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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
Shareholders' Equity | Shareholders’ EquityThe 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, 2021 and 2020, the Company had approximately 156.6 million shares and 160.0 million shares, respectively, of its common shares in treasury. Treasury stock of $5.1 billion and $5.2 billion at December 31, 2021 and 2020, respectively, is recorded at cost as a reduction of common stock, and treasury stock of $0.3 billion at December 31, 2021 and 2020 is recorded at cost as a reduction of retained earnings. The following tables set forth the changes in AOCI by component and the reclassifications out of AOCI for the years ended December 31, 2021 and 2020:
| 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, 2019 | $ | (2,152) |  |  | $ | (12) |  |  | $ | (268) |  |  | $ | 27 |  |  | $ | (2,405) |
Other comprehensive income before reclassifications | 29 |  |  | 209 |  |  | (120) |  |  | (27) |  |  | 91 |
Gain (loss) on net investment hedges | (398) |  |  | — |  |  | — |  |  | — |  |  | (398) |
Amounts reclassified from AOCI | — |  |  | 45 |  |  | 7 |  |  | — |  |  | 52 |
Tax effect | 97 |  |  | (57) |  |  | 16 |  |  | — |  |  | 56 |
Net of tax amount | (272) |  |  | 197 |  |  | (97) |  |  | (27) |  |  | (199) |
Balance at December 31, 2020 | $ | (2,424) |  |  | $ | 185 |  |  | $ | (365) |  |  | $ | — |  |  | $ | (2,604) |
Other comprehensive income before reclassifications | (119) |  |  | 507 |  |  | 190 |  |  | (2) |  |  | 576 |
Gain (loss) on net investment hedges | 398 |  |  | — |  |  | — |  |  | — |  |  | 398 |
Amounts reclassified from AOCI | — |  |  | (474) |  |  | 99 |  |  | — |  |  | (375) |
Tax effect | (103) |  |  | 7 |  |  | (71) |  |  | — |  |  | (167) |
Net of tax amount | 176 |  |  | 40 |  |  | 218 |  |  | (2) |  |  | 432 |
Balance at December 31, 2021 | $ | (2,248) |  |  | $ | 225 |  |  | $ | (147) |  |  | $ | (2) |  |  | $ | (2,172) |
The change in foreign currency translation adjustment in 2021 and 2020 is primarily due to net investment hedges as discussed in Note 5.
| Amounts reclassified from AOCI Year Ended December 31 | Affected line item in the consolidated statement of
Details about AOCI components | 2021 | 2020 | 2019 | earnings
| (In millions) |
Foreign currency translation adjustment |  |  |  |
| $ | — |  | $ | — |  | $ | 7 |  | Other income/expense
| — |  | — |  | — |  | Tax
| $ | — |  | $ | — |  | $ | 7 |  | Net of tax
Deferred loss (gain) on hedging activities |  |  |  |
| $ | (490) |  | $ | (27) |  | $ | 11 |  | Cost of products sold
| — |  | 2 |  | 46 |  | Other income/expense
| — |  | 2 |  | (1) |  | Interest expense
| 16 |  | 68 |  | 44 |  | Revenues
| (474) |  | 45 |  | 100 |  | Total before tax
| 118 |  | 7 |  | (13) |  | Tax on reclassifications
| $ | (356) |  | $ | 52 |  | $ | 87 |  | Net of tax
Pension liability adjustment |  |  |  |
Amortization of defined benefit pension items: |  |  |  |
Prior service losses (credit) | $ | (77) |  | $ | (32) |  | $ | (26) |  | Other (income) expense - net
Actuarial losses | 176 |  | 39 |  | 17 |  | Other (income) expense - net
| 99 |  | 7 |  | (9) |  | Total before tax
| (26) |  | (11) |  | 18 |  | Tax on reclassifications
| $ | 73 |  | $ | (4) |  | $ | 9 |  | Net of tax
Unrealized loss (gain) on investments |  |  |  |
| $ | — |  | $ | — |  | $ | (1) |  | Other income/expense
| — |  | — |  | — |  | Tax on reclassifications
| $ | — |  | $ | — |  | $ | (1) |  | 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: 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 + Details
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