Annual Report 2008 - Financials


(in millions, except share data in thousands)	Common Stock Shares		Common Stock Amount			Additional Paid-In- Capital			Treasury Stock Shares		Treasury Stock Amount			Retained Earnings			AOCL⁽¹⁾			Total
Balance at December 31, 2005	945,106		$	945		$	3,796		(13,917	)	$	(203	)	$	3,021		$	(1,240	)	$	6,319
Net income	—			—			—		—			—			1,210			—			1,210
Translation adjustments	—			—			—		—			—			—			485			485
Minimum pension liability	—			—			—		—			—			—			131			131
Other unrealized gains	—			—			—		—			—			—			1			1
Comprehensive income																				$	1,827
Adjustment to initially apply FAS 158, net	—			—			—		—			—			—			(1,024	)		(1,024	)
Stock option and incentive plans, net	10,256			11			156		—			—			—			—			167
Series C mandatory convertible preferred stock dividends ($6.25 per share)	—			—			—		—			—			(29	)		—			(29	)
Series C mandatory convertible preferred stock conversion	74,797			75			814		—			—			—			—			889
Payments to acquire treasury stock	—			—			—		(70,111	)		(1,069	)		—			—			(1,069	)
Cancellation of treasury stock	(75,665	)		(75	)		(1,056	)	75,665			1,131			—			—			—
Other	74			—			—		—			—			—			—			—
Balance at December 31, 2006	954,568		$	956		$	3,710		(8,363	)	$	(141	)	$	4,202		$	(1,647	)	$	7,080
Net income	—			—			—		—			—			1,135			—			1,135
Translation adjustments	—			—			—		—			—			—			501			501
Cumulative Effect of Change in Accounting Principles	—			—			—		—			—			(9	)		—			(9	)
Changes in defined benefit plans⁽²⁾	—			—			—		—			—			—			382			382
Other unrealized losses	—			—			—		—			—			—			(1	)		(1	)
Comprehensive income																				$	2,008
Cash dividends declared on common stock ($0.0425 per share)	—			—			—		—			—			(40	)		—			(40	)
Stock option and incentive plans, net	7,588			7			165		—			—			—			—			172
Payments to acquire treasury stock	—			—			—		(36,638	)		(632	)		—			—			(632	)
Cancellation of treasury stock	(43,165	)		(43	)		(699	)	43,165			742			—			—			—
Other	22			—			—		—			—			—			—			—
Balance at December 31, 2007	919,013		$	920		$	3,176		(1,836	)	$	(31	)	$	5,288		$	(765	)	$	8,588
Net income	—			—			—		—			—			230			—			230
Translation adjustments	—			—			—		—			—			—			(1,364	)		(1,364	)
Cumulative Effect of Change in Accounting Principles	—			—			—		—			—			(25	)		—			(25	)
Changes in defined benefit plans⁽²⁾	—			—			—		—			—			—			(286	)		(286	)
Other unrealized losses	—			—			—		—			—			—			(1	)		(1	)
Comprehensive loss																				$	(1,446	)
Cash dividends declared on common stock ($0.17 per share)	—			—			—		—			—			(152	)		—			(152	)
Stock option and incentive plans, net	4,442			5			55		—			—			—			—			60
Payments to acquire treasury stock	—			—			—		(56,842	)		(812	)		—			—			(812	)
Cancellation of treasury stock	(58,678	)		(59	)		(784	)	58,678			843			—			—			—
Balance at December 31, 2008	864,777		$	866		$	2,447		—			—			5,341		$	(2,416	)	$	6,238

⁽¹⁾ Refer to Note 1 “Accumulated Other Comprehensive Loss (AOCL)” section for additional information.

⁽²⁾ Refer to Note 1 “Benefit Plans Accounting” section for additional information.

The accompanying notes are an integral part of these Consolidated Financial Statements.