Equity

6 Months Ended

Jun. 30, 2023

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 (described below) and with respect to our employee stock-based compensation plans.

During the three and six months ended June 30, 2023, we purchased for treasury 8,421,452 shares and 19,414,793 shares, respectively. During the three and six months ended June 30, 2022, we purchased for treasury 14,211,408 shares and 15,757,281 shares, respectively. On October 26, 2022, 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, and we completed all authorized share purchases under that program during the second quarter of 2023. On February 23, 2023, 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 (the 2023 Program). As of June 30, 2023, we had $2.5 billion remaining available for purchase under the 2023 Program.

Common Stock Dividends

On July 20, 2023, our Board declared a quarterly cash dividend of $1.02 per common share payable on September 5, 2023 to holders of record at the close of business on August 3, 2023.

Accumulated Other Comprehensive Loss

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

	Three Months Ended June 30,
	2023								2022
	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	$	(1,031)	$	(188)	$	14	$	(1,205)	$	(549)	$	(437)	$	(23)	$	(1,009)
Other comprehensive income (loss) before reclassifications	257		—		12		269		(442)		1		(50)		(491)
Amounts reclassified from accumulated other comprehensive loss	—		(6)		(30)		(36)		—		4		69		73
Effect of exchange rates	—		1		—		1		—		2		—		2
Other comprehensive income (loss)	257		(5)		(18)		234		(442)		7		19		(416)
Balance as of end of period	$	(774)	$	(193)	$	(4)	$	(971)	$	(991)	$	(430)	$	(4)	$	(1,425)

	Six Months Ended June 30,
	2023								2022
	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	$	(1,168)	$	(183)	$	(8)	$	(1,359)	$	(562)	$	(441)	$	(5)	$	(1,008)
Other comprehensive income (loss) before reclassifications	394		—		49		443		(429)		(2)		(114)		(545)
Amounts reclassified from accumulated other comprehensive loss	—		(13)		(45)		(58)		—		11		115		126
Effect of exchange rates	—		3		—		3		—		2		—		2
Other comprehensive income (loss)	394		(10)		4		388		(429)		11		1		(417)
Balance as of end of period	$	(774)	$	(193)	$	(4)	$	(971)	$	(991)	$	(430)	$	(4)	$	(1,425)