SHAREHOLDERS' INTEREST

12 Months Ended

Dec. 31, 2021

Stockholders Equity Note [Abstract]

SHAREHOLDERS' INTEREST

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, 2021 or December 31, 2020. 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 settled in common shares,

• shares are tendered,

• shares are repurchased or

• shares are canceled.

Reconciliation of Our Common Share Activity

SHARES IN THOUSANDS
	2021			2020		2019
Outstanding at beginning of year		747,385			745,300		746,391
Stock options exercised		1,849			1,441		660
Issued for vested restricted stock units		635			574		480
Issued for vested performance share units		162			70		118
Repurchased		(2,730	)		—		(2,349	)
Outstanding at end of year		747,301			747,385		745,300

SHARE REPURCHASE PROGRAMS

On September 22, 2021, we announced that our board of directors approved a new share repurchase program (the 2021 Repurchase Program) under which we are authorized to repurchase up to $1 billion of outstanding shares. Concurrently, the board terminated the remaining repurchase authorization under the share repurchase program approved by the board in February 2019 (the 2019 Repurchase Program).

During third quarter 2021, we repurchased 780,228 common shares for approximately $26 million (including transaction fees) under the 2019 Repurchase Program in open-market transactions. During fourth quarter 2021, we repurchased 1,949,496 common shares for approximately $74 million (including transaction fees) under the 2021 Repurchase Program in open-market transactions. As of December 31, 2021, we had remaining authorization of $927 million for future share repurchases.

During 2020, we did not repurchase any shares of common stock.

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 share repurchases. All common stock repurchases under the 2019 Repurchase Program 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, 2021, or December 31, 2020.

ACCUMULATED OTHER COMPREHENSIVE LOSS

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

DOLLAR AMOUNTS IN MILLIONS
	2021			2020			2019
Pension(1)
Balance at beginning of period	$	(1,064	)	$	(1,128	)	$	(1,343	)
Other comprehensive income (loss) before reclassifications		254			(223	)		(216	)
Amounts reclassified from accumulated other comprehensive income (loss) to earnings(2)(3)		90			287			431
Total other comprehensive income		344			64			215
Balance at end of period		(720	)		(1,064	)		(1,128	)
Other post-employment benefits(1)
Balance at beginning of period		(12	)		(12	)		(19	)
Other comprehensive income (loss) before reclassifications		6			(3	)		6
Amounts reclassified from accumulated other comprehensive income (loss) to earnings(2)		4			3			1
Total other comprehensive income		10			—			7
Balance at end of period		(2	)		(12	)		(12	)
Translation adjustments and other
Balance at beginning of period		254			236			210
Translation adjustments		(11	)		18			26
Total other comprehensive income (loss)		(11	)		18			26
Balance at end of period		243			254			236
Accumulated other comprehensive loss, end of period	$	(479	)	$	(822	)	$	(904	)

(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 and $455 million related to our pension plans for the years ended December 31, 2020 and December 31, 2019, respectively. There were no settlement charges related to our pension plans for the year ended December 31, 2021. See Note 9: Pension and Other Post-Employment Benefit Plans for further detail.