XML 51 R33.htm IDEA: XBRL DOCUMENT v3.22.0.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Schedule of Dividend History
 Year Ended December 31,
 202120202019
Quarterly dividend rate$0.77 $0.67 $0.57 
Annualized dividend rate$3.08 $2.68 $2.28 
Dividends paid (in millions)$743 $645 $560 
Schedule of Accelerated Share Repurchase Agreements
The terms of each ASR agreement entered into for the years ended December 31, 2021, 2020 and 2019, structured as outlined above, are as follows:
(in millions, except average price)
ASR Agreement Initiation DateASR Agreement Completion DateInitial Shares DeliveredAdditional Shares DeliveredTotal Number of Shares
Purchased		Average Price Paid Per ShareTotal Cash Utilized
February 11, 2020 1
July 27, 20201.3 0.4 1.7 $292.13 $500 
February 11, 2020 2
July 27, 20201.4 0.3 1.7 $292.13 $500 
August 5, 2019 3
October 1, 20191.7 0.3 2.0 $253.36 $500 
February 11, 2019 4
July 31, 20192.2 0.1 2.3 $214.65 $500 
1 The ASR agreement was structured as a capped ASR agreement in which we paid $500 million and received an initial delivery of 1.3 million shares and an additional amount of 0.2 million in February 2020, representing a minimum number of shares of our common stock to be repurchased based on a calculation using a specified capped price per share. We completed the ASR agreement on July 27, 2020 and received an additional 0.2 million shares.
2 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of 1.4 million shares, representing 85% of the $500 at a price equal to the then market price of the Company. We completed the ASR agreement on July 27, 2020 and received an additional 0.3 million shares.
3 The ASR agreement was structured as a capped ASR agreement in which we paid $500 million and received an initial delivery of 1.7 million shares, and an additional amount of 0.2 million in August 2019, representing a minimum number of shares of our common stock to be repurchased based on a calculation using a specified capped price per share. We completed the ASR agreement on October 1, 2019 and received an additional 0.1 million shares.
4 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of 2.2 million shares, representing 85% of the $500 at a price equal to the then market price of the Company. We completed the ASR agreement on July 31, 2019 and received an additional 0.1 million shares.
Schedule of Share Repurchases
Additionally, we purchased shares of our common stock in the open market as follows:
(in millions, except average price)
Year EndedTotal number of shares purchased Average price paid per share Total cash utilized
December 31, 20200.5 $295.40 $161 
December 31, 20191.2 $208.83 $240 
Schedule of Redeemable Noncontrolling Interest Rollforward
Changes to redeemable noncontrolling interest during the year ended December 31, 2021 were as follows:
(in millions)
Balance as of December 31, 2020$2,781 
Net income attributable to redeemable noncontrolling interest215 
Distributions to noncontrolling interest(198)
Redemption value adjustment631 
Balance as of December 31, 2021$3,429 
Schedule of Changes in the Components of Accumulated Other Comprehensive Loss
The following table summarizes the changes in the components of accumulated other comprehensive loss for the year ended December 31, 2021:
(in millions)
Foreign Currency Translation Adjustments 1,3
Pension and Postretirement Benefit Plans 2
Unrealized Gain (Loss)
on Cash Flow Hedges 3
Accumulated Other Comprehensive Loss
Balance as of December 31, 2020$(323)$(328)$14 $(637)
Other comprehensive (loss) income before reclassifications(18)8 (195)(205)
Reclassifications from accumulated other comprehensive income (loss) to net earnings5 15 (19)1 
Net other comprehensive gain (loss) income
(13)23 (214)(204)
Balance as of December 31, 2021$(336)$(305)$(200)$(841)
1Includes an unrealized gain related to our cross currency swaps. See note 6 – Derivative Instruments for additional detail of items recognized in accumulated other comprehensive loss.
2Reflects amortization of net actuarial losses and is net of a tax benefit of $3 million for the year ended December 31, 2021. See Note 7 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.
3See Note 6 – Derivative Instruments for additional details of items reclassified from accumulated other comprehensive loss to net earnings.