Equity (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Accelerated Share Repurchase Agreements

The terms of each ASR agreement entered into during the three months ended March 31, 2023 and 2022, structured as outlined above, are 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
February 13, 2023 1	1.1	—	1.1	$	—	$	500
March 1, 2022 2	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 $500 million and initially received shares valued at 85% of the $500 million at a price equal to the market price of the Company's common stock on February 13, 2023 when the Company received an initial delivery of 1.1 million shares from the ASR program. The final settlement of the transaction under the ASR is expected to be completed no later than the second quarter of 2023. The ASR agreement was executed under our 2022 Repurchase Program.

2 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 three months ended March 31, 2023 were as follows:

(in millions)
Balance as of December 31, 2022	$	3,267
Net income attributable to redeemable noncontrolling interest	61
Distributions payable to redeemable noncontrolling interest	(52)
Redemption value adjustment	120
Other 1	6
Balance as of March 31, 2023	$	3,402

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 three months ended March 31, 2023:

(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, 2022	$	(582)		$	(349)		$	45		$	(886)
Other comprehensive income (loss) before reclassifications	45		1	1			(22)			24
Reclassifications from accumulated other comprehensive income (loss) to net earnings	—			—		2	1		3	1
Net other comprehensive income (loss)	45			1			(21)			25
Balance as of March 31, 2023	$	(537)		$	(348)		$	24		$	(861)

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 less than $1 million for the three months ended March 31, 2023. 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.