Stock Changes

During the second quarter of 2014, shareholders voted to increase the number of authorized shares from 100 million to 200 million shares, and reduce the par value of common stock from $1 per share to $0.01 per share, and the Board of Directors declared a two-for-one stock split by means of a stock distribution. The additional shares were distributed on July 9, 2014, to the shareholders of record on June 23, 2014.

Dividends

During 2015, the Board of Directors declared dividends of $0.80 per share. The Company paid dividends of $102 million to shareholders of record during 2015.

Subsequent to year-end, the Board of Directors declared a quarterly cash dividend of $0.275 per share to be paid on March 8, 2016 to shareholders of record as of February 23, 2016. This is a 38% increase from the most recent quarterly dividends of $0.20 per share.

Common Stock Repurchase

In August 2015, the Board of Directors authorized a $1 billion share repurchase program, which does not have a set expiration date. In May 2014, the Board of Directors authorized a $650 million share repurchase program, which was completed in October 2015. In September 2012, the Board of Directors authorized a $250 million share repurchase program, which was completed in July 2014.

Share repurchase activity (in millions, except shares):

	2015			2014			2013
	Shares	Amount		Shares	Amount		Shares	Amount
2015 $1 billion Repurchase Program	1,517,277	$	120	—	$	—	—	$	—
2014 $650 million Repurchase Program	5,691,051	$	385	5,497,427	$	265	—	$	—
2012 $250 million Repurchase Program	—	—		1,819,304	83		4,984,186	159
Total	7,208,328	$	505	7,316,731	$	348	4,984,186	$	159

Retirement of Treasury Shares

In 2015, the Company retired 4,016,654 common shares that had been held in treasury. At December 31, 2015, the Company held 3,266,774 shares in treasury. Management does not anticipate retiring common shares held in treasury for the foreseeable future.

Accumulated Other Comprehensive Loss (AOCL)

AOCL consisted of the following (in millions, net of tax):  

	2015			2014
Related to marketable securities	(3		)	—
Related to employee benefit plans	(288		)	(298		)
Related to interest rate derivatives	(12		)	(12		)
	$	(303	)	$	(310	)