Shareholders' Equity

12 Months Ended

Dec. 31, 2021

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, 2021, we had 481,880,634 shares of common stock issued and 277,620,943 shares of common stock outstanding, including unvested restricted stock of 532,142 shares. On December 31, 2020, we had 481,880,634 shares of common stock issued and 286,477,836 shares of common stock outstanding. No shares of our preferred stock were outstanding on either date. The only changes in our shares outstanding during 2021 and 2020 resulted from shares repurchased in the open market and share activity under our equity compensation plans. See Note R 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 June 2, 2021, the board of directors authorized management to repurchase up to 10 million additional shares of the company’s outstanding stock. In 2021, we repurchased 10.3 million of our outstanding shares for $1.8 billion. On December 31, 2021, 12.1 million shares remained authorized by our board of directors for repurchase, representing 4.3% of our total shares outstanding. We repurchased 4.1 million shares for $602 in 2020 and 1.1 million shares for $184 in 2019.

Dividends per Share. Our board of directors declared dividends per share of $4.76 in 2021, $4.40 in 2020 and $4.08 in 2019. We paid cash dividends of $1.3 billion in 2021 and $1.2 billion in 2020 and 2019.

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 Hedges		Foreign Currency Translation Adjustments		Changes in Retirement Plans’ Funded Status		AOCL
December 31, 2018	$	(71)	$	102	$	(3,431)	$	(3,400)
Other comprehensive loss, pretax	97		186		(857)		(574)
Benefit from income tax, net	(24)		—		180		156
Other comprehensive loss, net of tax	73		186		(677)		(418)
December 31, 2019	2		288		(4,108)		(3,818)
Other comprehensive income, pretax	366		353		(453)		266
Benefit from income tax, net	(96)		—		98		2
Other comprehensive income, net of tax	270		353		(355)		268
December 31, 2020	272		641		(4,463)		(3,550)
Other comprehensive income, pretax	(174)		(103)		2,365		2,088
Provision for income tax, net	46		—		(504)		(458)
Other comprehensive income, net of tax	(128)		(103)		1,861		1,630
December 31, 2021	$	144	$	538	$	(2,602)	$	(1,920)

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 S for these amounts, which are included in our net periodic pension and other post-retirement benefit cost.