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E. I. du Pont de Nemours and Company
Notes to the Consolidated Financial Statements (continued)
(Dollars in millions, except per share)
F-36
17. STOCKHOLDERS' EQUITY
Share Repurchase Program
2015 Share Buyback Plan
In the first quarter 2015, DuPont announced its intention to buy back shares of about $4,000 using the distribution proceeds received
from Chemours. In connection with the completion of the spin-off of Chemours, the Board of Directors authorized the use of the
distribution proceeds to buy back shares of the company's common stock as follows: $2,000 to be purchased and retired by
December 31, 2015 with the remainder to be purchased and retired by December 31, 2016. In August 2015, the company entered
an accelerated share repurchase (ASR) agreement. Under the terms of the August 2015 ASR agreement, the company paid $2,000
to the financial institution and received and retired 35 million shares at an average price of $57.16 per share.
2014 Share Buyback Plan
In January 2014, the company's Board of Directors authorized a $5,000 share buyback plan. There is no required completion date
for purchases under this plan. In February and August 2014, the company entered two separate accelerated share repurchase (ASR)
agreements. The February 2014 ASR agreement was completed in the second quarter of 2014, under which the company purchased
and retired 15.1 million shares for $1,000. The August 2014 ASR agreement was completed in the fourth quarter of 2014, under
which the company purchased and retired 10.4 million shares for $700. In addition to the ASR agreements, for the years ended
December 31, 2015 and 2014, the company repurchased and retired 4.6 million and 4.7 million shares in the open market for a
total cost of $353 and $300, respectively. As of December 31, 2015 the company has purchased 34.7 million shares at a total cost
of $2,353 under the plan. There is no required completion date for the remaining stock purchases.
2012 Share Buyback Plan
In December 2012, the company's Board of Directors authorized a $1,000 share buyback plan. In 2013, the company entered into
an ASR agreement with a financial institution under which the company used $1,000 of the proceeds from the sale of Performance
Coatings for the purchase and retirement 20.4 million shares of common stock.
Common stock held in treasury is recorded at cost. When retired, the excess of the cost of treasury stock over its par value is
allocated between reinvested earnings and additional paid-in capital.
Set forth below is a reconciliation of common stock share activity for the years ended December 31, 2015, 2014 and 2013:
Shares of common stock Issued Held In Treasury
Balance January 1, 2013 1,020,057,000 (87,041,000)
Issued 14,370,000 —
Repurchased — (20,400,000)
Retired (20,400,000) 20,400,000
Balance December 31, 2013 1,014,027,000 (87,041,000)
Issued 8,103,000 —
Repurchased — (30,110,000)
Retired (30,110,000) 30,110,000
Balance December 31, 2014 992,020,000 (87,041,000)
Issued 5,932,000 —
Repurchased — (39,564,000)
Retired (39,564,000) 39,564,000
Balance December 31, 2015 958,388,000 (87,041,000)
Noncontrolling Interest
In September 2015, the company obtained a controlling interest in a joint venture included in the Performance Materials segment.
Accordingly, the company consolidated the entity at December 31, 2015 and recorded the fair value of the noncontrolling interest
in the amount of $151 in the Consolidated Balance Sheet.