Equity (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of accelerated share repurchase agreements

During the six months ended June 30, 2022, we initiated a series of uncapped ASR agreements aggregating a total of $8.5 billion as follows:

(in millions, except average price paid per share)
ASR Agreement Initiation Date	Initial Shares Delivered	Additional Shares Delivered	Total Number of Shares Purchased	Average Price Paid Per Share		Total Cash Utilized
May 13, 2022 1	3.8	—	3.8	$	336.85	$	1,500
March 1, 2022 2	15.2	—	15.2	$	390.58	$	7,000

1 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1.5 billion and received an initial delivery of 3.8 million shares, representing 85% of the $1.5 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.

2 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 six months ended June 30, 2022 were as follows:

(in millions)
Balance as of December 31, 2021	$	3,429
Net income attributable to redeemable noncontrolling interest	131
Equity contribution from redeemable noncontrolling interest	410
Distributions payable to redeemable noncontrolling interest	(129)
Redemption value adjustment	(547)
Balance as of June 30, 2022	$	3,294

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 six months ended June 30, 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	(143)		1	(4)			172			25
Reclassifications from accumulated other comprehensive income (loss) to net earnings	—			5		2	—		3	5
Net other comprehensive (loss) income	(143)			1			172			30
Balance as of June 30, 2022	$	(479)		$	(304)		$	(28)		$	(811)

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 six months ended June 30, 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.