Equity (Tables) | 9 Months Ended |
Sep. 30, 2013 |
Changes In Equity | ' |
Changes in equity for the three months ended September 30, 2013 and 2012 are as follows: |
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Three months ended September 30, 2013 | | Shareholders’ equity | | | Non-controlling | | | Total | |
In millions | | Outstanding | | | Common | | | Additional | | | Retained | | | Accumulated | | | interests | | equity |
shares | stock | paid-in | earnings | other | | |
| | capital | | comprehensive | | |
| | | | income (loss) | | |
Balance at June 30, 2013 | | | 177.4 | | | $ | 2 | | | $ | 3,275 | | | $ | 257 | | | $ | (225 | ) | | $ | 9 | | | $ | 3,318 | |
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Net income | | | 0 | | | | 0 | | | | 0 | | | | 80 | | | | 0 | | | | 0 | | | | 80 | |
Other comprehensive income | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 37 | | | | 0 | | | | 37 | |
Dividends declared | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Non-controlling interest distribution | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | (5 | ) | | | (5 | ) |
Sale of non-controlling interest | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | (2 | ) | | | (2 | ) |
Share-based employee compensation | | | 0 | | | | 0 | | | | 5 | | | | 0 | | | | 0 | | | | 0 | | | | 5 | |
Exercises of stock options | | | 0.4 | | | | 0 | | | | 11 | | | | 0 | | | | 0 | | | | 0 | | | | 11 | |
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Balance at September 30, 2013 | | | 177.8 | | | $ | 2 | | | $ | 3,291 | | | $ | 337 | | | $ | (188 | ) | | $ | 2 | | | $ | 3,444 | |
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Three months ended September 30, 2012 | | Shareholders’ equity | | | Non-controlling | | | Total | |
In millions | | Outstanding | | | Common | | | Additional | | | Retained | | | Accumulated | | | interests | | equity |
shares | stock | paid-in | earnings | other | | |
| | capital | | comprehensive | | |
| | | | income (loss) | | |
Balance at June 30, 2012 | | | 173.5 | | | $ | 2 | | | $ | 3,179 | | | $ | 269 | | | $ | (285 | ) | | $ | 21 | | | $ | 3,186 | |
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Net income | | | 0 | | | | 0 | | | | 0 | | | | 51 | | | | 0 | | | | 0 | | | | 51 | |
Other comprehensive income | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 44 | | | | 0 | | | | 44 | |
Dividends declared | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Non-controlling interest distribution | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | (1 | ) | | | (1 | ) |
Purchase of non-controlling interest | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Share-based employee compensation | | | 0 | | | | 0 | | | | 6 | | | | 0 | | | | 0 | | | | 0 | | | | 6 | |
Exercises of stock options | | | 1.2 | | | | 0 | | | | 28 | | | | 0 | | | | 0 | | | | 0 | | | | 28 | |
Spin-off of C&OP business | | | 0 | | | | 0 | | | | 0 | | | | 14 | | | | 0 | | | | 0 | | | | 14 | |
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Balance at September 30, 2012 | | | 174.7 | | | $ | 2 | | | $ | 3,213 | | | $ | 334 | | | $ | (241 | ) | | $ | 20 | | | $ | 3,328 | |
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Changes in equity for the nine months ended September 30, 2013 and 2012 are as follows: |
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Nine months ended September 30, 2013 | | Shareholders’ equity | | | Non-controlling | | | Total | |
In millions | | Outstanding | | | Common | | | Additional | | | Retained | | | Accumulated | | | interests | | equity |
shares | stock | paid-in | earnings | other | | |
| | capital | | comprehensive | | |
| | | | income (loss) | | |
Balance at December 31, 2012 | | | 175.4 | | | $ | 2 | | | $ | 3,234 | | | $ | 308 | | | $ | (184 | ) | | $ | 18 | | | $ | 3,378 | |
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Net income | | | 0 | | | | 0 | | | | 0 | | | | 162 | | | | 0 | | | | (2 | ) | | | 160 | |
