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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2016
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
Shareholders' Equity | Shareholders’ Equity The Company has authorized one billion shares of common stock and 500,000 shares of preferred stock, each with zero par value. No preferred stock has been issued. At December 31, 2016 and 2015, the Company had approximately 143.2 million shares and 120.8 million shares, respectively, of its common shares in treasury. Treasury stock of $5.5 billion and $4.7 billion at December 31, 2016 and 2015, respectively, is recorded at cost as a reduction of common stock. At December 31, 2016 and 2015, the foreign currency translation adjustment component of AOCI included income, net of tax, of $40 million and $19 million pertaining to foreign currency-denominated debt designated as a net investment hedge, respectively (see Note 4 for more information). The following tables set forth the changes in AOCI by component and the reclassifications out of AOCI for the years ended December 31, 2016 and 2015:
| Foreign Currency Translation Adjustment |  | Deferred Gain (Loss) on Hedging Activities |  | Pension and Other Postretirement Benefit Liabilities Adjustment |  | Unrealized Gain (Loss) on Investments |  | Accumulated Other Comprehensive Income (Loss)
|  |  |  |  | (In millions) |  |  |  |
Balance at December 31, 2014 | $ | (654 | ) |  | $ | 47 |  |  | $ | (630 | ) |  | $ | (4 | ) |  | $ | (1,241 | )
Other comprehensive income before reclassifications | (984 | ) |  | (53 | ) |  | 87 |  |  | 20 |  |  | (930 | )
Amounts reclassified from AOCI | 23 |  |  | (46 | ) |  | 67 |  |  | — |  |  | 44 |
Tax effect | (11 | ) |  | 37 |  |  | (47 | ) |  | 2 |  |  | (19 | )
Net of tax amount | (972 | ) |  | (62 | ) |  | 107 |  |  | 22 |  |  | (905 | )
Balance at December 31, 2015 | $ | (1,626 | ) |  | $ | (15 | ) |  | $ | (523 | ) |  | $ | 18 |  |  | $ | (2,146 | )
Other comprehensive income before reclassifications | (391 | ) |  | (104 | ) |  | (28 | ) |  | (3 | ) |  | (526 | )
Amounts reclassified from AOCI | (75 | ) |  | 137 |  |  | 27 |  |  | 6 |  |  | 95 |
Tax effect | (10 | ) |  | (12 | ) |  | 3 |  |  | (2 | ) |  | (21 | )
Net of tax amount | (476 | ) |  | 21 |  |  | 2 |  |  | 1 |  |  | (452 | )
Balance at December 31, 2016 | $ | (2,102 | ) |  | $ | 6 |  |  | $ | (521 | ) |  | $ | 19 |  |  | $ | (2,598 | )
The change in foreign currency translation adjustment in 2016 is primarily due to the U.S. dollar appreciation, impacting the Euro and British Pound-denominated equities of the Company’s foreign subsidiaries while the change in 2015 is primarily due to the U.S. dollar appreciation, mainly impacting the Euro-denominated equity of the Company’s foreign subsidiaries.
| Amounts reclassified from AOCI Year Ended December 31 | Affected line item in the consolidated statement of earnings
Details about AOCI components | 2016 | 2015 | 2014 |
| (In millions) |
Foreign currency translation adjustment |  |  |  |
| $ | (75 | ) | $ | 23 |  | $ | — |  | Other income/expense
| — |  | — |  | — |  | Tax
| $ | (75 | ) | $ | 23 |  | $ | — |  | Net of tax
Deferred loss (gain) on hedging activities |  |  |  |
| $ | 82 |  | $ | 25 |  | $ | 124 |  | Cost of products sold
| 18 |  | (29 | ) | (5 | ) | Other income/expense
| 2 |  | (1 | ) | (1 | ) | Interest expense
| 35 |  | (41 | ) | 69 |  | Revenues
| 137 |  | (46 | ) | 187 |  | Total before tax
| (52 | ) | 17 |  | (70 | ) | Tax on reclassifications
| $ | 85 |  | $ | (29 | ) | $ | 117 |  | Net of tax
Pension liability adjustment |  |  |  |
Amortization of defined benefit pension items: |  |  |  |
Prior service losses (credit) | $ | (17 | ) | $ | 37 |  | $ | (15 | ) |
Actuarial losses | 44 |  | 30 |  | 36 |  |
| 27 |  | 67 |  | 21 |  | Total before tax
| (5 | ) | (44 | ) | (7 | ) | Tax on reclassifications
| $ | 22 |  | $ | 23 |  | $ | 14 |  | Net of tax
Unrealized loss on investments |  |  |  |
| 6 |  | — |  | 6 |  | Asset impairment, exit, and restructuring costs
| — |  | — |  | (2 | ) | Tax on reclassifications
| $ | 6 |  | $ | — |  | $ | 4 |  | Net of tax

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(d)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 11: http://www.xbrl.org/2003/role/presentationRef -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=27012166&loc=d3e187085-122770 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 + Details
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