XML 53 R33.htm IDEA: XBRL DOCUMENT v3.22.4
Equity (Tables)
12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of Dividend History
 Year Ended December 31,
 202220212020
Annualized dividend rate 1
$3.32 $3.08 $2.68 
Dividends paid (in millions)$1,024 $743 $645 
1 The quarterly dividend rate was $0.77 per share in the first quarter of 2022 and increased to $0.85 per share beginning in the second quarter of 2022. The quarterly dividend rate was $0.77 per share and $0.67 per share for the years ended December 31 2021 and 2020, respectively.
Schedule of Accelerated Share Repurchase Agreements
The terms of each ASR agreement entered into for the years ended December 31, 2022, 2021 and 2020, structured as outlined above, are as follows:
(in millions, except average price)
ASR Agreement Initiation DateASR Agreement Completion DateInitial Shares DeliveredAdditional Shares DeliveredTotal Number of Shares
Purchased
Average Price Paid Per ShareTotal Cash Utilized
December 2, 2022 1
2.4 — 2.4 $— $1,000 
August 9, 2022 2
October 25, 20225.8 1.6 7.4 $337.94 $2,500 
May 13, 2022 3
August 2, 20223.8 0.6 4.4 $343.85 $1,500 
March 1, 2022 4
August 9, 202215.2 4.1 19.3 $362.03 $7,000 
February 11, 2020 5
July 27, 20201.3 0.4 1.7 $292.13 $500 
February 11, 2020 6
July 27, 20201.4 0.3 1.7 $292.13 $500 
1 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1 billion and initially received shares valued at 87.5% of the $1 billion at a price equal to the market price of the Company's common stock on December 2, 2022 when the Company received an initial delivery of 2.4 million shares from the ASR program. We completed the ASR agreement on February 3, 2023 and received an additional 0.4 million shares. We repurchased a total of 2.8 million shares under the ASR agreement for an average purchase price $350.74 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 $2.5 billion and initially received shares valued at 87.5% of the $2.5 billion at a price equal to the market price of the Company's common stock on August 9, 2022 when the Company received an initial delivery of 5.8 million shares from the ASR program. We completed the ASR agreement on October 25, 2022 and received an additional 1.6 million shares. The ASR agreement was executed under our 2022 and 2020 Repurchase Program.
3 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1.5 billion and initially received shares valued at 85% of the $1.5 billion at a share price equal to the market price of the Company's common stock on May 13, 2022 when the Company received an initial delivery of 3.8 million shares from the ASR program. We completed the ASR agreement on August 2, 2022 and received an additional 0.6 million shares. The ASR agreement was executed under our 2020 Repurchase Program.
4 The ASR agreement was structured as an uncapped ASR agreement in which we paid $7 billion and initially received shares valued at 85% of the $7 billion at a share equal to the then market price of the Company's common stock on March 1, 2022 when the company received an initial delivery of 15.2 million shares from the ASR program. We completed the ASR agreement on August 9, 2022 and received an additional 4.1 million shares. The ASR agreement was executed under our 2020 Repurchase Program.
5 The ASR agreement was structured as a capped ASR agreement in which we paid $500 million and received an initial delivery of 1.3 million shares and an additional amount of 0.2 million in February 2020, representing a minimum number of shares of our common stock to be repurchased based on a calculation using a specified capped price per share. We completed the ASR agreement on July 27, 2020 and received an additional 0.2 million shares. The ASR agreement was executed under our 2013 Repurchase Program.
6 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of 1.4 million shares, representing 85% of the $500 at a price equal to the then market price of the Company. We completed the ASR agreement on July 27, 2020 and received an additional 0.3 million shares. The ASR agreement was executed under our 2013 Repurchase Program.
Schedule of Share Repurchases
Additionally, during the year ended December 31, 2020, we purchased shares of our common stock in the open market as follows:

(in millions, except average price)
Year EndedTotal number of shares purchased Average price paid per share Total cash utilized
December 31, 20200.5 $295.40 $161 
Schedule of Redeemable Noncontrolling Interest Rollforward
Changes to redeemable noncontrolling interest during the year ended December 31, 2022 were as follows:
(in millions)
Balance as of December 31, 2021$3,429 
Net income attributable to redeemable noncontrolling interest249 
Equity contribution from redeemable noncontrolling intrerest410 
Distributions to noncontrolling interest(278)
Redemption value adjustment(545)
Other 1
Balance as of December 31, 2022$3,267 
1 Relates to foreign currency translation adjustments
Schedule of Changes in the Components of Accumulated Other Comprehensive Loss
The following table summarizes the changes in the components of accumulated other comprehensive loss for the year ended December 31, 2022:
(in millions)
Foreign Currency Translation Adjustments 1,3
Pension and Postretirement Benefit Plans 2
Unrealized Gain (Loss)
on Cash Flow Hedges 3
Accumulated Other Comprehensive Loss
Balance as of December 31, 2021$(336)$(305)$(200)$(841)
Other comprehensive (loss) income before reclassifications(250)(53)236 (67)
Reclassifications from accumulated other comprehensive income (loss) to net earnings2322 
Net other comprehensive gain (loss) income
(246)(44)245 (45)
Balance as of December 31, 2022$(582)$(349)$45 $(886)
1Includes an unrealized gain related to our cross currency swaps. See note 6 – 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 $2 million for the year ended December 31, 2022. See Note 7 Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.
3See Note 6 – Derivative Instruments for additional details of items reclassified from accumulated other comprehensive loss to net earnings.