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Shareholders' Equity
 12 Months Ended
Dec. 31, 2019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Shareholders' Equity Shareholders’ Equity

The 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, 2019 and 2018, the Company had approximately 158.8 million shares and 157.1 million shares, respectively, of its common shares in treasury.  Treasury stock of $5.4 billion and $5.3 billion at December 31, 2019 and 2018, respectively, is recorded at cost as a reduction of common stock.

The following tables set forth the changes in AOCI by component and the reclassifications out of AOCI for the years ended December 31, 2019 and 2018:
 
 
 
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, 2017
$
(1,353
)
 
$
17

 
$
(321
)
 
$
20

 
$
(1,637
)
Other comprehensive income before reclassifications
(580
)
 
(19
)
 
124

 
(2
)
 
(477
)
Amounts reclassified from AOCI
(1
)
 
76

 
32

 
(2
)
 
105

Tax effect
(28
)
 
(13
)
 
(55
)
 
(1
)
 
(97
)
Net of tax amount
(609
)
 
44

 
101

 
(5
)
 
(469
)
Balance at December 31, 2018
$
(1,962
)
 
$
61

 
$
(220
)
 
$
15

 
$
(2,106
)
Other comprehensive income before reclassifications
(185
)
 
(191
)
 
(89
)
 
14

 
(451
)
Amounts reclassified from AOCI
7

 
100

 
(9
)
 
(1
)
 
97

Tax effect
(12
)
 
18

 
50

 
(1
)
 
55

Net of tax amount
(190
)
 
(73
)
 
(48
)
 
12

 
(299
)
Balance at December 31, 2019
$
(2,152
)
 
$
(12
)
 
$
(268
)
 
$
27

 
$
(2,405
)


The change in foreign currency translation adjustment in 2019 is primarily due to the U.S. dollar appreciation, impacting the Euro-denominated equities of the Company's foreign subsidiaries while the change in 2018 is primarily due to the US. dollar appreciation, impacting the Euro and British Pound-denominated equities of the Company’s foreign subsidiaries.

 
Amounts reclassified from AOCI
Year Ended December 31
Affected line item in the
consolidated statement of
Details about AOCI components
2019
2018
2017
earnings
 
(In millions)
 
Foreign currency translation adjustment
 
 
 
 
 
$
7

$
(1
)
$
—

Other income/expense
 
—

—

—

Tax
 
$
7

$
(1
)
$
—

Net of tax
 
 
 
 
 
Deferred loss (gain) on hedging activities
 
 
 
 
 
$
11

$
113

$
45

Cost of products sold
 
46

(36
)
2

Other income/expense
 
(1
)
(1
)
(1
)
Interest expense
 
44

—

1

Revenues
 
100

76

47

Total before tax
 
(13
)
(18
)
(18
)
Tax on reclassifications
 
$
87

$
58

$
29

Net of tax
Pension liability adjustment
 
 
 
 
Amortization of defined benefit pension items:
 
 
 
 
Prior service losses (credit)
$
(26
)
$
(33
)
$
(57
)
Other (income) expense - net
Actuarial losses
17

65

112

Other (income) expense - net
 
(9
)
32

55

Total before tax
 
18

(8
)
(29
)
Tax on reclassifications
 
$
9

$
24

$
26

Net of tax
Unrealized loss (gain) on investments
 
 
 
 
 
$
(1
)
$
(2
)
$
(1
)
Other income/expense
 
—

—

—

Tax on reclassifications
 
$
(1
)
$
(2
)
$
(1
)
Net of tax