Equity (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule of accelerated share repurchase agreements

During the nine months ended September 30, 2022, we initiated a series of uncapped ASR agreements aggregating a total of $11 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
August 9, 2022 1	5.8	—	5.8	$	—	$	2,500
May 13, 2022 2	3.8	0.6	4.4	$	343.85	$	1,500
March 1, 2022 3	15.2	4.1	19.3	$	362.03	$	7,000

1 The ASR agreement was structured as an uncapped ASR agreement in which we paid $2.5 billion and initially received shares valued at 87.5% of the $2.5 billion at a price equal to the market price of the Company's common stock on August 9, 2022 when the Company received an initial delivery of 5.8 million shares from the ASR program. We completed the ASR agreement on October 25, 2022 and received an additional 1.6 million shares. We repurchased a total of 7.4 million shares under the ASR agreement for an average purchase price $337.94 per share. 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 $1.5 billion and initially received shares valued at 85% of the $1.5 billion at a share price equal to the market price of the Company's common stock on May 13, 2022 when the Company received an initial delivery of 3.8 million shares from the ASR program. We completed the ASR agreement on August 2, 2022 and received an additional 0.6 million shares. The ASR agreement was executed under our 2020 Repurchase Program.

3 The ASR agreement was structured as an uncapped ASR agreement in which we paid $7 billion and initially received shares valued at 85% of the $7 billion at a share equal to the then market price of the Company's common stock on March 1, 2022 when the company received an initial delivery of 15.2 million shares from the ASR program. We completed the ASR agreement on August 9, 2022 and received an additional 4.1 million shares. The ASR agreement was executed under our 2020 Repurchase Program.

Schedule of redeemable noncontrolling interest rollforward

Changes to redeemable noncontrolling interest during the nine months ended September 30, 2022 were as follows:

(in millions)
Balance as of December 31, 2021	$	3,429
Net income attributable to redeemable noncontrolling interest	195
Equity contribution from redeemable noncontrolling interest	410
Distributions payable to redeemable noncontrolling interest	(200)
Redemption value adjustment	(653)
Other 1	(22)
Balance as of September 30, 2022	$	3,159

1 Relates to foreign currency translation adjustments.

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 nine months ended September 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	(413)		1	(3)			205			(211)
Reclassifications from accumulated other comprehensive income (loss) to net earnings	—			7		2	7		3	14
Net other comprehensive (loss) income	(413)			4			212			(197)
Balance as of September 30, 2022	$	(749)		$	(301)		$	12		$	(1,038)

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 $2 million for the nine months ended September 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.