Shareholders' Equity

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Deficit

Under the authority of our Board of Directors, we repurchased shares of our Common Stock during 2022, 2021 and 2020.  All amounts exclude applicable transaction fees.  

	Shares Repurchased (thousands)					Dollar Value of Shares Repurchased
Authorization Date	2022	2021		2020		2022		2021			2020
September 2022	1,967	—		—		$	250	$	—		$	—
May 2021	8,116	8,235		—		950		1,050			—
November 2019	—	4,746		2,419		—		530			250
Total	10,083	12,981	(a)	2,419	(a)	$	1,200	$	1,580	(a)	$	250	(a)

(a)    2021 amount excludes and 2020 amount includes the effect of $11 million in share repurchases (0.1 million shares) with trade dates on, or prior to, December 31, 2020, but settlement dates subsequent to December 31, 2020.

In September 2022, our Board of Directors authorized share repurchases of up to $2 billion (excluding applicable transaction fees) of our outstanding Common Stock through June 30, 2024. The new authorization took effect during the fourth quarter of 2022 upon the exhaustion of a prior authorization approved in May 2021. As of December 31, 2022, we have remaining capacity to repurchase up to $1.75 billion of Common Stock under the September 2022 authorization.

Changes in AOCI are presented below.

	Translation Adjustments and Gains (Losses) From Intra-Entity Transactions of a Long-Term Nature		Pension and Post-Retirement Benefits(a)		Derivative Instruments(b)		Total
Balance at December 31, 2020, net of tax	$	(182)	$	(96)	$	(133)	$	(411)
OCI, net of tax
Gains (losses) arising during the year classified into AOCI, net of tax	(24)		50		25		51
(Gains) losses reclassified from AOCI, net of tax	—		12		23		35
	(24)		62		48		86
Balance at December 31, 2021, net of tax	$	(206)	$	(34)	$	(85)	$	(325)
OCI, net of tax
Gains (losses) arising during the year classified into AOCI, net of tax	(84)		(88)		86		(86)
(Gains) losses reclassified from AOCI, net of tax	—		28		14		42
	(84)		(60)		100		(44)
Balance at December 31, 2022, net of tax	$	(290)	$	(94)	$	15	$	(369)

(a)    Amounts reclassified from AOCI for pension and post-retirement benefit plans losses during 2022 include amortization of net losses of $22 million, amortization of prior service cost of $5 million, settlement charges of $7 million and related income tax benefit of $6 million. Amounts reclassified from AOCI for pension and post-retirement benefit plans losses during 2021 include amortization of net losses of $12 million, amortization of prior service cost of $5 million and related income tax benefit of $4 million. See Note 15.

(b)    See Note 13 for details on amounts reclassified from AOCI.