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Equity | 12 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
EQUITY | 10. EQUITY Share Activity Activity in the number of shares of common stock and treasury stock was as follows (in millions):
| Common Stock |  | Treasury Stock
Balance as of December 31, 2019 | 673 |  |  | (264) |
Transactions in connection with stock-based compensation plans | — |  |  | 1 |
Purchases of common stock for treasury | — |  |  | (2) |
Balance as of December 31, 2020 | 673 |  |  | (265) |
Transactions in connection with stock-based compensation plans | — |  |  | 1 |
Balance as of December 31, 2021 | 673 |  |  | (264) |
Transactions in connection with stock-based compensation plans | — |  |  | 1 |
Purchases of common stock for treasury | — |  |  | (38) |
Balance as of December 31, 2022 | 673 |  |  | (301) |
Preferred Stock We have 20 million shares of preferred stock authorized with a par value of $0.01 per share. No shares of preferred stock were outstanding as of December 31, 2022 or 2021. Treasury Stock We purchase shares of our outstanding common stock as authorized by our board of directors (Board), including under share purchase programs (described below) and with respect to our employee stock-based compensation plans. On January 23, 2018, our Board authorized our purchase of up to $2.5 billion of our outstanding common stock with no expiration date, and we completed all authorized share purchases under that program during the second quarter of 2022. On July 7, 2022, we announced that our Board authorized our purchase of up to an additional $2.5 billion of our outstanding common stock with no expiration date, and we completed all authorized share purchases under that program during the fourth quarter of 2022. On October 26, 2022, our Board authorized our purchase of up to an additional $2.5 billion of our outstanding common stock with no expiration date (the October 2022 Program). As of December 31, 2022, we had $2.3 billion remaining available for purchase under the October 2022 Program. On February 23, 2023, our Board authorized our purchase of up to an additional $2.5 billion of our outstanding common stock with no expiration date, which is in addition to the amount remaining under the October 2022 Program. Common Stock Dividends On January 31, 2023, our Board declared a quarterly cash dividend of $1.02 per common share payable on March 16, 2023 to holders of record at the close of business on February 14, 2023. Income Tax Effects Related to Components of Other Comprehensive Income (Loss) The tax effects allocated to each component of other comprehensive income (loss) were as follows (in millions):
| Before-Tax Amount |  | Tax Expense (Benefit) |  | Net Amount
Year ended December 31, 2022 |  |  |  |  |
Foreign currency translation adjustment | $ | (613) |  |  | $ | (7) |  |  | $ | (606) |
Pension and other postretirement benefits: |  |  |  |  |
Net actuarial gain arising during the year | 244 |  |  | 57 |  |  | 187 |
Amounts reclassified into income related to: |  |  |  |  |
Net actuarial loss | 52 |  |  | 12 |  |  | 40 |
Prior service credit | (22) |  |  | (5) |  |  | (17) |
Settlement loss | 61 |  |  | 13 |  |  | 48 |
Net gain on pension and other postretirement benefits | 335 |  |  | 77 |  |  | 258 |
Derivative instruments designated and qualifying as cash flow hedges: |  |  |  |  |
Net loss arising during the year | (292) |  |  | (32) |  |  | (260) |
Net loss reclassified into income | 286 |  |  | 32 |  |  | 254 |
Net loss on cash flow hedges | (6) |  |  | — |  |  | (6) |
Other comprehensive loss | $ | (284) |  |  | $ | 70 |  |  | $ | (354) |
| Before-Tax Amount |  | Tax Expense (Benefit) |  | Net Amount
Year ended December 31, 2021 |  |  |  |  |
Foreign currency translation adjustment | $ | (47) |  |  | $ | — |  |  | $ | (47) |
Pension and other postretirement benefits: |  |  |  |  |
Gain arising during the year related to: |  |  |  |  |
Net actuarial gain | 317 |  |  | 69 |  |  | 248 |
Prior service cost | (4) |  |  | (1) |  |  | (3) |
Amounts reclassified into income related to: |  |  |  |  |
Net actuarial loss | 80 |  |  | 18 |  |  | 62 |
Prior service credit | (25) |  |  | (6) |  |  | (19) |
Settlement loss | 8 |  |  | 2 |  |  | 6 |
Effect of exchange rates | 2 |  |  | — |  |  | 2 |
