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SHAREOWNERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

Three Months Ended September 30:			2022												2021
			Shares						Dollars						Shares						Dollars
Class A Common Stock
Balance at beginning of period			138						$	2					144						$	2
Stock award plans			(1)						—						(1)						—
Common stock issuances			1						—						1						—
Conversions of class A to class B common stock			(3)						—						(3)						—
Class A shares issued at end of period			135						$	2					141						$	2
Class B Common Stock
Balance at beginning of period			732						$	7					728						$	7
Common stock purchases			(5)						—						(3)						—
Conversions of class A to class B common stock			3						—						3						—
Class B shares issued at end of period			730						$	7					728						$	7
Additional Paid-In Capital
Balance at beginning of period									$	573											$	1,329
Common stock purchases									(903)												(500)
Stock award plans									233												176
Common stock issuances									97												83
Balance at end of period									$	—											$	1,088
Retained Earnings
Balance at beginning of period									$	18,958											$	12,531
Net income attributable to common shareowners									2,584												2,329
Dividends ($1.52 and $1.02 per share) (1)									(1,316)												(887)
Common stock purchases									(48)												—
Other									(1)												—
Balance at end of period									$	20,177											$	13,973
Non-Controlling Minority Interest
Balance at beginning of period									$	21											$	17
Change in non-controlling minority interest									(1)												(1)
Balance at end of period									$	20											$	16
(1) The dividend per share amount is the same for both class A and class B common stock. Dividends include $41 and $27 million as of September 30, 2022 and 2021, respectively, that were settled in shares of class A common stock.

Nine Months Ended September 30:			2022												2021
			Shares						Dollars						Shares						Dollars
Class A Common Stock:
Balance at beginning of period			138						$	2					147						$	2
Stock award plans			5						—						5						—
Common stock issuances			2						—						2						—
Conversions of class A to class B common stock			(10)						—						(13)						—
Class A shares outstanding at end of period			135						$	2					141						$	2
Class B Common Stock:
Balance at beginning of period			732						$	7					718						$	7
Common stock purchases			(12)						—						(3)						—
Conversions of class A to class B common stock			10						—						13						—
Class B shares outstanding at end of period			730						$	7					728						$	7
Additional Paid-In Capital:
Balance at beginning of period									$	1,343											$	865
Common stock purchases									(2,146)												(500)
Stock award plans									410												399
Common stock issuances									393												324
Balance at end of period									$	—											$	1,088
Retained Earnings:
Balance at beginning of period									$	16,179											$	6,896
Net income attributable to controlling interests									8,095												9,797
Dividends ($4.56 and $3.06 per share) (1)									(4,049)												(2,718)
Common stock purchases									(48)												—
Other									—												(2)
Balance at end of period									$	20,177											$	13,973
Non-Controlling Interests:
Balance at beginning of period									$	16											$	12
Change in non-controlling interest									4												4
Balance at end of period									$	20											$	16
(1) The dividend per share amount is the same for both class A and class B common stock. Dividends include $207 and $140 million as of September 30, 2022 and 2021, respectively, that were settled in shares of class A common stock.

Schedule of Accumulated Other Comprehensive Income (Loss)

The activity in accumulated other comprehensive income for the three and nine months ended September 30, 2022 and 2021 was as follows (in millions):

Three Months Ended September 30:			2022						2021
Foreign Currency Translation Gain (Loss), Net of Tax:
Balance at beginning of period			$	(1,447)					$	(1,015)
Translation adjustment (net of tax effect of $4 and $8)			(263)						(106)
Balance at end of period			(1,710)						(1,121)
Unrealized Gain (Loss) on Marketable Securities, Net of Tax:
Balance at beginning of period			(8)						1
Current period changes in fair value (net of tax effect of $(1) and $0)			(4)						—
Reclassification to earnings (net of tax effect of $0 and $0)			1						—
Balance at end of period			(11)						1
Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax:
Balance at beginning of period			260						(155)
Current period changes in fair value (net of tax effect of $110 and $40)			350						126
Reclassification to earnings (net of tax effect of $(21) and $(5))			(69)						(14)
Balance at end of period			541						(43)
Unrecognized Pension and Postretirement Benefit Costs, Net of Tax:
Balance at beginning of period			(2,056)						(1,895)
Reclassification to earnings (net of tax effect of $5 and $9)			18						29
Balance at end of period			(2,038)						(1,866)
Accumulated other comprehensive income (loss) at end of period			$	(3,218)					$	(3,029)

