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Equity | 12 Months Ended
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Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Accumulated Other Comprehensive Income (Loss) | NOTE 18: 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 agreements, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR agreements. 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. We funded the payments with borrowings under a bridge credit agreement, which was repaid with the proceeds from term loan facilities, proceeds from issuances of long-term debt in the fourth quarter of 2023, and cash on hand. See “Note 9: Borrowings and Lines of Credit” for additional information. 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 0.4 million shares of common stock. In September 2024, with respect to the second tranche, we owed 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 is provided below:
(dollars in millions) |  | Foreign Currency Translation |  | Defined Benefit Pension and Postretirement Plans |  |  |  | Unrealized Hedging (Losses) Gains |  | Accumulated Other Comprehensive Loss
Balance at December 31, 2021 |  | $ | 49 |  |  | $ | (1,828) |  |  |  |  | $ | (136) |  |  | $ | (1,915) |
Other comprehensive income (loss) before reclassifications, net |  | (1,050) |  |  | 1,225 |  |  |  |  | (246) |  |  | (71) |
Amounts reclassified, pre-tax |  | 2 |  |  | 129 |  |  |  |  | 103 |  |  | 234 |
Tax benefit (expense) |  | (6) |  |  | (308) |  |  |  |  | 48 |  |  | (266) |
Balance at December 31, 2022 |  | $ | (1,005) |  |  | $ | (782) |  |  |  |  | $ | (231) |  |  | $ | (2,018) |
Other comprehensive income (loss) before reclassifications, net |  | 562 |  |  | (1,041) |  |  |  |  | 278 |  |  | (201) |
Amounts reclassified, pre-tax |  | — |  |  | (568) |  |  |  |  | 80 |  |  | (488) |
Tax benefit (expense) |  | 3 |  |  | 365 |  |  |  |  | (80) |  |  | 288 |
Balance at December 31, 2023 |  | $ | (440) |  |  | $ | (2,026) |  |  |  |  | $ | 47 |  |  | $ | (2,419) |
Other comprehensive income (loss) before reclassifications, net |  | (506) |  |  | (674) |  |  |  |  | (291) |  |  | (1,471) |
Amounts reclassified, pre-tax |  | — |  |  | (173) |  |  |  |  | 63 |  |  | (110) |
Tax benefit (expense) |  | (3) |  |  | 194 |  |  |  |  | 54 |  |  | 245 |
Balance at December 31, 2024 |  | $ | (949) |  |  | $ | (2,679) |  |  |  |  | $ | (127) |  |  | $ | (3,755) |
Amounts reclassified that relate to our defined benefit pension and postretirement plans include the amortization of prior service costs and actuarial net gains or losses recognized during each period presented. These costs are recorded as components of net periodic benefit (income) expense for each period presented. See “Note 10: Employee Benefit Plans” for additional details. All noncontrolling interests with redemption features, such as put options, that are not solely within our control (redeemable noncontrolling interests) are reported in the mezzanine section of the Consolidated Balance Sheet, between liabilities and equity, at the greater of redemption value or initial carrying value.

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