SHAREHOLDERS' INTEREST

12 Months Ended

Dec. 31, 2020

NOTE 15: SHAREHOLDERS’ INTEREST

This note provides details about:

•	preferred and preference shares,
•	common shares,
•	share repurchase programs and
•	accumulated other comprehensive loss.

PREFERRED AND PREFERENCE SHARES

We had no preferred shares or preference shares outstanding as of December 31, 2020 or December 31, 2019. We have authorization to issue 7 million preferred shares with a par value of $1.00 per share and 40 million preference shares with a par value of $1.00 per share.

COMMON SHARES

The number of common shares we have outstanding changes when:

•	new shares are issued,
•	stock options are exercised,
•	restricted stock units or performance share units vest,
•	stock equivalent units are paid out,
•	shares are tendered,
•	shares are repurchased or
•	shares are canceled.

Reconciliation of Our Common Share Activity

SHARES IN THOUSANDS
	2020		2019			2018
Outstanding at beginning of year		745,300		746,391			755,223
Stock options exercised		1,441		660			2,026
Issued for vested restricted stock units		574		480			466
Issued for vested performance share units		70		118			86
Repurchased		—		(2,349	)		(11,410	)

Outstanding at end of year		747,385		745,300			746,391

SHARE REPURCHASE PROGRAMS

On February 7, 2019, our board of directors terminated the 2016 Repurchase Program and approved a new share repurchase program (the 2019 Repurchase Program) under which we are authorized to repurchase up to $500 million of outstanding shares.

During 2020, we did not repurchase any shares of common stock. As of December 31, 2020, we have remaining authorization of $440 million for future stock repurchases.

During 2019, we repurchased over 2.3 million shares of common stock for approximately $60 million (including transaction fees) under the 2019 Repurchase Program. As of December 31, 2019, we had remaining authorization of $440 million for future stock repurchases.

During 2018, we repurchased over 11.4 million shares of common stock for approximately $366 million (including transaction fees) under the 2016 Repurchase Program. As of December 31, 2018, we had remaining authorization of $135 million for future stock repurchases.

All common stock repurchases under the 2016 and 2019 Repurchase Programs were made in open-market transactions.

We record share repurchases upon trade date as opposed to the settlement date when cash is disbursed. We record a liability to account for repurchases that have not been cash settled. There were no unsettled repurchases as of December 31, 2020, or December 31, 2019.

ACCUMULATED OTHER COMPREHENSIVE LOSS

Changes in amounts included in our accumulated other comprehensive loss by component are:

DOLLAR AMOUNTS IN MILLIONS
	2020			2019			2018
Pension⁽¹⁾
Balance at beginning of period	$	(1,128	)	$	(1,343	)	$	(1,810	)
Other comprehensive income (loss) before reclassifications		(223	)		(216	)		388
Amounts reclassified from accumulated other comprehensive income (loss) to earnings⁽²⁾⁽³⁾		287			431			325

Total other comprehensive income		64			215			713
Reclassification of certain effects due to tax law changes⁽⁴⁾		—			—			(246	)

Balance at end of period		(1,064	)		(1,128	)		(1,343	)
Other Post-Employment Benefits⁽¹⁾
Balance at beginning of period		(12	)		(19	)		(25	)
Other comprehensive income (loss) before reclassifications		(3	)		6			13
Amounts reclassified from accumulated other comprehensive income (loss) to earnings⁽²⁾		3			1			—

Total other comprehensive income		—			7			13
Reclassification of certain tax effects due to tax law changes⁽⁴⁾		—			—			(7	)

Balance at end of period		(12	)		(12	)		(19	)
Translation Adjustments and Other
Balance at beginning of period		236			210			273
Translation adjustments		18			26			(54	)

Total other comprehensive income (loss)		18			26			(54	)
Reclassification of accumulated unrealized gains on available-for-sale securities⁽⁵⁾		—			—			(9	)

Balance at end of period		254			236			210

Accumulated other comprehensive loss, end of period	$	(822	)	$	(904	)	$	(1,152	)

(1)	Amounts are presented net of tax.
(2)	Amounts of actuarial loss and prior service (cost) credit are components of net periodic benefit cost (credit). See Note 9: Pension and Other Post-Employment Benefit Plans.
(3)	Amounts include settlement charges totaling $253 million, $455 million and $200 million related to our pension plans for the years ended December 31, 2020, December 31, 2019 and December 31, 2018, respectively. See Note 9: Pension and Other Post-Employment Benefit Plans for further detail.
(4)	During 2018, we reclassified certain tax effects from tax law changes of $253 million from "Accumulated other comprehensive loss" to "Retained earnings" on our Consolidated Balance Sheet in accordance with ASU 2018-02.
(5)	During 2018, we reclassified accumulated unrealized gains on available-for-sale securities of $9 million from "Accumulated other comprehensive loss" to "Retained earnings" on our Consolidated Balance Sheet in accordance with ASU 2016-01.