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Equity | 12 Months Ended
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Dec. 31, 2020
Equity [Abstract] |
EQUITY | 12. EQUITY Share Activity Activity in the number of shares of common stock and treasury stock was as follows (in millions):
| Common Stock |  | Treasury Stock
Balance as of December 31, 2017 | 673 |  |  | (240) |
Open market stock purchases | — |  |  | (16) |
Balance as of December 31, 2018 | 673 |  |  | (256) |
Transactions in connection with stock-based compensation plans | — |  |  | 1 |
Open market stock purchases | — |  |  | (9) |
Balance as of December 31, 2019 | 673 |  |  | (264) |
Transactions in connection with stock-based compensation plans | — |  |  | 1 |
Open market stock purchases | — |  |  | (2) |
Balance as of December 31, 2020 | 673 |  |  | (265) |
Preferred Stock We have 20 million shares of preferred stock authorized with a par value of $0.01 per share. No shares of preferred stock were outstanding as of December 31, 2020 or 2019. Treasury Stock We purchase shares of our outstanding common stock as authorized under our common stock purchase program (described below) and to meet our obligations under employee stock-based compensation plans. On September 21, 2016, our board of directors authorized our purchase of up to $2.5 billion of our outstanding common stock with no expiration date, and we completed that program during 2018. On January 23, 2018, our board of directors authorized our purchase of up to an additional $2.5 billion of our outstanding common stock (the 2018 Program) with no expiration date. During the years ended December 31, 2020, 2019, and 2018, we purchased $83 million, $752 million, and $1.5 billion, respectively, of our common stock under our programs. As of December 31, 2020, we have approval under the 2018 Program to purchase approximately $1.4 billion of our common stock. Common Stock Dividends On January 26, 2021, our board of directors declared a quarterly cash dividend of $0.98 per common share payable on March 4, 2021 to holders of record at the close of business on February 11, 2021. Income Tax Effects Related to Components of Other Comprehensive Income (Loss) The tax effects allocated to each component of other comprehensive income (loss) were as follows (in millions):
| Before-Tax Amount |  | Tax Expense (Benefit) |  | Net Amount
Year ended December 31, 2020 |  |  |  |  |
Foreign currency translation adjustment | $ | 161 |  |  | $ | — |  |  | $ | 161 |
Pension and other postretirement benefits: |  |  |  |  |
Loss arising during the year related to: |  |  |  |  |
Net actuarial loss | (128) |  |  | (26) |  |  | (102) |
Prior service cost | (5) |  |  | (1) |  |  | (4) |
Amounts reclassified into income related to: |  |  |  |  |
Net actuarial loss | 74 |  |  | 17 |  |  | 57 |
Prior service credit | (26) |  |  | (6) |  |  | (20) |
Curtailment and settlement loss | 5 |  |  | 1 |  |  | 4 |
Net loss on pension and other postretirement benefits | (80) |  |  | (15) |  |  | (65) |
Derivative instruments designated and qualifying as cash flow hedges: |  |  |  |  |
Net gain arising during the year | 36 |  |  | 3 |  |  | 33 |
Net gain reclassified into income | (34) |  |  | (4) |  |  | (30) |
Net gain on cash flow hedges | 2 |  |  | (1) |  |  | 3 |
Other comprehensive income | $ | 83 |  |  | $ | (16) |  |  | $ | 99 |
| Before-Tax Amount |  | Tax Expense (Benefit) |  | Net Amount
Year ended December 31, 2019 |  |  |  |  |
Foreign currency translation adjustment | $ | 349 |  |  | $ | — |  |  | $ | 349 |
Pension and other postretirement benefits: |  |  |  |  |
Loss arising during the year related to: |  |  |  |  |
Net actuarial loss | (245) |  |  | (54) |  |  | (191) |
Prior service cost | (3) |  |  | (1) |  |  | (2) |
Miscellaneous loss | — |  |  | 4 |  |  | (4) |
Amounts reclassified into income related to: |  |  |  |  |
Net actuarial loss | 38 |  |  | 9 |  |  | 29 |
Prior service credit | (28) |  |  | (6) |  |  | (22) |
Curtailment and settlement loss | 4 |  |  | 1 |  |  | 3 |
