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SHAREOWNERS' EQUITY (Tables) | 9 Months Ended
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Sep. 30, 2024
Stockholders' Equity Note [Abstract] |
Schedule of Stockholders Equity | The following is a rollforward of our common stock, additional paid-in capital, retained earnings and noncontrolling interests accounts for the three and nine months ended September 30, 2024 and 2023 (in millions, except per share amounts):
Three Months Ended September 30: | 2024 |  | 2023
| Shares |  | Dollars |  | Shares |  | Dollars
Class A Common Stock: |  |  |  |  |  |  |
Balance at beginning of period | 125 |  |  | $ | 2 |  |  | 132 |  |  | $ | 2 |
Stock award plans | — |  |  | — |  |  | 1 |  |  | — |
Common stock issuances | — |  |  | — |  |  | 1 |  |  | — |
Conversions of class A to class B common stock | (3) |  |  | — |  |  | (4) |  |  | — |
Class A shares issued at end of period | 122 |  |  | $ | 2 |  |  | 130 |  |  | $ | 2 |
Class B Common Stock: |  |  |  |  |  |  |
Balance at beginning of period | 732 |  |  | $ | 7 |  |  | 723 |  |  | $ | 7 |
Common stock purchases | (4) |  |  | — |  |  | (5) |  |  | — |
Conversions of class A to class B common stock | 3 |  |  | — |  |  | 4 |  |  | — |
Class B shares issued at end of period | 731 |  |  | $ | 7 |  |  | 722 |  |  | $ | 7 |
Additional Paid-In Capital: |  |  |  |  |  |  |
Balance at beginning of period |  |  | $ | 136 |  |  |  |  | $ | — |
Stock award plans |  |  | (20) |  |  |  |  | 14 |
Common stock purchases |  |  | (212) |  |  |  |  | (123) |
Common stock issuances |  |  | 96 |  |  |  |  | 115 |
Other (1) |  |  | — |  |  |  |  | (6) |
Balance at end of period |  |  | $ | — |  |  |  |  | $ | — |
Retained Earnings: |  |  |  |  |  |  |
Balance at beginning of period |  |  | $ | 20,692 |  |  |  |  | $ | 21,584 |
Net income attributable to controlling interests |  |  | 1,539 |  |  |  |  | 1,127 |
Dividends ($1.63 and $1.62 per share) (2) |  |  | (1,391) |  |  |  |  | (1,384) |
Common stock purchases |  |  | (288) |  |  |  |  | (627) |
Other |  |  | — |  |  |  |  | (1) |
Balance at end of period |  |  | $ | 20,552 |  |  |  |  | $ | 20,699 |
Noncontrolling Interests: |  |  |  |  |  |  |
Balance at beginning of period |  |  | $ | 23 |  |  |  |  | $ | 18 |
Change in noncontrolling interest |  |  | 4 |  |  |  |  | (6) |
Balance at end of period |  |  | $ | 27 |  |  |  |  | $ | 12 |
(1) Includes a 1% excise tax applicable to share repurchases. (2) The dividend per share amount is the same for both class A and class B common stock. Dividends include $88 and $43 million as of September 30, 2024 and 2023, respectively, that were settled in shares of class A common stock.
Nine Months Ended September 30: | 2024 |  | 2023
| Shares |  | Dollars |  | Shares |  | Dollars
Class A Common Stock: |  |  |  |  |  |  |
Balance at beginning of period | 127 |  |  | $ | 2 |  |  | 134 |  |  | $ | 2 |
Stock award plans | 2 |  |  | — |  |  | 4 |  |  | — |
Common stock issuances | 2 |  |  | — |  |  | 2 |  |  | — |
Conversions of class A to class B common stock | (9) |  |  | — |  |  | (10) |  |  | — |
Class A shares issued at end of period | 122 |  |  | $ | 2 |  |  | 130 |  |  | $ | 2 |
Class B Common Stock: |  |  |  |  |  |  |
Balance at beginning of period | 726 |  |  | $ | 7 |  |  | 725 |  |  | $ | 7 |
Common stock purchases | (4) |  |  | — |  |  | (13) |  |  | — |
Conversions of class A to class B common stock | 9 |  |  | — |  |  | 10 |  |  | — |
Class B shares issued at end of period | 731 |  |  | $ | 7 |  |  | 722 |  |  | $ | 7 |
Additional Paid-In Capital: |  |  |  |  |  |  |
Balance at beginning of period |  |  | $ | — |  |  |  |  | $ | — |
Stock award plans |  |  | (123) |  |  |  |  | 391 |
Common stock purchases |  |  | (212) |  |  |  |  | (750) |
Common stock issuances |  |  | 335 |  |  |  |  | 370 |
Other (1) |  |  | — |  |  |  |  | (11) |
Balance at end of period |  |  | $ | — |  |  |  |  | $ | — |
Retained Earnings: |  |  |  |  |  |  |
