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Capital Stock
 12 Months Ended
Dec. 31, 2021
Class of Stock Disclosures [Abstract]  
Capital Stock
Capital Stock:

Shares of authorized common stock are 6.0 billion; issued, repurchased and outstanding shares were as follows:
Shares IssuedShares
Repurchased		Shares
Outstanding
Balances, January 1, 20192,109,316,331 (554,736,610)1,554,579,721 
Issuance of stock awards1,314,942 1,314,942 
Balances, December 31, 20192,109,316,331 (553,421,668)1,555,894,663 
Issuance of stock awards1,479,068 1,479,068 
Balances, December 31, 20202,109,316,331 (551,942,600)1,557,373,731 
Repurchase of shares(8,514,629)(8,514,629)
Issuance of stock awards1,310,891 1,310,891 
Balances, December 31, 20212,109,316,331 (559,146,338)1,550,169,993 

On June 11, 2021, PMI's Board of Directors authorized a new share repurchase program of up to $7 billion, with target spending of $5 billion to $7 billion over a three-year period. On July 22, 2021, PMI began repurchasing shares under this new share repurchase program. From July 22, 2021 through December 31, 2021, PMI repurchased 8.5 million shares of its common stock at a cost of $785 million.

At December 31, 2021, 23,461,358 shares of common stock were reserved for stock awards under PMI’s stock plans, and 250 million shares of preferred stock, without par value, were authorized but unissued. PMI currently has no plans to issue any shares of preferred stock.