Net loss on pension and other postretirement benefits | (234) |  |  | (47) |  |  | (187) |
Derivative instruments designated and qualifying as cash flow hedges: |  |  |  |  |
Net loss arising during the year | (6) |  |  | (1) |  |  | (5) |
Net gain reclassified into income | (2) |  |  | — |  |  | (2) |
Net loss on cash flow hedges | (8) |  |  | (1) |  |  | (7) |
Other comprehensive income | $ | 107 |  |  | $ | (48) |  |  | $ | 155 |
Year ended December 31, 2018 |  |  |  |  |
Foreign currency translation adjustment | $ | (517) |  |  | $ | — |  |  | $ | (517) |
Pension and other postretirement benefits: |  |  |  |  |
Gain arising during the year related to: |  |  |  |  |
Net actuarial gain | 1 |  |  | — |  |  | 1 |
Prior service credit | 7 |  |  | 1 |  |  | 6 |
Amounts reclassified into income related to: |  |  |  |  |
Net actuarial loss | 63 |  |  | 14 |  |  | 49 |
Prior service credit | (29) |  |  | (7) |  |  | (22) |
Curtailment and settlement loss | 7 |  |  | 2 |  |  | 5 |
Net gain on pension and other postretirement benefits | 49 |  |  | 10 |  |  | 39 |
Other comprehensive loss | $ | (468) |  |  | $ | 10 |  |  | $ | (478) |
Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions):
| Foreign Currency Translation Adjustment |  | Defined Benefit Plans Items |  | Gains (Losses) on Cash Flow Hedges |  | Total
Balance as of December 31, 2017 | $ | (507) |  |  | $ | (433) |  |  | $ | — |  |  | $ | (940) |
Other comprehensive income (loss) before reclassifications | (515) |  |  | 7 |  |  | — |  |  | (508) |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 32 |  |  | — |  |  | 32 |
Other comprehensive income (loss) | (515) |  |  | 39 |  |  | — |  |  | (476) |
Reclassification of stranded income tax effects | — |  |  | (91) |  |  | — |  |  | (91) |
Balance as of December 31, 2018 | (1,022) |  |  | (485) |  |  | — |  |  | (1,507) |
Other comprehensive income (loss) before reclassifications | 346 |  |  | (197) |  |  | (2) |  |  | 147 |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 10 |  |  | (1) |  |  | 9 |
Other comprehensive income (loss) | 346 |  |  | (187) |  |  | (3) |  |  | 156 |
Balance as of December 31, 2019 | (676) |  |  | (672) |  |  | (3) |  |  | (1,351) |
Other comprehensive income (loss) before reclassifications | 161 |  |  | (106) |  |  | 14 |  |  | 69 |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 41 |  |  | (13) |  |  | 28 |
Other comprehensive income (loss) | 161 |  |  | (65) |  |  | 1 |  |  | 97 |
Balance as of December 31, 2020 | $ | (515) |  |  | $ | (737) |  |  | $ | (2) |  |  | $ | (1,254) |
Gains (losses) reclassified out of accumulated other comprehensive loss and into net income (loss) were as follows (in millions):
Details about Accumulated Other Comprehensive Loss Components |  |  |  | Affected Line Item in the Statement of Income
| Year Ended December 31, |
| 2020 |  | 2019 |  | 2018 |
Amortization of items related to defined benefit pension plans: |  |  |  |  |  |  |  |
Net actuarial loss |  | $ | (74) |  |  | $ | (38) |  |  | $ | (63) |  |  | (a) Other income, net
Prior service credit |  | 26 |  |  | 28 |  |  | 29 |  |  | (a) Other income, net
Curtailment and settlement |  | (5) |  |  | (4) |  |  | (7) |  |  | (a) Other income, net
|  | (53) |  |  | (14) |  |  | (41) |  |  | Total before tax
|  | 12 |  |  | 4 |  |  | 9 |  |  | Tax benefit
|  | $ | (41) |  |  | $ | (10) |  |  | $ | (32) |  |  | Net of tax
Gains on cash flow hedges: |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 34 |  |  | $ | 2 |  |  | $ | — |  |  | Revenues
|  | 34 |  |  | 2 |  |  | — |  |  | Total before tax
|  | (4) |  |  | — |  |  | — |  |  | Tax expense
|  | $ | 30 |  |  | $ | 2 |  |  | $ | — |  |  | Net of tax
Total reclassifications for the year |  | $ | (11) |  |  | $ | (8) |  |  | $ | (32) |  |  | Net of tax
________________________ (a)These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost, as discussed in Note 14.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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