Balance at beginning of period |  |  | $ | 21,055 |  |  |  |  | $ | 21,326 |
Net income attributable to controlling interests |  |  | 4,061 |  |  |  |  | 5,103 |
Dividends ($4.89 and $4.86 per share) (2) |  |  | (4,203) |  |  |  |  | (4,230) |
Common stock purchases |  |  | (288) |  |  |  |  | (1,500) |
Other (3) |  |  | (73) |  |  |  |  | — |
Balance at end of period |  |  | $ | 20,552 |  |  |  |  | $ | 20,699 |
Noncontrolling Interests: |  |  |  |  |  |  |
Balance at beginning of period |  |  | $ | 8 |  |  |  |  | $ | 17 |
Change in noncontrolling interest |  |  | 19 |  |  |  |  | (5) |
Balance at end of period |  |  | $ | 27 |  |  |  |  | $ | 12 |
(1) Includes a 1% excise tax applicable to share repurchases. (2) The dividend per share amount is the same for both class A and class B common stock. Dividends include $154 and $196 million as of September 30, 2024 and 2023, respectively, that were settled in shares of class A common stock. (3) Includes adjustments related to certain stock-based awards.
Schedule of Accumulated Other Comprehensive Income (Loss) | The activity in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023 was as follows (in millions):
Three Months Ended September 30: | 2024 |  | 2023
Foreign Currency Translation Gain (Loss), Net of Tax: |  |  |
Balance at beginning of period | $ | (1,431) |  |  | $ | (1,346) |
Translation adjustment (net of tax effect of $(5) and $0) | 211 |  |  | (96) |
Balance at end of period | (1,220) |  |  | (1,442) |
Unrealized Gain (Loss) on Marketable Securities, Net of Tax: |  |  |
Balance at beginning of period | (3) |  |  | (20) |
Current period changes in fair value (net of tax effect of $0 and $(1)) | 2 |  |  | (2) |
Balance at end of period | (1) |  |  | (22) |
Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax: |  |  |
Balance at beginning of period | — |  |  | 10 |
Current period changes in fair value (net of tax effect of $(37) and $44) | (117) |  |  | 138 |
Reclassification to earnings (net of tax effect of $(7) and $(8)) | (22) |  |  | (27) |
Balance at end of period | (139) |  |  | 121 |
Unrecognized Pension and Postretirement Benefit Costs, Net of Tax: |  |  |
Balance at beginning of period | (2,373) |  |  | (218) |
Reclassification to earnings (net of tax effect of $9 and $7) | 29 |  |  | 21 |
Balance at end of period | (2,344) |  |  | (197) |
Accumulated other comprehensive income (loss) at end of period | $ | (3,704) |  |  | $ | (1,540) |
Nine Months Ended September 30: | 2024 |  | 2023
Foreign currency translation gain (loss), net of tax: |  |  |
Balance at beginning of period | $ | (1,248) |  |  | $ | (1,446) |
Translation adjustment (net of tax effect of $(2) and $(13)) | 28 |  |  | 1 |
Reclassification to earnings (net of tax effect of $0 and $0) | — |  |  | 3 |
Balance at end of period | (1,220) |  |  | (1,442) |
Unrealized gain (loss) on marketable securities, net of tax: |  |  |
Balance at beginning of period | (2) |  |  | (11) |
Current period changes in fair value (net of tax effect of $0 and $(5)) | 1 |  |  | (13) |
Reclassification to earnings (net of tax effect of $0 and $1) | — |  |  | 2 |
Balance at end of period | (1) |  |  | (22) |
Unrealized gain (loss) on cash flow hedges, net of tax: |  |  |
Balance at beginning of period | (76) |  |  | 167 |
Current period changes in fair value (net of tax effect of $7 and $22) | 24 |  |  | 69 |
Reclassification to earnings (net of tax effect of $(27) and $(36)) | (87) |  |  | (115) |
Balance at end of period | (139) |  |  | 121 |
Unrecognized pension and postretirement benefit costs, net of tax: |  |  |
Balance at beginning of period | (2,432) |  |  | (259) |
Reclassification to earnings (net of tax effect of $27 and $20) | 88 |  |  | 62 |
Balance at end of period | (2,344) |  |  | (197) |
Accumulated other comprehensive income (loss) at end of period | $ | (3,704) |  |  | $ | (1,540) |
