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Shareholders' Equity
 12 Months Ended
Dec. 31, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Shareholders' Equity Shareholders’ Equity
The Company has authorized one billion shares of common stock and 500,000 shares of preferred stock, each with zero par value.  No preferred stock has been issued.  At December 31, 2023 and 2022, the Company had approximately 202.5 million shares and 169.0 million shares, respectively, of its common shares in treasury.  Treasury stock of $4.9 billion at December 31, 2023 and 2022 is recorded at cost as a reduction of common stock, and treasury stock of $2.7 billion and $1.7 billion at December 31, 2023 and 2022, respectively, is recorded at cost as a reduction of retained earnings.
The following tables set forth the changes in AOCI by component and the reclassifications out of AOCI for the years ended December 31, 2023 and 2022:
 
 
Foreign
Currency
Translation
Adjustment
 
Deferred
Gain (Loss)
on Hedging
Activities
Pension and
Other
Postretirement
Benefit
Liabilities
Adjustment
 
Unrealized
Gain (Loss)
on
Investments
 
Accumulated
Other
Comprehensive
Income (Loss)
(In millions)
Balance at December 31, 2021$(2,248)$225 $(147)$(2)$(2,172)
Other comprehensive income before reclassifications(609)268 117 (12)(236)
Gain (loss) on net investment hedges328 — — — 328 
Amounts reclassified from AOCI— (352)23 — (329)
Tax effect(93)7 (15)1 (100)
Net of tax amount(374)(77)125 (11)(337)
Balance at December 31, 2022$(2,622)$148 $(22)$(13)$(2,509)
Other comprehensive income before reclassifications204 337 (46)16 511 
Gain (loss) on net investment hedges(153)— — — (153)
Amounts reclassified from AOCI— (322)(42)— (364)
Tax effect32 (5)2 (1)28 
Net of tax amount83 10 (86)15 22 
Balance at December 31, 2023$(2,539)$158 $(108)$2 $(2,487)

Amounts reclassified from AOCI
Year Ended December 31		Affected line item in the
Details about AOCI components202320222021consolidated statement of earnings
(In millions)
Deferred loss (gain) on hedging activities
$— $(1)$16 Revenues
(322)(351)(490)Cost of products sold
(322)(352)(474)Earnings before income taxes
77 62 118 Income tax expense
$(245)$(290)$(356)Net earnings
Pension liability adjustment
Amortization of defined benefit pension items:
Prior service losses (credit)$(26)$(119)$(77)Other (income) expense – net
Actuarial losses(16)142 176 Other (income) expense – net
(42)23 99 Earnings before income taxes
(10)(4)(26)Income tax expense (benefit)
$(52)$19 $73 Net earnings