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Equity (Tables) | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
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) |
Share repurchase program | 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.
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 |
Changes in components of 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 | 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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