SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

Dividends

During the three months ended March 31, 2016, the Company declared and paid cash dividends of $0.275 per share, or $34 million.

Common Stock Repurchase

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.

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

	Three Months Ended March 31,
	2016			2015
	Shares	Amount		Shares	Amount
2015 Repurchase Program - $1 billion	1,721,413	$	127	—	$	—
2014 Repurchase Program - $650 million	—	$	—	1,580,747	$	102
Total	1,721,413	$	127	1,580,747	$	102

Accumulated Other Comprehensive Loss

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

	March 31, 2016			December 31, 2015
Marketable securities	$	5		$	(3	)
Employee benefit plans	(285		)	(288		)
Interest rate derivatives	(14		)	(12		)
Total	$	(294	)	$	(303	)

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 months ended March 31, 2016 and 2015, anti-dilutive shares excluded from the calculation of EPS were not material.