Other comprehensive loss | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | (4 | ) | | | 0 | | | | (4 | ) |
Dividends declared | | | 0 | | | | 0 | | | | 0 | | | | (133 | ) | | | 0 | | | | 0 | | | | (133 | ) |
Non-controlling interest distribution | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | (7 | ) | | | (7 | ) |
Purchase of non-controlling interest | | | 0 | | | | 0 | | | | (8 | ) | | | 0 | | | | 0 | | | | (5 | ) | | | (13 | ) |
Sale of non-controlling interest | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | (2 | ) | | | (2 | ) |
Share-based employee compensation | | | 0.2 | | | | 0 | | | | 11 | | | | 0 | | | | 0 | | | | 0 | | | | 11 | |
Exercises of stock options | | | 2.2 | | | | 0 | | | | 54 | | | | 0 | | | | 0 | | | | 0 | | | | 54 | |
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Balance at September 30, 2013 | | | 177.8 | | | $ | 2 | | | $ | 3,291 | | | $ | 337 | | | $ | (188 | ) | | $ | 2 | | | $ | 3,444 | |
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Nine months ended September 30, 2012 | | Shareholders’ equity | | | Non-controlling | | | Total | |
In millions | | Outstanding | | | Common | | | Additional | | | Retained | | | Accumulated | | | interests | | equity |
shares | stock | paid-in | earnings | other | | |
| | capital | | comprehensive | | |
| | | | income (loss) | | |
Balance at December 31, 2011 | | | 170.9 | | | $ | 2 | | | $ | 3,153 | | | $ | 292 | | | $ | (265 | ) | | $ | 19 | | | $ | 3,201 | |
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Net income | | | 0 | | | | 0 | | | | 0 | | | | 188 | | | | 0 | | | | 3 | | | | 191 | |
Other comprehensive income | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 24 | | | | 0 | | | | 24 | |
Dividends declared | | | 0 | | | | 0 | | | | 0 | | | | (130 | ) | | | 0 | | | | 0 | | | | (130 | ) |
Non-controlling interest distribution | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | (2 | ) | | | (2 | ) |
Purchase of non-controlling interest | | | 0 | | | | 0 | | | | (4 | ) | | | 0 | | | | 0 | | | | 0 | | | | (4 | ) |
Share-based employee compensation | | | 1.3 | | | | 0 | | | | 10 | | | | 0 | | | | 0 | | | | 0 | | | | 10 | |
Exercises of stock options | | | 2.5 | | | | 0 | | | | 54 | | | | 0 | | | | 0 | | | | 0 | | | | 54 | |
Spin-off of C&OP business | | | 0 | | | | 0 | | | | 0 | | | | (16 | ) | | | 0 | | | | 0 | | | | (16 | ) |
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Balance at September 30, 2012 | | | 174.7 | | | $ | 2 | | | $ | 3,213 | | | $ | 334 | | | $ | (241 | ) | | $ | 20 | | | $ | 3,328 | |
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Changes in Accumulated Other Comprehensive Income or Loss | ' |
Changes in accumulated other comprehensive loss by component for the three months ended September 30, 2013 and 2012 are as follows: |
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Three months ended September 30, 2013 | | | | | | | | | | | | | | | | | | | | | | | | |
In millions | | Foreign currency | | | Pension and other | | | Derivative | | | Total | | | | | | | | | | | | | |
translation1 | benefit plans1 | instruments1 | | | | | | | | | | | | |
Balance as of June 30, 2013 | | $ | (65 | ) | | $ | (160 | ) | | $ | 0 | | | $ | (225 | ) | | | | | | | | | | | | |
Other comprehensive income (loss) before reclassifications | | | 26 | | | | 12 | | | | (2 | ) | | | 36 | | | | | | | | | | | | | |
Amounts reclassified from accumulated other comprehensive income (loss) | | | 0 | | | | 1 | | | | 0 | | | | 1 | | | | | | | | | | | | | |
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Other comprehensive income (loss), net | | | 26 | | | | 13 | | | | (2 | ) | | | 37 | | | | | | | | | | | | | |
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Balance as of September 30, 2013 | | $ | (39 | ) | | $ | (147 | ) | | $ | (2 | ) | | $ | (188 | ) | | | | | | | | | | | | |
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Three months ended September 30, 2012 | | | | | | | | | | | | | | | | | | | | | | | | |
