v3.6.0.2
Stockholders' Equity
 12 Months Ended
Dec. 31, 2016
Stockholders' Equity

Note 12 – Stockholders’ Equity

At December 31, 2016 and 2015, our authorized capital was composed of 1.5 billion shares of common stock and 50 million shares of series preferred stock. Of the 290 million shares of common stock issued and outstanding as of December 31, 2016, 289 million shares were considered outstanding for consolidated balance sheet presentation purposes; the remaining shares were held in a separate trust. Of the 305 million shares of common stock issued and outstanding as of December 31, 2015, 303 million shares were considered outstanding for consolidated balance sheet presentation purposes; the remaining shares were held in a separate trust. No shares of preferred stock were issued and outstanding at December 31, 2016 or 2015.

Repurchases of Common Stock

During 2016, we repurchased 8.9 million shares of our common stock for $2.1 billion. During 2015 and 2014, we paid $3.1 billion and $1.9 billion to repurchase 15.2 million and 11.5 million shares of our common stock.

On September 22, 2016, our Board of Directors approved a $2.0 billion increase to our share repurchase program. Inclusive of this increase, the total remaining authorization for future common share repurchases under our program was $3.5 billion as of December 31, 2016. As we repurchase our common shares, we reduce common stock for the $1 of par value of the shares repurchased, with the excess purchase price over par value recorded as a reduction of additional paid-in capital. Due to the volume of repurchases made under our share repurchase program, additional paid-in capital was reduced to zero, with the remainder of the excess purchase price over par value of $1.7 billion and $2.4 billion recorded as a reduction of retained earnings in 2016 and 2015.

We paid dividends totaling $2.0 billion ($6.77 per share) in 2016, $1.9 billion ($6.15 per share) in 2015 and $1.8 billion ($5.49 per share) in 2014. We have increased our quarterly dividend rate in each of the last three years, including a 10% increase in the quarterly dividend rate in the fourth quarter of 2016. We declared quarterly dividends of $1.65 per share during each of the first three quarters of 2016 and $1.82 per share during the fourth quarter of 2016; $1.50 per share during each of the first three quarters of 2015 and $1.65 per share during the fourth quarter of 2015; and $1.33 per share during each of the first three quarters of 2014 and $1.50 per share during the fourth quarter of 2014.

 

Accumulated Other Comprehensive Loss

Changes in the balance of AOCL, net of income taxes, consisted of the following (in millions):

 

     Postretirement  
Benefit Plans  		     Other, net            AOCL         

Balance at December 31, 2013 (a)

     $  (9,649)              $  48                   $  (9,601)         

Other comprehensive loss before reclassifications

     (2,870)              (103)                  (2,973)         

Amounts reclassified from AOCL

      

Recognition of net actuarial losses

     806               —                   806          

Amortization of net prior service credits

     (100)              —                   (100)         

Other

     —               (2)                  (2)         

Total reclassified from AOCL

     706               (2)                  704          

Total other comprehensive loss

     (2,164)              (105)                  (2,269)         

Balance at December 31, 2014 (a)

     (11,813)              (57)                  (11,870)         

Other comprehensive loss before reclassifications

     (351)              (73)                  (424)         

Amounts reclassified from AOCL

      

Recognition of net actuarial losses

     1,109               —                   1,109          

Amortization of net prior service credits

     (259)              —                   (259)         

Total reclassified from AOCL

     850               —                   850          

Total other comprehensive income (loss)

     499               (73)                  426          

Balance at December 31, 2015 (a)

     (11,314)              (130)                  (11,444)         

Other comprehensive loss before reclassifications

     (1,232)              —                   (1,232)         

Amounts reclassified from AOCL

      

Recognition of net actuarial losses

     938               —                   938          

Amortization of net prior service credits

     (239)              —                   (239)         

Recognition of net prior service credits from divestiture of IS&GS segment (b)

     (134)              —                   (134)         

Other (b)

     —               9                   9          

Total reclassified from AOCL

     565               9                   574          

Total other comprehensive (loss) income

     (667)              9                   (658)         

Balance at December 31, 2016 (a)

     $(11,981)              $(121)                  $(12,102)         

 

(a)

AOCL related to postretirement benefit plans is shown net of tax benefits at December 31, 2016, 2015 and 2014 of $6.5 billion, $6.2 billion and $6.4 billion. These tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes, which will be recognized on our tax returns in future years. See “Note 9 – Income Taxes” and “Note 11 –Postretirement Plans” for more information on our income taxes and postretirement benefit plans.
(b) 

Associated with the divesture of the IS&GS business and included in net gain on divestiture of discontinued operations.