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Shareholders' Equity
 12 Months Ended
Dec. 31, 2020
Stockholders' Equity Note [Abstract]  
Shareholders' Equity SHAREHOLDERS’ EQUITY
Authorized Stock. Our authorized capital stock consists of 500 million shares of $1 per share par value common stock and 50 million shares of $1 per share par value preferred stock. The preferred stock is issuable in series, with the rights, preferences and limitations of each series to be determined by our board of directors.
Shares Issued and Outstanding. On December 31, 2020, we had 481,880,634 shares of common stock issued and 286,477,836 shares of common stock outstanding, including unvested restricted stock of 488,435 shares. On December 31, 2019, we had 481,880,634 shares of common stock issued and 289,610,336 shares of common stock outstanding. No shares of our preferred stock were outstanding on either date. The only changes in our shares outstanding during 2020 and 2019 resulted from shares repurchased in the open market and share activity under our equity compensation plans. See Note Q for additional details.
Share Repurchases. Our board of directors from time to time authorizes management to repurchase outstanding shares of our common stock on the open market. On March 4, 2020, the board of directors authorized management to repurchase up to 10 million additional shares of the company’s outstanding stock. In 2020, we repurchased 4.1 million of our outstanding shares for $602. On December 31, 2020, 12.3 million shares remained authorized by our board of directors for repurchase, representing 4.3% of our total shares outstanding. We repurchased 1.1 million shares for $184 in 2019 and 10.1 million shares for $1.8 billion in 2018.
Dividends per Share. Our board of directors declared dividends per share of $4.40 in 2020, $4.08 in 2019 and $3.72 in 2018. We paid cash dividends of $1.2 billion in 2020 and 2019 and $1.1 billion in 2018.
Accumulated Other Comprehensive Loss. The changes, pretax and net of tax, in each component of AOCL consisted of the following:
(Losses)/Gains on Cash Flow HedgesUnrealized Gains on Marketable SecuritiesForeign Currency Translation AdjustmentsChanges in Retirement Plans’ Funded StatusAOCL
December 31, 2017$(94)$19 $402 $(2,846)$(2,519)
Cumulative-effect adjustments*(4)(19)— (550)(573)
Other comprehensive loss, pretax36 — (300)(45)(309)
Benefit from income tax, net(9)— — 10 1 
Other comprehensive loss, net of tax27 — (300)(35)(308)
December 31, 2018(71)— 102 (3,431)(3,400)
Other comprehensive loss, pretax97 — 186 (857)(574)
Benefit from income tax, net(24)— — 180 156 
Other comprehensive loss, net of tax73 — 186 (677)(418)
December 31, 20192 — 288 (4,108)(3,818)
Other comprehensive income, pretax366 — 353 (453)266 
Benefit from income tax, net(96)— — 98 2 
Other comprehensive income, net of tax270 — 353 (355)268 
December 31, 2020$272 $— $641 $(4,463)$(3,550)
*Reflects the cumulative effects of ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, and ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which we adopted on January 1, 2018.
Amounts reclassified out of AOCL related primarily to changes in our retirement plans’ funded status and included pretax recognized net actuarial losses and amortization of prior service credit. See Note R for these amounts, which are included in our net periodic pension and other post-retirement benefit cost.