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Equity
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
EQUITY
11.
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, 2016
673

 
(222
)
Transactions in connection with
stock-based compensation plans
—

 
1

Stock purchases under purchase programs
—

 
(19
)
Balance as of December 31, 2017
673

 
(240
)
Stock purchases under purchase programs
—

 
(16
)
Balance as of December 31, 2018
673

 
(256
)
Transactions in connection with
stock-based compensation plans
—

 
1

Stock purchases under purchase program
—

 
(9
)
Balance as of December 31, 2019
673

 
(264
)


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, 2019 or 2018.

Treasury Stock
We purchase shares of our common stock as authorized under our common stock purchase program (described below) and to meet our obligations under employee stock-based compensation plans.

On July 13, 2015, our board of directors authorized us to purchase $2.5 billion of our outstanding common stock with no expiration date, and we completed that program during 2017. On September 21, 2016, our board of directors authorized our purchase of up to an additional $2.5 billion 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 (the 2018 Program) with no expiration date. During the years ended December 31, 2019, 2018, and 2017, we purchased $752 million, $1.5 billion, and $1.3 billion, respectively, of our common stock under our programs. As of December 31, 2019, we have approval under the 2018 Program to purchase approximately $1.5 billion of our common stock.

Common Stock Dividends
On January 23, 2020, our board of directors declared a quarterly cash dividend of $0.98 per common share payable on March 4, 2020 to holders of record at the close of business on February 12, 2020.

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, 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

 
Before-Tax
Amount
 
Tax Expense
(Benefit)
 
Net Amount
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
)
 
 
 
 
 
 
Year ended December 31, 2017
 
 
 
 
 
Foreign currency translation adjustment
$
514

 
$
—

 
$
514

Pension and other postretirement benefits:
 
 
 
 
 
Loss arising during the year related to:
 
 
 
 
 
Net actuarial loss
(79
)
 
(29
)
 
(50
)
Prior service cost
(4
)
 
(1
)
 
(3
)
Miscellaneous loss
—

 
3

 
(3
)
Amounts reclassified into income related to:
 
 
 
 
 
Net actuarial loss
50

 
18

 
32

Prior service credit
(36
)
 
(13
)
 
(23
)
Curtailment and settlement loss
4

 
1

 
3

Net loss on pension and other
postretirement benefits
(65
)
 
(21
)
 
(44
)
Other comprehensive income
$
449

 
$
(21
)
 
$
470

 
 
 
 
 
 


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
 
Losses on
Cash Flow
Hedges
 
Total
Balance as of December 31, 2016
$
(1,021
)
 
$
(389
)
 
$
—

 
$
(1,410
)
Other comprehensive income (loss)
before reclassifications
514

 
(56
)
 
—

 
458

Amounts reclassified from
accumulated other comprehensive 
loss
—

 
12

 
—

 
12

Other comprehensive income (loss)
514

 
(44
)
 
—

 
470

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
)

Gains (losses) reclassified out of accumulated other comprehensive loss and into net income were as follows (in millions):
Details about
Accumulated Other
Comprehensive Loss
Components
 
 
 
Affected Line
Item in the
Statement of
Income
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
 
Amortization of items related to
defined benefit pension plans:
 
 
 
 
 
 
 
 
Net actuarial loss
 
$
(38
)
 
$
(63
)
 
$
(50
)
 
(a) Other income, net
Prior service credit
 
28

 
29

 
36

 
(a) Other income, net
Curtailment and settlement
 
(4
)
 
(7
)
 
(4
)
 
(a) Other income, net
 
 
(14
)
 
(41
)
 
(18
)
 
Total before tax
 
 
4

 
9

 
6

 
Tax benefit
 
 
$
(10
)
 
$
(32
)
 
$
(12
)
 
Net of tax
 
 
 
 
 
 
 
 
 
Gains on cash flow hedges:
 
 
 
 
 
 
 
 
Commodity contracts
 
$
2

 
$
—

 
$
—

 
Revenues
 
 
$
2

 
$
—

 
$
—

 
Net of tax
 
 
 
 
 
 
 
 
 
Total reclassifications for the year
 
$
(8
)
 
$
(32
)
 
$
(12
)
 
Net of tax
_________________________
(a)
These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost (credit), as discussed in Note 13.