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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
Shareholders' Equity | Shareholders’ EquityThe Company has authorized one billion shares of common stock and 500,000 shares of preferred stock, each with zero par value. No preferred stock has been issued. At December 31, 2022 and 2021, the Company had approximately 169.0 million shares and 156.6 million shares, respectively, of its common shares in treasury. Treasury stock of $4.9 billion and $5.1 billion at December 31, 2022 and 2021, respectively, is recorded at cost as a reduction of common stock, and treasury stock of $1.7 billion and $0.3 billion at December 31, 2022 and 2021, respectively, is recorded at cost as a reduction of retained earnings. The following tables set forth the changes in AOCI by component and the reclassifications out of AOCI for the years ended December 31, 2022 and 2021:
| Foreign Currency Translation Adjustment |  | Deferred Gain (Loss) on Hedging Activities |  | Pension and Other Postretirement Benefit Liabilities Adjustment |  | Unrealized Gain (Loss) on Investments |  | Accumulated Other Comprehensive Income (Loss)
|  |  |  |  | (In millions) |  |  |  |
Balance at December 31, 2020 | $ | (2,424) |  |  | $ | 185 |  |  | $ | (365) |  |  | $ | — |  |  | $ | (2,604) |
Other comprehensive income before reclassifications | (119) |  |  | 507 |  |  | 190 |  |  | (2) |  |  | 576 |
Gain (loss) on net investment hedges | 398 |  |  | — |  |  | — |  |  | — |  |  | 398 |
Amounts reclassified from AOCI | — |  |  | (474) |  |  | 99 |  |  | — |  |  | (375) |
Tax effect | (103) |  |  | 7 |  |  | (71) |  |  | — |  |  | (167) |
Net of tax amount | 176 |  |  | 40 |  |  | 218 |  |  | (2) |  |  | 432 |
Balance at December 31, 2021 | $ | (2,248) |  |  | $ | 225 |  |  | $ | (147) |  |  | $ | (2) |  |  | $ | (2,172) |
Other comprehensive income before reclassifications | (609) |  |  | 268 |  |  | 117 |  |  | (12) |  |  | (236) |
Gain (loss) on net investment hedges | 328 |  |  | — |  |  | — |  |  | — |  |  | 328 |
Amounts reclassified from AOCI | — |  |  | (352) |  |  | 23 |  |  | — |  |  | (329) |
Tax effect | (93) |  |  | 7 |  |  | (15) |  |  | 1 |  |  | (100) |
Net of tax amount | (374) |  |  | (77) |  |  | 125 |  |  | (11) |  |  | (337) |
Balance at December 31, 2022 | $ | (2,622) |  |  | $ | 148 |  |  | $ | (22) |  |  | $ | (13) |  |  | $ | (2,509) |
The change in foreign currency translation adjustment in 2022 is due to the U.S. dollar appreciation impacting the equity value of the Company’s foreign subsidiaries, partially offset by net investment hedges as discussed in Note 5, while the change in foreign currency translation adjustment in 2021 is primarily due to net investment hedges.
| Amounts reclassified from AOCI Year Ended December 31 | Affected line item in the consolidated statement of
Details about AOCI components | 2022 | 2021 | 2020 | earnings
| (In millions) |
Deferred loss (gain) on hedging activities |  |  |  |
| $ | (1) |  | $ | 16 |  | $ | 68 |  | Revenues
| (351) |  | (490) |  | (27) |  | Cost of products sold
| — |  | — |  | 2 |  | Interest expense
| — |  | — |  | 2 |  | Other (income) expense - net
| (352) |  | (474) |  | 45 |  | Earnings before income taxes
| 62 |  | 118 |  | 7 |  | Income tax expense
| $ | (290) |  | $ | (356) |  | $ | 52 |  | Net earnings
Pension liability adjustment |  |  |  |
Amortization of defined benefit pension items: |  |  |  |
Prior service losses (credit) | $ | (119) |  | $ | (77) |  | $ | (32) |  | Other (income) expense - net
Actuarial losses | 142 |  | 176 |  | 39 |  | Other (income) expense - net
| 23 |  | 99 |  | 7 |  | Earnings before income taxes
| (4) |  | (26) |  | (11) |  | Income tax expense
| $ | 19 |  | $ | 73 |  | $ | (4) |  | Net earnings

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008 + Details
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