Halliburton 2013 Annual Report Download - page 81

Download and view the complete annual report

Please find page 81 of the 2013 Halliburton annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 102

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102

65
Note 10. Shareholders’ Equity
Shares of common stock
The following table summarizes total shares of common stock outstanding:
December 31
Millions of shares
2013
2012
Issued
1,072
1,073
In treasury
(223
)
(144
)
Total shares of common stock outstanding
849
929
In July 2013, our Board of Directors increased the authorization to purchase Halliburton common stock under our
stock repurchase program by $4.3 billion, to a new total repurchase capacity of $5.0 billion. In August 2013, we repurchased
approximately 68 million shares of our common stock for an aggregate cost of $3.3 billion at a purchase price of $48.50 per
share, excluding fees and expenses, pursuant to a modified Dutch auction cash tender offer. Including the shares purchased
pursuant to the tender offer, during the year ended December 31, 2013, we repurchased approximately 93 million shares of our
common stock for a total cost of approximately $4.4 billion at an average price of $47.02 per share.
As of December 31, 2013, approximately $1.7 billion of purchase authorization remained available under the stock
repurchase program. The program does not require a specific number of shares to be purchased and the program may be
effected through solicited or unsolicited transactions in the market or in privately negotiated transactions. The program may be
terminated or suspended at any time. From the inception of this program in February 2006 through December 31, 2013, we
repurchased approximately 188 million shares of our common stock for approximately $7.6 billion at an average price per share
of $40.52.
Preferred stock
Our preferred stock consists of five million total authorized shares at December 31, 2013, of which none are issued.
Accumulated other comprehensive loss
Accumulated other comprehensive loss consisted of the following:
December 31
Millions of dollars
2013
2012
Defined benefit and other postretirement liability adjustments (a)
$
(241
)
$
(241
)
Cumulative translation adjustment
(69
)
(69
)
Other
3
1
Total accumulated other comprehensive loss
$
(307
)
$
(309
)
(a) Included net actuarial losses for our international pension plans of $222 million at
December 31, 2013 and $208 million at December 31, 2012.
Amounts reclassified out of accumulated other comprehensive loss and the tax effects allocated to each component of
other comprehensive income were not material for the year ended December 31, 2013 or 2012.
Note 11. Stock-based Compensation
The following table summarizes stock-based compensation costs for the years ended December 31, 2013, 2012, and
2011.
Year Ended December 31
Millions of dollars
2013
2012
2011
Stock-based compensation cost
$
264
$
217
$
198
Tax benefit
(81
)
(67
)
(61
)
Stock-based compensation cost, net of tax
$
183
$
150
$
137