Gains (Losses) Reclassified from AOCI | Detail of the gains (losses) reclassified from accumulated other comprehensive income (loss) to the statements of consolidated income for the three and nine months ended September 30, 2024 and 2023 is as follows (in millions):
| Amount Reclassified from AOCI(1) |  | Affected Line Item in the Income Statement
Three Months Ended September 30: | 2024 |  | 2023 |
Unrealized Gain (Loss) on Cash Flow Hedges: |  |  |  |  |
Interest rate contracts | $ | (1) |  |  | $ | (6) |  |  | Interest expense
Foreign currency exchange contracts | 30 |  |  | 41 |  |  | Revenue
Income tax (expense) benefit | (7) |  |  | (8) |  |  | Income tax expense
Impact on net income | 22 |  |  | 27 |  |  | Net income
Unrecognized Pension and Postretirement Benefit Costs: |  |  |  |  |
Prior service costs | (38) |  |  | (28) |  |  | Investment income and other
Income tax (expense) benefit | 9 |  |  | 7 |  |  | Income tax expense
Impact on net income | (29) |  |  | (21) |  |  | Net income
Total amount reclassified for the period | $ | (7) |  |  | $ | 6 |  |  | Net income
| Amount Reclassified from AOCI(1) |  | Affected Line Item in the Income Statement
Nine Months Ended September 30: | 2024 |  | 2023 |
Unrealized gain (loss) on foreign currency translation: |  |  |  |  |
Realized gain (loss) on business wind-down | $ | — |  |  | $ | (3) |  |  | Other expenses
Impact on net income | — |  |  | (3) |  |  | Net income
Unrealized gain (loss) on marketable securities: |  |  |  |  |
Realized gain (loss) on sale of securities | — |  |  | (3) |  |  | Investment income and other
Income tax (expense) benefit | — |  |  | 1 |  |  | Income tax expense
Impact on net income | — |  |  | (2) |  |  | Net income
Unrealized gain (loss) on cash flow hedges: |  |  |  |  |
Interest rate contracts | (4) |  |  | (9) |  |  | Interest expense
Foreign currency exchange contracts | 118 |  |  | 160 |  |  | Revenue
Income tax (expense) benefit | (27) |  |  | (36) |  |  | Income tax expense
Impact on net income | 87 |  |  | 115 |  |  | Net income
Unrecognized pension and postretirement benefit costs: |  |  |  |  |
Prior service costs | (115) |  |  | (82) |  |  | Investment income and other
Income tax (expense) benefit | 27 |  |  | 20 |  |  | Income tax expense
Impact on net income | (88) |  |  | (62) |  |  | Net income
Total amount reclassified for the period | $ | (1) |  |  | $ | 48 |  |  | Net income
(1) Accumulated other comprehensive income (loss)
Activity in Deferred Compensation Program | Activity in the deferred compensation program for the three and nine months ended September 30, 2024 and 2023 was as follows (in millions):
| 2024 |  | 2023
Three Months Ended September 30: | Shares |  | Dollars |  | Shares |  | Dollars
Deferred Compensation Obligations: |  |  |  |  |  |  |
Balance at beginning of period |  |  | $ | 6 |  |  |  |  | $ | 9 |
Reinvested dividends |  |  | — |  |  |  |  | — |
Benefit payments |  |  | — |  |  |  |  | — |
Balance at end of period |  |  | $ | 6 |  |  |  |  | $ | 9 |
Treasury Stock: |  |  |  |  |  |  |
Balance at beginning of period | — |  |  | $ | (6) |  |  | — |  |  | $ | (9) |
Reinvested dividends | — |  |  | — |  |  | — |  |  | — |
Benefit payments | — |  |  | — |  |  | — |  |  | — |
Balance at end of period | — |  |  | $ | (6) |  |  | — |  |  | $ | (9) |
| 2024 |  | 2023
Nine Months Ended September 30: | Shares |  | Dollars |  | Shares |  | Dollars
Deferred Compensation Obligations: |  |  |  |  |  |  |
Balance at beginning of period |  |  | $ | 9 |  |  |  |  | $ | 13 |
Reinvested dividends |  |  | — |  |  |  |  | — |
Benefit payments |  |  | (3) |  |  |  |  | (4) |
Balance at end of period |  |  | $ | 6 |  |  |  |  | $ | 9 |
Treasury Stock: |  |  |  |  |  |  |
Balance at beginning of period | — |  |  | $ | (9) |  |  | — |  |  | $ | (13) |
Reinvested dividends | — |  |  | — |  |  | — |  |  | — |
Benefit payments | — |  |  | 3 |  |  | — |  |  | 4 |
Balance at end of period | — |  |  | $ | (6) |  |  | — |  |  | $ | (9) |

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