Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Share activity

Activity in the number of shares of common stock and treasury stock was as follows (in millions):

	Common Stock	Treasury Stock
Balance as of December 31, 2019	673	(264)
Transactions in connection with stock-based compensation plans	—	1
Purchases of common stock for treasury	—	(2)
Balance as of December 31, 2020	673	(265)
Transactions in connection with stock-based compensation plans	—	1
Balance as of December 31, 2021	673	(264)
Transactions in connection with stock-based compensation plans	—	1
Purchases of common stock for treasury	—	(38)
Balance as of December 31, 2022	673	(301)

Income tax effects related to components of other comprehensive income (loss)

The tax effects allocated to each component of other comprehensive income (loss) were as follows (in millions):

	Before-Tax Amount		Tax Expense (Benefit)		Net Amount
Year ended December 31, 2022
Foreign currency translation adjustment	$	(613)	$	(7)	$	(606)
Pension and other postretirement benefits:
Net actuarial gain arising during the year	244		57		187
Amounts reclassified into income related to:
Net actuarial loss	52		12		40
Prior service credit	(22)		(5)		(17)
Settlement loss	61		13		48
Net gain on pension and other postretirement benefits	335		77		258
Derivative instruments designated and qualifying as cash flow hedges:
Net loss arising during the year	(292)		(32)		(260)
Net loss reclassified into income	286		32		254
Net loss on cash flow hedges	(6)		—		(6)
Other comprehensive loss	$	(284)	$	70	$	(354)

	Before-Tax Amount		Tax Expense (Benefit)		Net Amount
Year ended December 31, 2021
Foreign currency translation adjustment	$	(47)	$	—	$	(47)
Pension and other postretirement benefits:
Gain arising during the year related to:
Net actuarial gain	317		69		248
Prior service cost	(4)		(1)		(3)
Amounts reclassified into income related to:
Net actuarial loss	80		18		62
Prior service credit	(25)		(6)		(19)
Settlement loss	8		2		6
Effect of exchange rates	2		—		2
Net gain on pension and other postretirement benefits	378		82		296
Derivative instruments designated and qualifying as cash flow hedges:
Net loss arising during the year	(48)		(5)		(43)
Net loss reclassified into income	46		5		41
Net loss on cash flow hedges	(2)		—		(2)
Other comprehensive income	$	329	$	82	$	247
Year ended December 31, 2020
Foreign currency translation adjustment	$	161	$	—	$	161
Pension and other postretirement benefits:
Loss arising during the year related to:
Net actuarial loss	(128)		(26)		(102)
Prior service cost	(5)		(1)		(4)
Amounts reclassified into income related to:
Net actuarial loss	74		17		57
Prior service credit	(26)		(6)		(20)
Settlement loss	5		1		4
Net loss on pension and other postretirement benefits	(80)		(15)		(65)
Derivative instruments designated and qualifying as cash flow hedges:
Net gain arising during the year	36		3		33
Net gain reclassified into income	(34)		(4)		(30)
Net gain on cash flow hedges	2		(1)		3
Other comprehensive income	$	83	$	(16)	$	99

Changes in components of accumulated other comprehensive loss

Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions):

	Foreign Currency Translation Adjustment		Defined Benefit Plans Items		Gains (Losses) on Cash Flow Hedges		Total
Balance as of December 31, 2019	$	(676)	$	(672)	$	(3)	$	(1,351)
Other comprehensive income (loss) before reclassifications	161		(106)		14		69
Amounts reclassified from accumulated other comprehensive  loss	—		41		(13)		28
Other comprehensive income (loss)	161		(65)		1		97
Balance as of December 31, 2020	(515)		(737)		(2)		(1,254)
Other comprehensive income (loss) before reclassifications	(47)		245		(21)		177
Amounts reclassified from accumulated other comprehensive loss	—		49		18		67
Effect of exchange rates	—		2		—		2
Other comprehensive income (loss)	(47)		296		(3)		246
Balance as of December 31, 2021	(562)		(441)		(5)		(1,008)
Other comprehensive income (loss) before reclassifications	(606)		187		(114)		(533)
Amounts reclassified from accumulated other comprehensive  loss	—		71		111		182
Other comprehensive income (loss)	(606)		258		(3)		(351)
Balance as of December 31, 2022	$	(1,168)	$	(183)	$	(8)	$	(1,359)

Gains (losses) reclassified out of accumulated other comprehensive loss

Gains (losses) reclassified out of accumulated other comprehensive loss and into net income (loss) were as follows (in millions):

Details about Accumulated Other Comprehensive Loss Components							Affected Line Item in the Statement of Income
	Year Ended December 31,
	2022		2021		2020
Amortization of items related to defined benefit pension plans:
Net actuarial loss	$	(52)	$	(80)	$	(74)	(a) Other income, net
Prior service credit	22		25		26		(a) Other income, net
Settlement loss	(61)		(8)		(5)		(a) Other income, net
	(91)		(63)		(53)		Total before tax
	20		14		12		Tax benefit
	$	(71)	$	(49)	$	(41)	Net of tax
Gains (losses) on cash flow hedges:
Commodity contracts	$	(286)	$	(46)	$	34	Revenues
	(286)		(46)		34		Total before tax
	32		5		(4)		Tax (expense) benefit
	$	(254)	$	(41)	$	30	Net of tax
Total reclassifications for the year	$	(325)	$	(90)	$	(11)	Net of tax

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(a)These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost, as discussed in Note 12.