In millions | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of June 30, 2012 | | $ | (14 | ) | | $ | (265 | ) | | $ | (6 | ) | | $ | (285 | ) | | | | | | | | | | | | |
Other comprehensive income before reclassifications | | | 35 | | | | 0 | | | | 0 | | | | 35 | | | | | | | | | | | | | |
Amounts reclassified from accumulated other comprehensive income (loss) | | | 0 | | | | 7 | | | | 2 | | | | 9 | | | | | | | | | | | | | |
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Other comprehensive income, net | | | 35 | | | | 7 | | | | 2 | | | | 44 | | | | | | | | | | | | | |
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Balance as of September 30, 2012 | | $ | 21 | | | $ | (258 | ) | | $ | (4 | ) | | $ | (241 | ) | | | | | | | | | | | | |
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1 | All amounts are net of tax. | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2013 and 2012 are as follows: |
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Nine months ended September 30, 2013 | | | | | | | | | | | | | | | | | | | | | | | | |
In millions | | Foreign currency | | | Pension and other | | | Derivative | | | Total | | | | | | | | | | | | | |
translation1 | benefit plans1 | instruments1 | | | | | | | | | | | | |
Balance as of December 31, 2012 | | $ | 25 | | | $ | (205 | ) | | $ | (4 | ) | | $ | (184 | ) | | | | | | | | | | | | |
Other comprehensive (loss) income before reclassifications | | | (64 | ) | | | 35 | | | | (1 | ) | | | (30 | ) | | | | | | | | | | | | |
Amounts reclassified from accumulated other comprehensive income (loss) | | | 0 | | | | 23 | | | | 3 | | | | 26 | | | | | | | | | | | | | |
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Other comprehensive (loss) income, net | | | (64 | ) | | | 58 | | | | 2 | | | | (4 | ) | | | | | | | | | | | | |
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Balance as of September 30, 2013 | | $ | (39 | ) | | $ | (147 | ) | | $ | (2 | ) | | $ | (188 | ) | | | | | | | | | | | | |
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Nine months ended September 30, 2012 | | | | | | | | | | | | | | | | | | | | | | | | |
In millions | | | | | | | | | | | | | | | | | | | | | | | | |
Balance as of December 31, 2011 | | $ | 50 | | | $ | (307 | ) | | $ | (8 | ) | | $ | (265 | ) | | | | | | | | | | | | |
Other comprehensive (loss) income before reclassifications | | | (29 | ) | | | 40 | | | | (3 | ) | | | 8 | | | | | | | | | | | | | |
Amounts reclassified from accumulated other comprehensive income (loss) | | | 0 | | | | 9 | | | | 7 | | | | 16 | | | | | | | | | | | | | |
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Other comprehensive (loss) income, net | | | (29 | ) | | | 49 | | | | 4 | | | | 24 | | | | | | | | | | | | | |
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Balance as of September 30, 2012 | | $ | 21 | | | $ | (258 | ) | | $ | (4 | ) | | $ | (241 | ) | | | | | | | | | | | | |
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1 | All amounts are net of tax. | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reclassifications Out of Accumulated Other Comprehensive Loss | ' |
Reclassifications out of accumulated other comprehensive loss for the three months ended September 30, 2013 and 2012 are as follows: |
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Details about accumulated other comprehensive income | | Amounts reclassified from | | | Affected line item in the consolidated | | | | | | | | | | | | | | | | | | |
components | accumulated other comprehensive loss | statements of operations | | | | | | | | | | | | | | | | | | |
| | Three months ended | | | | | | | | | | | | | | | | | | | | | |
| | September 30, | | | | | | | | | | | | | | | | | | | | | |
In millions | | 2013 | | | 2012 | | | | | | | | | | | | | | | | | | | | | |
Derivative instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency cash flow hedges | | $ | 0 | | | $ | 1 | | | Net sales | | | | | | | | | | | | | | | | | | |
