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Equity (Tables) | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Schedule of Accelerated Share Repurchase Agreements | The terms of each ASR agreement entered into during the nine months ended September 30, 2023 and 2022, structured as outlined above, are as follows:
(in millions, except average price paid per share) |  |  |  |  |  |  |  |  |  |
ASR Agreement Initiation Date |  | ASR Agreement Completion Date |  | Initial Shares Delivered |  | Additional Shares Delivered |  | Total Number of Shares Purchased |  | Average Price Paid Per Share |  | Total Cash Utilized
August 7, 2023 1 |  | September 8, 2023 |  | 1.1 |  | 0.2 |  |  | 1.3 |  | $ | 387.36 |  |  | $ | 500 |
May 8, 2023 2 |  | August 4, 2023 |  | 2.5 |  | 0.1 |  |  | 2.6 |  | $ | 384.75 |  |  | $ | 1,000 |
February 13, 2023 3 |  | May 5, 2023 |  | 1.1 |  | 0.3 |  |  | 1.4 |  | $ | 341.95 |  |  | $ | 500 |
August 9, 2022 4 |  | October 25, 2022 |  | 5.8 |  | 1.6 |  |  | 7.4 |  | $ | 337.94 |  |  | $ | 2,500 |
May 13, 2022 5 |  | August 2, 2022 |  | 3.8 |  | 0.6 |  |  | 4.4 |  | $ | 343.85 |  |  | $ | 1,500 |
March 1, 2022 6 |  | August 9, 2022 |  | 15.2 |  | 4.1 |  |  | 19.3 |  | $ | 362.03 |  |  | $ | 7,000 |
1 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and initially received shares valued at 85% of the $500 million at a price equal to the market price of the Company's common stock on August 7, 2023 when the Company received an initial delivery of 1.1 million shares from the ASR program.We completed the ASR agreement on September 8, 2023 and received an additional 0.2 million shares. The ASR agreement was executed under our 2022 Repurchase Program. 2 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1 billion and initially received shares valued at 87.5% of the $1 billion at a price equal to the market price of the Company's common stock on May 8, 2023 when the Company received an initial delivery of 2.5 million shares from the ASR program.We completed the ASR agreement on August 4, 2023 and received an additional 0.1 million shares. The ASR agreement was executed under our 2022 Repurchase Program. 3 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and initially received shares valued at 85% of the $500 million at a price equal to the market price of the Company's common stock on February 13, 2023 when the Company received an initial delivery of 1.1 million shares from the ASR program. We completed the ASR agreement on May 5, 2023 and received an additional 0.3 million shares. The ASR agreement was executed under our 2022 Repurchase Program. 4 The ASR agreement was structured as an uncapped ASR agreement in which we paid $2.5 billion and initially received shares valued at 87.5% of the $2.5 billion at a price equal to the market price of the Company's common stock on August 9, 2022 when the Company received an initial delivery of 5.8 million shares from the ASR program. We completed the ASR agreement on October 25, 2022 and received an additional 1.6 million shares. The ASR agreement was executed under our 2022 and 2020 Repurchase Programs. 5 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1.5 billion and initially received shares valued at 85% of the $1.5 billion at a price equal to the market price of the Company's common stock on May 13, 2022 when the Company received an initial delivery of 3.8 million shares from the ASR program. We completed the ASR agreement on August 2, 2022 and received an additional 0.6 million shares. The ASR agreement was executed under our 2020 Repurchase Program. 6 The ASR agreement was structured as an uncapped ASR agreement in which we paid $7 billion and initially received shares valued at 85% of the $7 billion at a price equal to the then market price of the Company's common stock on March 1, 2022 when the company received an initial delivery of 15.2 million shares from the ASR program. We completed the ASR agreement on August 9, 2022 and received an additional 4.1 million shares. The ASR agreement was executed under our 2020 Repurchase Program.
Schedule of Redeemable Noncontrolling Interest Rollforward | Changes to redeemable noncontrolling interest during the nine months ended September 30, 2023 were as follows:
(in millions) |
Balance as of December 31, 2022 | $ | 3,267 |
Net income attributable to redeemable noncontrolling interest | 183 |
Distributions payable to redeemable noncontrolling interest | (187) |
Redemption value adjustment | 247 |
Balance as of September 30, 2023 | $ | 3,510 |
Schedule of Changes in the Components of Accumulated Other Comprehensive Loss | The following table summarizes the changes in the components of accumulated other comprehensive loss for the nine months ended September 30, 2023:
(in millions) | Foreign Currency Translation Adjustments |  | Pension and Postretirement Benefit Plans |  | Unrealized Gain (Loss) on Cash Flow Hedges |  |  |  | Accumulated Other Comprehensive Loss
Balance as of December 31, 2022 | $ | (582) |  |  | $ | (349) |  |  | $ | 45 |  |  |  |  | $ | (886) |
Other comprehensive income (loss) before reclassifications | (38) |  | 1 | (10) |  |  | 87 |  |  |  |  | 39 |
Reclassifications from accumulated other comprehensive income (loss) to net earnings | — |  |  | 2 |  | 2 | (1) |  | 3 |  |  | 1 |
Net other comprehensive income (loss) | (38) |  |  | (8) |  |  | 86 |  |  |  |  | 40 |
Balance as of September 30, 2023 | $ | (620) |  |  | $ | (357) |  |  | $ | 131 |  |  |  |  | $ | (846) |
1 Includes an unrealized gain related to our cross currency swaps. See Note 5 – Derivative Instruments for additional detail of items recognized in accumulated other comprehensive loss. 2 Reflects amortization of net actuarial losses and is net of a tax benefit of $1 million for the nine months ended September 30, 2023. See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings. 3 See Note 5 — Derivative Instruments for additional details of items reclassified from accumulated other comprehensive loss to net earnings.

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- Definition Tabular disclosure of accelerated share repurchase (ASR) programs. An ASR is a combination of transactions that permits an entity to purchase a targeted number of shares immediately with the final purchase price of those shares determined by an average market price over a fixed period of time. An accelerated share repurchase program is intended to combine the immediate share retirement benefits of a tender offer with the market impact and pricing benefits of a disciplined daily open market stock repurchase program. ASRs can be disclosed as part of stockholders' equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 30 -Name Accounting Standards Codification -Section 25 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481138/505-30-25-5 + Details
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- Definition Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity. + References No definition available. + Details
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