Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

EQUITY

5.    EQUITY

Treasury Stock

We purchase shares of our outstanding common stock as authorized by our board of directors (Board), including under share purchase programs and with respect to our employee stock-based compensation plans. During the three and nine months ended September 30, 2022, we purchased for treasury 8,444,754 shares for $928 million and 24,202,035 shares for $2.8 billion, respectively. Purchases of common stock for treasury for the three and nine months ended September 30, 2021 were not material. On January 23, 2018, the Board authorized our purchase of up to $2.5 billion of our outstanding common stock with no expiration date (the 2018 Program), and we completed all authorized share purchases under that program during the three months ended June 30, 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 (the July 2022 Program). As of September 30, 2022, we had $1.6 billion remaining available for purchase under the July 2022 Program. On October 26, 2022, our Board authorized our purchase of up to an additional $2.5 billion with no expiration date, which is in addition to the amount remaining under the July 2022 Program.

Common Stock Dividends

On October 26, 2022, our Board declared a quarterly cash dividend of $0.98 per common share payable on December 8, 2022 to holders of record at the close of business on November 17, 2022.

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions):

	Three Months Ended September 30,
	2022								2021
	Foreign Currency Translation Adjustment		Defined Benefit Plans Items		Gains (Losses) on Cash Flow Hedges		Total		Foreign Currency Translation Adjustment		Defined Benefit Plans Items		Gains (Losses) on Cash Flow Hedges		Total
Balance as of beginning of period	$	(991)	$	(430)	$	(4)	$	(1,425)	$	(373)	$	(715)	$	(1)	$	(1,089)
Other comprehensive income (loss) before reclassifications	(606)		—		30		(576)		(255)		—		(8)		(263)
Amounts reclassified from accumulated other comprehensive loss	—		7		(3)		4		—		10		2		12
Effect of exchange rates	—		—		—		—		—		2		—		2
Other comprehensive income (loss)	(606)		7		27		(572)		(255)		12		(6)		(249)
Balance as of end of period	$	(1,597)	$	(423)	$	23	$	(1,997)	$	(628)	$	(703)	$	(7)	$	(1,338)

	Nine Months Ended September 30,
	2022								2021
	Foreign Currency Translation Adjustment		Defined Benefit Plans Items		Gains (Losses) on Cash Flow Hedges		Total		Foreign Currency Translation Adjustment		Defined Benefit Plans Items		Gains (Losses) on Cash Flow Hedges		Total
Balance as of beginning of period	$	(562)	$	(441)	$	(5)	$	(1,008)	$	(515)	$	(737)	$	(2)	$	(1,254)
Other comprehensive income (loss) before reclassifications	(1,035)		(2)		(84)		(1,121)		(113)		1		(20)		(132)
Amounts reclassified from accumulated other comprehensive loss	—		18		112		130		—		32		15		47
Effect of exchange rates	—		2		—		2		—		1		—		1
Other comprehensive income (loss)	(1,035)		18		28		(989)		(113)		34		(5)		(84)
Balance as of end of period	$	(1,597)	$	(423)	$	23	$	(1,997)	$	(628)	$	(703)	$	(7)	$	(1,338)