Natural gas cash flow hedges | | | 0 | | | | (4 | ) | | Cost of sales | | | | | | | | | | | | | | | | | | |
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Total before tax | | | 0 | | | | (3 | ) | | | | | | | | | | | | | | | | | | | | |
Tax benefit | | | 0 | | | | 1 | | | | | | | | | | | | | | | | | | | | | |
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Total, net of tax | | $ | 0 | | | $ | (2 | ) | | | | | | | | | | | | | | | | | | | | |
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Amortization of pension and other benefit plan items | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Prior service income | | $ | (1 | ) | | $ | (1 | ) | | Cost of sales and selling, general and administrative expenses | | | | | | | | | | | | | | | | | | |
Net actuarial loss | | | (3 | ) | | | (12 | ) | | Cost of sales and selling, general and administrative expenses | | | | | | | | | | | | | | | | | | |
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Total before tax | | | (4 | ) | | | (13 | ) | | | | | | | | | | | | | | | | | | | | |
Tax benefit | | | 3 | | | | 6 | | | | | | | | | | | | | | | | | | | | | |
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Total, net of tax | | $ | (1 | ) | | $ | (7 | ) | | | | | | | | | | | | | | | | | | | | |
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Total reclassifications for the period, net of tax | | $ | (1 | ) | | $ | (9 | ) | | | | | | | | | | | | | | | | | | | | |
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Reclassifications out of accumulated other comprehensive loss for the nine months ended September 30, 2013 and 2012 are as follows: |
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Details about accumulated other comprehensive income | | Amounts reclassified from | | | Affected line item in the consolidated | | | | | | | | | | | | | | | | | | |
components | accumulated other comprehensive loss | statements of operations | | | | | | | | | | | | | | | | | | |
| | Nine months ended | | | | | | | | | | | | | | | | | | | | | |
| | September 30, | | | | | | | | | | | | | | | | | | | | | |
In millions | | 2013 | | | 2012 | | | | | | | | | | | | | | | | | | | | | |
Derivative instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency cash flow hedges | | $ | (1 | ) | | $ | 3 | | | Net sales | | | | | | | | | | | | | | | | | | |
Natural gas cash flow hedges | | | (3 | ) | | | (14 | ) | | Cost of sales | | | | | | | | | | | | | | | | | | |
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Total before tax | | | (4 | ) | | | (11 | ) | | | | | | | | | | | | | | | | | | | | |
Tax benefit | | | 1 | | | | 4 | | | | | | | | | | | | | | | | | | | | | |
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Total, net of tax | | $ | (3 | ) | | $ | (7 | ) | | | | | | | | | | | | | | | | | | | | |
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Amortization of pension and other benefit plan items | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Prior service (cost) income | | $ | (2 | ) | | $ | 21 | | | Cost of sales and selling, general and administrative expenses | | | | | | | | | | | | | | | | | | |
Net actuarial loss | | | (35 | ) | | | (37 | ) | | Cost of sales and selling, general and administrative expenses | | | | | | | | | | | | | | | | | | |
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Total before tax | | | (37 | ) | | | (16 | ) | | | | | | | | | | | | | | | | | | | | |
Tax benefit | | | 14 | | | | 7 | | | | | | | | | | | | | | | | | | | | | |
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Total, net of tax | | $ | (23 | ) | | $ | (9 | ) | | | | | | | | | | | | | | | | | | | | |
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Total reclassifications for the period, net of tax | | $ | (26 | ) | | $ | (16 | ) | | | | | | | | | | | | | | | | | | | | |
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