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Equity | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
EQUITY | 11. 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, 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) |
Transactions in connection with stock-based compensation plans | — |  |  | 1 |
Purchases of common stock for treasury | — |  |  | (40) |
Balance as of December 31, 2023 | 673 |  |  | (340) |
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, 2023 or 2022. Treasury Stock We purchase shares of our outstanding common stock as authorized by our board of directors (Board), including under share purchase programs (described in the table below) and with respect to our employee stock-based compensation plans. Our Board authorized us to purchase shares of our outstanding common stock under various programs with no expiration dates as follows (in millions):
Program Name |  | Announcement Date |  | Total Cost Authorized |  | Completion of Authorized Share Purchases |  | Remaining Available for Purchase as of December 31, 2023
January 2018 Program |  | January 23, 2018 |  | $ | 2,500 |  |  | Second quarter of 2022 |  | $ | — |
July 2022 Program |  | July 7, 2022 |  | 2,500 |  |  | Fourth quarter of 2022 |  | — |
October 2022 Program |  | October 26, 2022 |  | 2,500 |  |  | Second quarter of 2023 |  | — |
February 2023 Program |  | February 23, 2023 |  | 2,500 |  |  | Fourth quarter of 2023 |  | — |
September 2023 Program |  | September 15, 2023 |  | 2,500 |  |  | n/a |  | 2,199 |
On February 22, 2024, our Board authorized us to purchase shares of our outstanding common stock for a total cost of up to $2.5 billion with no expiration date, which is in addition to the amount remaining under the September 2023 Program. Common Stock Dividends On January 18, 2024, our Board declared a quarterly cash dividend of $1.07 per common share payable on March 4, 2024 to holders of record at the close of business on February 1, 2024. 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, 2023 |  |  |  |  |  |
Foreign currency translation adjustment |  | $ | 433 |  |  | $ | — |  |  | $ | 433 |
Pension and other postretirement benefits: |  |  |  |  |  |
Gain (loss) arising during the year related to: |  |  |  |  |  |
Net actuarial gain |  | 77 |  |  | 18 |  |  | 59 |
Prior service cost |  | (19) |  |  | (4) |  |  | (15) |
Miscellaneous loss |  | — |  |  | 2 |  |  | (2) |
Amounts reclassified into income related to: |  |  |  |  |  |
Net actuarial gain |  | (12) |  |  | (3) |  |  | (9) |
Prior service credit |  | (22) |  |  | (5) |  |  | (17) |
Settlement loss |  | 2 |  |  | — |  |  | 2 |
Effect of exchange rates |  | 4 |  |  | 1 |  |  | 3 |
Net gain on pension and other postretirement benefits |  | 30 |  |  | 9 |  |  | 21 |
Derivative instruments designated and qualifying as cash flow hedges: |  |  |  |  |  |
Net gain arising during the year |  | 82 |  |  | 8 |  |  | 74 |
Net loss reclassified into income |  | 8 |  |  | 1 |  |  | 7 |
Net gain on cash flow hedges |  | 90 |  |  | 9 |  |  | 81 |
Other comprehensive income |  | $ | 553 |  |  | $ | 18 |  |  | $ | 535 |
|  | 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) |
Year ended December 31, 2021 |  |  |  |  |  |
Foreign currency translation adjustment |  | $ | (47) |  |  | $ | — |  |  | $ | (47) |
Pension and other postretirement benefits: |  |  |  |  |  |
Gain (loss) 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 |
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, 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) |
Other comprehensive income before reclassifications |  | 433 |  |  | 42 |  |  | 32 |  |  |  |  | 507 |
Amounts reclassified from accumulated other comprehensive loss |  | — |  |  | (24) |  |  | 3 |  |  |  |  | (21) |
Effect of exchange rates |  | — |  |  | 3 |  |  | — |  |  |  |  | 3 |
Other comprehensive income |  | 433 |  |  | 21 |  |  | 35 |  |  |  |  | 489 |
Balance as of December 31, 2023 |  | $ | (735) |  |  | $ | (162) |  |  | $ | 27 |  |  |  |  | $ | (870) |
Gains (losses) reclassified out of accumulated other comprehensive loss and into net income were as follows (in millions):
Details about Accumulated Other Comprehensive Loss Components |  |  |  | Affected Line Item in the Statements of Income
| Year Ended December 31, |
| 2023 |  | 2022 |  | 2021 |
Amortization of items related to defined benefit pension plans: |  |  |  |  |  |  |  |
Net actuarial gain (loss) |  | $ | 12 |  |  | $ | (52) |  |  | $ | (80) |  |  | (a) Other income, net
Prior service credit |  | 22 |  |  | 22 |  |  | 25 |  |  | (a) Other income, net
Settlement loss |  | (2) |  |  | (61) |  |  | (8) |  |  | (a) Other income, net
|  | 32 |  |  | (91) |  |  | (63) |  |  | Total before tax
|  | (8) |  |  | 20 |  |  | 14 |  |  | Tax benefit (expense)
|  | $ | 24 |  |  | $ | (71) |  |  | $ | (49) |  |  | Net of tax
Losses on cash flow hedges: |  |  |  |  |  |  |  |
Commodity contracts |  | $ | (8) |  |  | $ | (286) |  |  | $ | (46) |  |  | Revenues
|  | (8) |  |  | (286) |  |  | (46) |  |  | Total before tax
|  | 1 |  |  | 32 |  |  | 5 |  |  | Tax benefit
|  | $ | (7) |  |  | $ | (254) |  |  | $ | (41) |  |  | Net of tax
Total reclassifications for the year |  | $ | 17 |  |  | $ | (325) |  |  | $ | (90) |  |  | Net of tax
________________________ (a)These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost, as discussed in Note 13.

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