XML 44 R22.htm IDEA: XBRL DOCUMENT v3.22.0.1
EQUITY
 12 Months Ended
Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
EQUITY EQUITY
Share Repurchase Program

In July 2021, the Company's Board of Directors authorized a $1.75 billion increase to the Company's existing $350 million stock repurchase program. The program allows the Company to repurchase its outstanding common stock from time to time subject to market conditions and at the Company's discretion in the open market or through one or more other public or private transactions and subject to compliance with the Company's obligations under the TMA. The Company records repurchases under the cost method whereby the entire cost of the acquired stock is recorded as Treasury stock as a reduction to equity. The reissuance of treasury stock uses the first-in, first-out method of accounting.

The Company repurchased 10.4 million shares of common stock for an aggregate purchase price of $529 million for the year ended December 31, 2021, which are held in Treasury stock as of December 31, 2021 as reflected on its Consolidated Balance Sheet.

Accumulated Other Comprehensive Income (Loss)

A summary of the changes in each component of Accumulated other comprehensive income (loss) is as follows:

(In millions)Foreign Currency TranslationDefined Benefit Pension and Post-retirement PlansAccumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2019$(834)$(381)$(1,215)
Other comprehensive income (loss) before reclassifications, net52 (109)(57)
Amounts reclassified, pre-tax2 11 13 
Tax benefit reclassified— 15 15 
ASU 2018-02 adoption impact— (9)(9)
Balance as of December 31, 2019$(780)$(473)$(1,253)
Other comprehensive income (loss) before reclassifications, net589 2 591 
Amounts reclassified, pre-tax— (105)(105)
Tax benefit reclassified— 22 22 
Balance as of December 31, 2020$(191)$(554)$(745)
Other comprehensive income (loss) before reclassifications, net(322)53 (269)
Amounts reclassified, pre-tax8 34 42 
Tax benefit reclassified— (17)(17)
Balance as of December 31, 2021$(505)$(484)$(989)