Equity (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of accelerated share repurchase agreements

During the three months ended March 31, 2022, we initiated a series of three identical uncapped ASR agreements aggregating a total of $7 billion as follows:

(in millions, except average price)
ASR Agreement Initiation Date	Initial Shares Delivered	Additional Shares Delivered	Total Number of Shares Purchased	Average Price Paid Per Share		Total Cash Utilized
March 1, 2022 1	15.2	—	15.2	$	390.58	$	7,000

1 The ASR agreement was structured as an uncapped ASR agreement in which we paid $7 billion and received an initial delivery of 15.2 million shares, representing 85% of the $7 billion at a price equal to the then market price of the Company. The final settlement of the transaction under the ASR is expected to be completed no later than the third quarter of 2022. The ASR agreement was executed under our 2020 Repurchase Program.

Schedule of redeemable noncontrolling interest rollforward

Changes to redeemable noncontrolling interest during the three months ended March 31, 2022 were as follows:

(in millions)
Balance as of December 31, 2021	$	3,429
Net income attributable to redeemable noncontrolling interest	59
Distributions payable to redeemable noncontrolling interest	(60)
Redemption value adjustment	1
Balance as of March 31, 2022	$	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 three months ended March 31, 2022:

(in millions)	Foreign Currency Translation Adjustments			Pension and Postretirement Benefit Plans			Unrealized Gain (Loss) on Cash Flow Hedges			Accumulated Other Comprehensive Loss
Balance as of December 31, 2021	$	(336)		$	(305)		$	(200)		$	(841)
Other comprehensive (loss) income before reclassifications	(26)		1	5			82			61
Reclassifications from accumulated other comprehensive income (loss) to net earnings	—			(1)		2	(1)		3	(2)
Net other comprehensive (loss) income	(26)			4			81			59
Balance as of March 31, 2022	$	(362)		$	(301)		$	(119)		$	(782)

1Includes an unrealized gain related to our cross currency swaps. See note 5 – 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 $1 million for the three months ended March 31, 2022. See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

3See Note 5 — Derivative Instruments for additional details of items reclassified from accumulated other comprehensive loss to net earnings.