Net gain on pension and other postretirement benefits | 378 |  |  | 82 |  |  | 296 |
Derivative instruments designated and qualifying as cash flow hedges: |  |  |  |  |
Net loss arising during the year | (48) |  |  | (5) |  |  | (43) |
Net loss reclassified into income | 46 |  |  | 5 |  |  | 41 |
Net loss on cash flow hedges | (2) |  |  | — |  |  | (2) |
Other comprehensive income | $ | 329 |  |  | $ | 82 |  |  | $ | 247 |
Year ended December 31, 2020 |  |  |  |  |
Foreign currency translation adjustment | $ | 161 |  |  | $ | — |  |  | $ | 161 |
Pension and other postretirement benefits: |  |  |  |  |
Loss arising during the year related to: |  |  |  |  |
Net actuarial loss | (128) |  |  | (26) |  |  | (102) |
Prior service cost | (5) |  |  | (1) |  |  | (4) |
Amounts reclassified into income related to: |  |  |  |  |
Net actuarial loss | 74 |  |  | 17 |  |  | 57 |
Prior service credit | (26) |  |  | (6) |  |  | (20) |
Settlement loss | 5 |  |  | 1 |  |  | 4 |
Net loss on pension and other postretirement benefits | (80) |  |  | (15) |  |  | (65) |
Derivative instruments designated and qualifying as cash flow hedges: |  |  |  |  |
Net gain arising during the year | 36 |  |  | 3 |  |  | 33 |
Net gain reclassified into income | (34) |  |  | (4) |  |  | (30) |
Net gain on cash flow hedges | 2 |  |  | (1) |  |  | 3 |
Other comprehensive income | $ | 83 |  |  | $ | (16) |  |  | $ | 99 |
Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions):
| Foreign Currency Translation Adjustment |  | Defined Benefit Plans Items |  | Gains (Losses) on Cash Flow Hedges |  |  |  | Total
Balance as of December 31, 2019 | $ | (676) |  |  | $ | (672) |  |  | $ | (3) |  |  |  |  | $ | (1,351) |
Other comprehensive income (loss) before reclassifications | 161 |  |  | (106) |  |  | 14 |  |  |  |  | 69 |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 41 |  |  | (13) |  |  |  |  | 28 |
Other comprehensive income (loss) | 161 |  |  | (65) |  |  | 1 |  |  |  |  | 97 |
Balance as of December 31, 2020 | (515) |  |  | (737) |  |  | (2) |  |  |  |  | (1,254) |
Other comprehensive income (loss) before reclassifications | (47) |  |  | 245 |  |  | (21) |  |  |  |  | 177 |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 49 |  |  | 18 |  |  |  |  | 67 |
Effect of exchange rates | — |  |  | 2 |  |  | — |  |  |  |  | 2 |
Other comprehensive income (loss) | (47) |  |  | 296 |  |  | (3) |  |  |  |  | 246 |
Balance as of December 31, 2021 | (562) |  |  | (441) |  |  | (5) |  |  |  |  | (1,008) |
Other comprehensive income (loss) before reclassifications | (606) |  |  | 187 |  |  | (114) |  |  |  |  | (533) |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 71 |  |  | 111 |  |  |  |  | 182 |
Other comprehensive income (loss) | (606) |  |  | 258 |  |  | (3) |  |  |  |  | (351) |
Balance as of December 31, 2022 | $ | (1,168) |  |  | $ | (183) |  |  | $ | (8) |  |  |  |  | $ | (1,359) |
Gains (losses) reclassified out of accumulated other comprehensive loss and into net income (loss) were as follows (in millions):
Details about Accumulated Other Comprehensive Loss Components |  |  |  | Affected Line Item in the Statement of Income
| Year Ended December 31, |
| 2022 |  | 2021 |  | 2020 |
Amortization of items related to defined benefit pension plans: |  |  |  |  |  |  |  |
Net actuarial loss |  | $ | (52) |  |  | $ | (80) |  |  | $ | (74) |  |  | (a) Other income, net
Prior service credit |  | 22 |  |  | 25 |  |  | 26 |  |  | (a) Other income, net
Settlement loss |  | (61) |  |  | (8) |  |  | (5) |  |  | (a) Other income, net
|  | (91) |  |  | (63) |  |  | (53) |  |  | Total before tax
|  | 20 |  |  | 14 |  |  | 12 |  |  | Tax benefit
|  | $ | (71) |  |  | $ | (49) |  |  | $ | (41) |  |  | Net of tax
Gains (losses) on cash flow hedges: |  |  |  |  |  |  |  |
Commodity contracts |  | $ | (286) |  |  | $ | (46) |  |  | $ | 34 |  |  | Revenues
|  | (286) |  |  | (46) |  |  | 34 |  |  | Total before tax
|  | 32 |  |  | 5 |  |  | (4) |  |  | Tax (expense) benefit
|  | $ | (254) |  |  | $ | (41) |  |  | $ | 30 |  |  | Net of tax
Total reclassifications for the year |  | $ | (325) |  |  | $ | (90) |  |  | $ | (11) |  |  | Net of tax
________________________ (a)These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost, as discussed in Note 12.

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