Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Accelerated Share Repurchase Agreements

The terms of each ASR agreement entered into during the three months ended March 31, 2024 and 2023, structured as outlined above, are as follows:

(in millions, except average price paid per share)
ASR Agreement Initiation Date	ASR Agreement Completion Date	Initial Shares Delivered	Additional Shares Delivered	Total Number of Shares Purchased	Average Price Paid Per Share		Total Cash Utilized
February 12, 2024 1		1.0	—	1.0	$	—	$	500
February 13, 2023 2	May 5, 2023	1.1	0.3	1.4	$	341.95	$	500

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 12, 2024 when the Company received an initial delivery of 1.0 million shares from the ASR program. We completed the ASR agreement on April 12, 2024 and received an additional 0.2 million shares. We repurchased a total of 1.2 million shares under the ASR agreement for an average purchase price of $421.05 per share. 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 $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. We completed the ASR agreement on May 5, 2023 and received an additional 0.3 million shares. The ASR agreement was executed under our 2022 Repurchase Program.

Schedule of Redeemable Noncontrolling Interest Rollforward

Changes to redeemable noncontrolling interests during the three months ended March 31, 2024 were as follows:

(in millions)
Balance as of December 31, 2023	$	3,800
Net income attributable to redeemable noncontrolling interests	70
Distributions payable to redeemable noncontrolling interests	(49)
Redemption value adjustment	1
Other 1	3
Balance as of March 31, 2024	$	3,825

1 Includes 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, 2024:

(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, 2023	$	(487)		$	(362)		$	86		$	(763)
Other comprehensive income (loss) before reclassifications	(80)		1	—			18			(62)
Reclassifications from accumulated other comprehensive income (loss) to net earnings	1			1		2	(2)		3	—
Net other comprehensive income (loss)	(79)			1			16			(62)
Balance as of March 31, 2024	$	(566)		$	(361)		$	102		$	(825)

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, 2024. 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.