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EQUITY | 6 Months Ended
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Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
EQUITY | EQUITY The authorized number of shares of common stock of Carrier is 4,000,000,000 shares of $0.01 par value. As of June 30, 2023 and December 31, 2022, 880,570,371 and 876,487,480 shares of common stock were issued, respectively, which includes 43,490,981 and 42,103,995 shares of treasury stock, respectively. Share Repurchase Program The Company may repurchase its outstanding common stock from time to time subject to market conditions and at the Company's discretion. Repurchases occur in the open market or through one or more other public or private transactions pursuant to plans complying with Rules 10b5-1 and 10b-18 under the Exchange Act. Shares acquired are recognized at cost and presented separately on the balance sheet as a reduction to Equity. Since the initial authorization in February 2021, the Company's Board of Directors authorized the repurchase of up to $4.1 billion of the Company's outstanding common stock. As of December 31, 2022, the Company repurchased 42.1 million shares of common stock for an aggregate purchase price of $1.9 billion, including shares repurchased under an accelerated share repurchase agreement. As a result, the Company had approximately $2.2 billion remaining under the current authorization at December 31, 2022. During the six months ended June 30, 2023, the Company repurchased 1.4 million shares of common stock for an aggregate purchase price of $62 million. As a result, the Company has approximately $2.1 billion remaining under the current authorization at June 30, 2023. Accumulated Other Comprehensive Income (Loss) A summary of changes in the components of Accumulated other comprehensive income (loss) for the three and six months ended June 30, 2023 is as follows:
(In millions) |  | Foreign Currency Translation |  | Defined Benefit Pension and Post-retirement Plans |  |  |  |  |  | Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2022 |  | $ | (1,604) |  |  | $ | (84) |  |  |  |  |  |  | $ | (1,688) |
Other comprehensive income (loss) before reclassifications, net |  | 52 |  |  | — |  |  |  |  |  |  | 52 |
Amounts reclassified, pre-tax |  | — |  |  | — |  |  |  |  |  |  | — |
Tax expense (benefit) reclassified |  | — |  |  | — |  |  |  |  |  |  | — |
Balance as of March 31, 2023 |  | $ | (1,552) |  |  | $ | (84) |  |  |  |  |  |  | $ | (1,636) |
Other comprehensive income (loss) before reclassifications, net |  | (55) |  |  | — |  |  |  |  |  |  | (55) |
Amounts reclassified, pre-tax |  | — |  |  | — |  |  |  |  |  |  | — |
Tax expense (benefit) reclassified |  | — |  |  | — |  |  |  |  |  |  | — |
Balance as of June 30, 2023 |  | $ | (1,607) |  |  | $ | (84) |  |  |  |  |  |  | $ | (1,691) |
A summary of changes in the components of Accumulated other comprehensive income (loss) for the three and six months ended June 30, 2022 is as follows:
(In millions) |  | Foreign Currency Translation |  | Defined Benefit Pension and Post-retirement Plans |  |  |  |  |  | Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2021 |  | $ | (505) |  |  | $ | (484) |  |  |  |  |  |  | $ | (989) |
Other comprehensive income (loss) before reclassifications, net |  | (61) |  |  | (4) |  |  |  |  |  |  | (65) |
Amounts reclassified, pre-tax |  | — |  |  | 3 |  |  |  |  |  |  | 3 |
Tax expense (benefit) reclassified |  | — |  |  | (1) |  |  |  |  |  |  | (1) |
Chubb divestiture |  | (574) |  |  | 329 |  |  |  |  |  |  | (245) |
Balance as of March 31, 2022 |  | $ | (1,140) |  |  | $ | (157) |  |  |  |  |  |  | $ | (1,297) |
Other comprehensive income (loss) before reclassifications, net |  | (480) |  |  | — |  |  |  |  |  |  | (480) |
Amounts reclassified, pre-tax |  | — |  |  | 3 |  |  |  |  |  |  | 3 |
Tax expense (benefit) reclassified |  | — |  |  | (1) |  |  |  |  |  |  | (1) |
Balance as of June 30, 2022 |  | $ | (1,620) |  |  | $ | (155) |  |  |  |  |  |  | $ | (1,775) |

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