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Shareholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Schedule of Changes in AOCI | The following tables set forth the changes in AOCI by component for the three and nine months ended September 30, 2024 and 2023 (in millions).
| Three Months Ended September 30, 2024
| Foreign Currency Translation Adjustment |  | Deferred Gain (Loss) on Hedging Activities |  | Pension Liability Adjustment |  | Unrealized Gain (Loss) on Investments |  | Total
Balance at June 30, 2024 | $ | (2,818) |  |  | $ | 57 |  |  | $ | (113) |  |  | $ | (6) |  |  | $ | (2,880) |
Other comprehensive income (loss) before reclassifications | 143 |  |  | (46) |  |  | (5) |  |  | — |  |  | 92 |
Gain (loss) on net investment hedges | (142) |  |  | — |  |  | — |  |  | — |  |  | (142) |
Amounts reclassified from AOCI | — |  |  | 49 |  |  | (3) |  |  | — |  |  | 46 |
Tax effect | 34 |  |  | 8 |  |  | 2 |  |  | — |  |  | 44 |
Net of tax amount | 35 |  |  | 11 |  |  | (6) |  |  | — |  |  | 40 |
Balance at September 30, 2024 | $ | (2,783) |  |  | $ | 68 |  |  | $ | (119) |  |  | $ | (6) |  |  | $ | (2,840) |
| Nine Months Ended September 30, 2024
| Foreign Currency Translation Adjustment |  | Deferred Gain (Loss) on Hedging Activities |  | Pension Liability Adjustment |  | Unrealized Gain (Loss) on Investments |  | Total
Balance at December 31, 2023 | $ | (2,539) |  |  | $ | 158 |  |  | $ | (108) |  |  | $ | 2 |  |  | $ | (2,487) |
Other comprehensive income (loss) before reclassifications | (219) |  |  | (167) |  |  | (6) |  |  | (7) |  |  | (399) |
Gain (loss) on net investment hedges | (33) |  |  | — |  |  | — |  |  | — |  |  | (33) |
Amounts reclassified from AOCI | — |  |  | 52 |  |  | (9) |  |  | — |  |  | 43 |
Tax effect | 8 |  |  | 25 |  |  | 4 |  |  | (1) |  |  | 36 |
Net of tax amount | (244) |  |  | (90) |  |  | (11) |  |  | (8) |  |  | (353) |
Balance at September 30, 2024 | $ | (2,783) |  |  | $ | 68 |  |  | $ | (119) |  |  | $ | (6) |  |  | $ | (2,840) |
| Three Months Ended September 30, 2023
| Foreign Currency Translation Adjustment |  | Deferred Gain (Loss) on Hedging Activities |  | Pension Liability Adjustment |  | Unrealized Gain (Loss) on Investments |  | Total
Balance at June 30, 2023 | $ | (2,402) |  |  | $ | 39 |  |  | $ | (63) |  |  | $ | (7) |  |  | $ | (2,433) |
Other comprehensive income (loss) before reclassifications | (393) |  |  | (4) |  |  | 3 |  |  | 5 |  |  | (389) |
Gain (loss) on net investment hedges | 149 |  |  | — |  |  | — |  |  | — |  |  | 149 |
Amounts reclassified from AOCI | — |  |  | 132 |  |  | (3) |  |  | — |  |  | 129 |
Tax effect | (36) |  |  | (28) |  |  | (3) |  |  | — |  |  | (67) |
Net of tax amount | (280) |  |  | 100 |  |  | (3) |  |  | 5 |  |  | (178) |
Balance at September 30, 2023 | $ | (2,682) |  |  | $ | 139 |  |  | $ | (66) |  |  | $ | (2) |  |  | $ | (2,611) |
| Nine Months Ended September 30, 2023
| Foreign Currency Translation Adjustment |  | Deferred Gain (Loss) on Hedging Activities |  | Pension Liability Adjustment |  | Unrealized Gain (Loss) on Investments |  | Total
Balance at December 31, 2022 | $ | (2,622) |  |  | $ | 148 |  |  | $ | (22) |  |  | $ | (13) |  |  | $ | (2,509) |
Other comprehensive income (loss) before reclassifications | (71) |  |  | (290) |  |  | 6 |  |  | 13 |  |  | (342) |
Gain (loss) on net investment hedges | 19 |  |  | — |  |  | — |  |  | — |  |  | 19 |
Amounts reclassified from AOCI | — |  |  | 277 |  |  | (38) |  |  | — |  |  | 239 |
Tax effect | (8) |  |  | 4 |  |  | (12) |  |  | (2) |  |  | (18) |
Net of tax amount | (60) |  |  | (9) |  |  | (44) |  |  | 11 |  |  | (102) |
Balance at September 30, 2023 | $ | (2,682) |  |  | $ | 139 |  |  | $ | (66) |  |  | $ | (2) |  |  | $ | (2,611) |
Schedule of Reclassifications out of AOCI | The following table sets forth the reclassifications out of AOCI for the three and nine months ended September 30, 2024 and 2023 (in millions).
| Three Months Ended September 30, |  | Nine Months Ended September 30, | Affected line item in the Consolidated Statements of Earnings
Details about AOCI components | 2024 | 2023 |  | 2024 | 2023
Deferred Gain (Loss) on Hedging Activities |  |  |  |  |  |
| $ | 48 |  | $ | 132 |  |  | $ | 52 |  | $ | 277 |  | Cost of products sold
| 48 |  | 132 |  |  | 52 |  | 277 |  | Earnings before income tax
| (14) |  | (29) |  |  | (14) |  | (55) |  | Income tax expense
| $ | 34 |  | $ | 103 |  |  | $ | 38 |  | $ | 222 |  | Net earnings
Pension Liability Adjustment |  |  |  |  |  |
Amortization of defined benefit pension items: |  |  |  |  |  |
Prior service loss (credit) | $ | (4) |  | $ | (4) |  |  | $ | (14) |  | $ | (21) |  | Other (income) expense-net
Actuarial losses | 1 |  | 1 |  |  | 5 |  | (17) |  | Other (income) expense-net
| (3) |  | (3) |  |  | (9) |  | (38) |  | Earnings before income tax
| — |  | (3) |  |  | 2 |  | (12) |  | Income tax expense
| $ | (3) |  | $ | (6) |  |  | $ | (7) |  | $ | (50) |  | Net earnings

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