XML 35 R23.htm IDEA: XBRL DOCUMENT
v3.24.3

Equity | 9 Months Ended
--- | ---
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Accumulated Other Comprehensive Income (Loss) | Note 17: Equity Common Stock - Share Repurchases. On October 24, 2023, we entered into accelerated share repurchase (ASR) agreements with certain financial institution counterparties to repurchase shares of our common stock for an aggregate purchase price of $10 billion. The ASR agreements provided for the repurchase of our common stock based on the average of the daily volume-weighted average prices of our common stock during the term of such ASR agreement, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR agreement. Pursuant to the ASR agreements, we made aggregate payments of $10 billion on October 26, 2023, and received initial deliveries of approximately 108.4 million shares of our common stock at a price of $78.38 per share, which, on that date, represented approximately 85% of the shares expected to be repurchased. The aggregate purchase price was recorded as a reduction to Shareowners’ equity, consisting of an $8.5 billion increase in Treasury stock and a $1.5 billion decrease in Common stock. The shares associated with the remaining portion of the aggregate purchase price have been settled over two tranches. In July 2024, the first tranche was settled upon final delivery to us of approximately 0.4 million shares of common stock. In September 2024, with respect to the second tranche, we owed approximately 2.2 million shares of common stock that we elected to cash settle for $261 million. The cash payment required as a result of the second tranche settlement was due to the significant increase in the price of our common stock during the ASR term. The final average price under the ASR was $94.28 per share. Accumulated Other Comprehensive Loss. A summary of the changes in each component of Accumulated other comprehensive loss, net of tax for the quarters and nine months ended September 30, 2024 and 2023 is provided below:
(dollars in millions) | Foreign Currency Translation |  | Defined Benefit Pension and Postretirement Plans |  | Unrealized Hedging Gains (Losses) |  | Accumulated Other Comprehensive Loss
Quarter Ended September 30, 2024 |  |  |  |  |  |  |
Balance at June 30, 2024 | $ | (632) |  |  | $ | (2,102) |  |  | $ | 16 |  |  | $ | (2,718) |
Other comprehensive income (loss) before reclassifications, net | 749 |  |  | (72) |  |  | 125 |  |  | 802 |
Amounts reclassified, pre-tax | — |  |  | (44) |  |  | 14 |  |  | (30) |
Tax benefit (expense) | 6 |  |  | 11 |  |  | (40) |  |  | (23) |
Balance at September 30, 2024 | $ | 123 |  |  | $ | (2,207) |  |  | $ | 115 |  |  | $ | (1,969) |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |
Balance at December 31, 2023 | $ | (440) |  |  | $ | (2,026) |  |  | $ | 47 |  |  | $ | (2,419) |
Other comprehensive income (loss) before reclassifications, net | 560 |  |  | (82) |  |  | 64 |  |  | $ | 542 |
Amounts reclassified, pre-tax | — |  |  | (131) |  |  | 23 |  |  | $ | (108) |
Tax benefit (expense) | 3 |  |  | 32 |  |  | (19) |  |  | 16 |
Balance at September 30, 2024 | $ | 123 |  |  | $ | (2,207) |  |  | $ | 115 |  |  | $ | (1,969) |
(dollars in millions) | Foreign Currency Translation |  | Defined Benefit Pension and Postretirement Plans |  | Unrealized Hedging Gains (Losses) |  | Accumulated Other Comprehensive Loss
Quarter Ended September 30, 2023 |  |  |  |  |  |  |
Balance at June 30, 2023 | $ | (476) |  |  | $ | (1,035) |  |  | $ | 9 |  |  | $ | (1,502) |
Other comprehensive income (loss) before reclassifications, net | (441) |  |  | 37 |  |  | (132) |  |  | (536) |
Amounts reclassified, pre-tax | — |  |  | (141) |  |  | 9 |  |  | (132) |
Tax benefit (expense) | (3) |  |  | 33 |  |  | 24 |  |  | 54 |
Balance at September 30, 2023 | $ | (920) |  |  | $ | (1,106) |  |  | $ | (90) |  |  | $ | (2,116) |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |
Balance at December 31, 2022 | $ | (1,005) |  |  | $ | (782) |  |  | $ | (231) |  |  | $ | (2,018) |
Other comprehensive income (loss) before reclassifications, net | 85 |  |  | (7) |  |  | 101 |  |  | 179 |
Amounts reclassified, pre-tax | — |  |  | (426) |  |  | 73 |  |  | (353) |
Tax benefit (expense) | — |  |  | 109 |  |  | (33) |  |  | 76 |
Balance at September 30, 2023 | $ | (920) |  |  | $ | (1,106) |  |  | $ | (90) |  |  | $ | (2,116) |

X
- References No definition available. + Details
Name: | us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/220/tableOfContent + Details
Name: | us-gaap_ComprehensiveIncomeNoteTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration