Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Equity

Note 14: Equity

Preferred Stock

We have 8.0 million shares of Preferred Stock authorized, of which 1.75 million shares are authorized as Series A, 1.0 million shares are authorized as Series X junior participating and 5.25 million shares are undesignated. Shares may be issued without a vote or action of shareholders from time to time in classes or series with the designations, powers, preferences and the relative, participating, optional or other special rights of the shares of each such class or series and any qualifications, limitations or restrictions thereon as set forth in the instruments governing such shares. Any such Preferred Stock may rank prior to common stock as to dividend rights, liquidation preference or both, and may have full or limited voting rights and may be convertible into shares of common stock. No shares of Preferred Stock were issued and outstanding during 2022, 2021 and 2020.

Common Stock

The following table describes the number of shares authorized, issued and outstanding of our common stock as of December 31, 2022, 2021 and 2020:

	As of December 31, 2022			As of December 31, 2021			As of December 31, 2020
(In millions)	Authorized	Issued	Outstanding	Authorized	Issued	Outstanding	Authorized	Issued	Outstanding
Common stock	1,000.0	167.9	144.0	1,000.0	170.8	147.0	1,000.0	176.2	152.4

Share Repurchases

In October 2020 our Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock (2020 Share Repurchase Program). Our 2020 Share Repurchase Program does not have an expiration date. All share repurchases under our 2020 Share Repurchase Program will be retired. Under our 2020 Share Repurchase Program, we repurchased and retired approximately 3.6 million, 6.0 million and 1.6 million shares of our common stock at a cost of approximately $750.0 million, $1.8 billion and $400.0 million during the years ended December

31, 2022, 2021 and 2020, respectively. Approximately $2.1 billion remained available under our 2020 Share Repurchase Program as of December 31, 2022.

In December 2019 our Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock (December 2019 Share Repurchase Program), which was completed as of September 30, 2020. All shares repurchased under our December 2019 Share Repurchase Program were retired. Under our December 2019 Share Repurchase Program, we repurchased and retired approximately 16.7 million shares of our common stock at a cost of approximately $5.0 billion during the year ended December 31, 2020.

In March 2019 our Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock (March 2019 Share Repurchase Program), which was completed as of March 31, 2020. All shares repurchased under our March 2019 Share Repurchase Program were retired. Under our March 2019 Share Repurchase Program, we repurchased and retired approximately 4.1 million shares of our common stock at a cost of approximately $1.3 billion during the year ended December 31, 2020.

In August 2022 the Inflation Reduction Act of 2022 (the IRA) was signed into law. Among other things, the IRA levies a 1.0% excise tax on net stock repurchases after December 31, 2022. Historically, we have made discretionary share repurchases.

Amounts paid to repurchase shares in excess of their par value are allocated between additional paid-in capital and retained earnings, with payments in excess of our additional paid-in-capital balance recorded as a reduction to retained earnings.

Accumulated Other Comprehensive Income (Loss)

The following tables summarize the changes in accumulated other comprehensive income (loss), net of tax by component:

	December 31, 2022
(In millions)	Unrealized Gains (Losses) on Securities Available for Sale, Net of Tax		Unrealized Gains (Losses) on Cash Flow Hedges, Net of Tax		Gains (Losses) on Net Investment Hedges, Net of Tax(1)		Unrealized Gains (Losses) on Pension Benefit Obligation, Net of Tax		Currency Translation Adjustments		Total
Balance, December 31, 2021	$	(2.2)	$	53.8	$	25.5	$	(44.8)	$	(139.0)	$	(106.7)
Other comprehensive income (loss) before reclassifications	(23.5)		137.3		12.6		43.7		(83.1)		87.0
Amounts reclassified from accumulated other comprehensive income (loss)	10.0		(176.0)		(38.1)		—		58.9		(145.2)
Net current period other comprehensive income (loss)	(13.5)		(38.7)		(25.5)		43.7		(24.2)		(58.2)
Balance, December 31, 2022	$	(15.7)	$	15.1	$	—	$	(1.1)	$	(163.2)	$	(164.9)

(1) Beginning in the second quarter of 2022 we no longer held net investment hedges as they were closed with the sale of our 49.9% equity interest in Samsung Bioepis in April 2022. For additional information on the sale of our equity interest in Samsung Bioepis, please read Note 3, Dispositions, to these consolidated financial statements.

	December 31, 2021
(In millions)	Unrealized Gains (Losses) on Securities Available for Sale, Net of Tax		Unrealized Gains (Losses) on Cash Flow Hedges, Net of Tax		Gains (Losses) on Net Investment Hedges, Net of Tax		Unrealized Gains (Losses) on Pension Benefit Obligation, Net of Tax		Currency Translation Adjustments		Total
Balance, December 31, 2020	$	1.4	$	(179.0)	$	(8.5)	$	(66.3)	$	(46.6)	$	(299.0)
Other comprehensive income (loss) before reclassifications	(6.6)		178.2		33.4		21.5		(92.4)		134.1
Amounts reclassified from accumulated other comprehensive income (loss)	3.0		54.6		0.6		—		—		58.2
Net current period other comprehensive income (loss)	(3.6)		232.8		34.0		21.5		(92.4)		192.3
Balance, December 31, 2021	$	(2.2)	$	53.8	$	25.5	$	(44.8)	$	(139.0)	$	(106.7)

	December 31, 2020
(In millions)	Unrealized Gains (Losses) on Securities Available for Sale, Net of Tax		Unrealized Gains (Losses) on Cash Flow Hedges, Net of Tax		Gains (Losses) on Net Investment Hedges, Net of Tax		Unrealized Gains (Losses) on Pension Benefit Obligation, Net of Tax		Currency Translation Adjustments		Total
Balance, December 31, 2019	$	4.2	$	7.8	$	25.1	$	(32.8)	$	(139.5)	$	(135.2)
Other comprehensive income (loss) before reclassifications	(9.3)		(165.0)		(30.7)		(33.5)		92.9		(145.6)
Amounts reclassified from accumulated other comprehensive income (loss)	6.5		(21.8)		(2.9)		—		—		(18.2)
Net current period other comprehensive income (loss)	(2.8)		(186.8)		(33.6)		(33.5)		92.9		(163.8)
Balance, December 31, 2020	$	1.4	$	(179.0)	$	(8.5)	$	(66.3)	$	(46.6)	$	(299.0)

The following table summarizes the amounts reclassified from accumulated other comprehensive income (loss):

(In millions)	Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)						Income Statement Location
	For the Years Ended December 31,
	2022		2021		2020
Gains (losses) on securities available for sale	$	(12.6)	$	(3.8)	$	(8.2)	Other (income) expense
	2.6		0.8		1.7		Income tax (benefit) expense
Gains (losses) on cash flow hedges	201.6		(60.0)		18.3		Revenue
	(5.5)		(0.8)		3.3		Operating expense
	(0.3)		0.2		0.3		Other (income) expense
	(19.8)		6.0		(0.1)		Income tax (benefit) expense
Gains (losses) on net investment hedges(1)	38.1		(0.6)		2.9		Other (income) expense
Currency Translation Adjustments	(58.9)		—		—		Other (income) expense
Total reclassifications, net of tax	$	145.2	$	(58.2)	$	18.2

(1) Beginning in the second quarter of 2022 we no longer held net investment hedges as they were closed with the sale of our 49.9% equity interest in Samsung Bioepis in April 2022. For additional information on the sale of our equity interest in Samsung Bioepis, please read Note 3, Dispositions, to these consolidated financial statements.