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Shareholders' Equity
12 Months Ended
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 $(2,405)
Other comprehensive income before reclassifications29 209 (120)(27)91 
Gain (loss) on net investment hedges(398)— — — (398)
Amounts reclassified from AOCI— 45 — 52 
Tax effect97 (57)16 — 56 
Net of tax amount(272)197 (97)(27)(199)
Balance at December 31, 2020$(2,424)$185 $(365)$— $(2,604)
Other comprehensive income before reclassifications(119)507 190 (2)576 
Gain (loss) on net investment hedges398    398 
Amounts reclassified from AOCI (474)99  (375)
Tax effect(103)7 (71) (167)
Net of tax amount176 40 218 (2)432 
Balance at December 31, 2021$(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 components202120202019earnings
(In millions)
Foreign currency translation adjustment
$ $— $Other income/expense
 — — Tax
$ $— $Net of tax
Deferred loss (gain) on hedging activities
$(490)$(27)$11 Cost of products sold
 46 Other income/expense
 (1)Interest expense
16 68 44 Revenues
(474)45 100 Total before tax
118 (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 losses176 39 17 Other (income) expense - net
99 (9)Total before tax
(26)(11)18 Tax on reclassifications
$73 $(4)$Net of tax
Unrealized loss (gain) on investments
$ $— $(1)Other income/expense
 — — Tax on reclassifications
$ $— $(1)Net of tax