Nine Months Ended September 30:			2022						2021
Foreign currency translation gain (loss), net of tax:
Balance at beginning of period			$	(1,162)					$	(981)
Translation adjustment (net of tax effect of $11 and $37)			(548)						(140)
Balance at end of period			(1,710)						(1,121)
Unrealized gain (loss) on marketable securities, net of tax:
Balance at beginning of period			(1)						6
Current period changes in fair value (net of tax effect of $(3) and $0)			(11)						(1)
Reclassification to earnings (net of tax effect of $0 and $0)			1						(4)
Balance at end of period			(11)						1
Unrealized gain (loss) on cash flow hedges, net of tax:
Balance at beginning of period			(17)						(223)
Current period changes in fair value (net of tax effect of $222 and $65)			705						207
Reclassification to earnings (net of tax effect of $(46) and $(9))			(147)						(27)
Balance at end of period			541						(43)
Unrecognized pension and postretirement benefit costs, net of tax:
Balance at beginning of period			(2,098)						(5,915)
Net actuarial gain (loss) resulting from remeasurements of plan assets and liabilities (net of tax effect of $11 and $2,039)			31						6,470
Reclassification to earnings (net of tax effect of $8 and $(763))			29						(2,421)
Balance at end of period			(2,038)						(1,866)
Accumulated other comprehensive income (loss) at end of period			$	(3,218)					$	(3,029)

Gains (Losses) Reclassified from AOCI

Detail of the gains (losses) reclassified from AOCI to the statements of consolidated income for the three and nine months ended September 30, 2022 and 2021 is as follows (in millions):

			Amount Reclassified from AOCI												Affected Line Item in the Income Statement
Three Months Ended September 30:			2022						2021
Unrealized Gain (Loss) on Marketable Securities:
Realized gain (loss) on sale of securities			$	(1)					$	—					Investment income and other
Income tax (expense) benefit			—						—						Income tax expense
Impact on net income			(1)						—						Net income
Unrealized Gain (Loss) on Cash Flow Hedges:
Interest rate contracts			(4)						(3)						Interest expense
Foreign currency exchange contracts			94						22						Revenue
Income tax (expense) benefit			(21)						(5)						Income tax expense
Impact on net income			69						14						Net income
Unrecognized Pension and Postretirement Benefit Costs:
Prior service costs			(23)						(38)						Investment income and other
Income tax (expense) benefit			5						9						Income tax expense
Impact on net income			(18)						(29)						Net income
Total amount reclassified for the period			$	50					$	(15)					Net income

			Amount Reclassified from AOCI												Affected Line Item in the Income Statement
Nine Months Ended September 30:			2022						2021
Unrealized gain (loss) on marketable securities:
Realized gain (loss) on sale of securities			$	(1)					$	4					Investment income and other
Income tax (expense) benefit			—						—						Income tax expense
Impact on net income			(1)						4						Net income
Unrealized gain (loss) on cash flow hedges:
Interest rate contracts			(9)						(8)						Interest expense
Foreign currency exchange contracts			202						44						Revenue
Income tax (expense) benefit			(46)						(9)						Income tax expense
Impact on net income			147						27						Net income
Unrecognized pension and postretirement benefit costs:
Prior service costs			(70)						(109)						Investment income and other
Prior service credit for divested business			—						69						Other expenses
Plan amendments for divested business			—						(66)						Other expenses
Remeasurement of benefit obligation			—						3,290						Investment income and other
Curtailment of benefit obligation			33						—						Investment income and other
Income tax (expense) benefit			8						(763)						Income tax expense
Impact on net income			(29)						2,421						Net income
Total amount reclassified for the period			$	117					$	2,452					Net income

Activity in Deferred Compensation Program

Activity in the deferred compensation program for the three and nine months ended September 30, 2022 and 2021 was as follows (in millions):

			2022												2021
Three Months Ended September 30:			Shares						Dollars						Shares						Dollars
Deferred Compensation Obligations:
Balance at beginning of period									$	12											$	16
Reinvested dividends									—												—
Benefit payments									—												—
Balance at end of period									$	12											$	16
Treasury Stock:
Balance at beginning of period			—						$	(12)					—						$	(16)
Reinvested dividends			—						—						—						—
Benefit payments			—						—						—						—
Balance at end of period			—						$	(12)					—						$	(16)

			2022												2021
Nine Months Ended September 30:			Shares						Dollars						Shares						Dollars
Deferred Compensation Obligations:
Balance at beginning of period									$	16											$	20
Reinvested dividends									1												1
Benefit payments									(5)												(5)
Balance at end of period									$	12											$	16
Treasury Stock:
Balance at beginning of period			—						$	(16)					—						$	(20)
Reinvested dividends			—						(1)						—						(1)
Benefit payments			—						5						—						5
Balance at end of period			—						$	(12)					—						$	(16)

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Tabular disclosure of the components of accumulated other comprehensive income (loss).

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-Publisher FASB
-Name Accounting Standards Codification
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