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SHAREOWNERS' EQUITY (Tables)
 9 Months Ended
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 30:20242023
SharesDollarsSharesDollars
Class A Common Stock:
Balance at beginning of period125 $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 period122 $2 130 $2 
Class B Common Stock:
Balance at beginning of period732 $7 723 $7 
Common stock purchases(4)— (5)— 
Conversions of class A to class B common stock3 — 4 — 
Class B shares issued at end of period731 $7 722 $7 
Additional Paid-In Capital:
Balance at beginning of period$136 $— 
Stock award plans(20)14 
Common stock purchases(212)(123)
Common stock issuances96 115 
Other (1)
— (6)
Balance at end of period$— $— 
Retained Earnings:
Balance at beginning of period$20,692 $21,584 
Net income attributable to controlling interests1,539 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 30:20242023
 SharesDollarsSharesDollars
Class A Common Stock:
Balance at beginning of period127 $2 134 $2 
Stock award plans2 — 4 — 
Common stock issuances2 — 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 period726 $7 725 $7 
Common stock purchases(4)— (13)— 
Conversions of class A to class B common stock9 — 10 — 
Class B shares issued at end of period
731 $7 722 $7 
Additional Paid-In Capital:
Balance at beginning of period$— $— 
Stock award plans(123)391 
Common stock purchases(212)(750)
Common stock issuances335 370 
Other (1)
— (11)
Balance at end of period$— $— 
Retained Earnings:
Balance at beginning of period$21,055 $21,326 
Net income attributable to controlling interests4,061 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 $196 million as of September 30, 2024 and 2023, respectively, that were settled in shares of class A common stock.
(3)    Includes adjustments related to certain stock-based awards.
Schedule of Accumulated Other Comprehensive Income (Loss) The activity in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023 was as follows (in millions):
Three Months Ended September 30:20242023
Foreign Currency Translation Gain (Loss), Net of Tax:
Balance at beginning of period$(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)$(1,540)
Nine Months Ended September 30:20242023
Foreign currency translation gain (loss), net of tax:
Balance at beginning of period$(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)$(1,540)
Gains (Losses) Reclassified from AOCI
Detail of the gains (losses) reclassified from accumulated other comprehensive income (loss) to the statements of consolidated income for the three and nine months ended September 30, 2024 and 2023 is as follows (in millions):
Amount Reclassified from AOCI(1)
Affected Line Item in the Income Statement
Three Months Ended September 30:20242023
Unrealized Gain (Loss) on Cash Flow Hedges:
Interest rate contracts$(1)$(6)Interest expense
Foreign currency exchange contracts30 41 Revenue
Income tax (expense) benefit(7)(8)Income tax expense
Impact on net income22 27 Net income
Unrecognized Pension and Postretirement Benefit Costs:
Prior service costs(38)(28)Investment income and other
Income tax (expense) benefit9 7 Income tax expense
Impact on net income(29)(21)Net income
Total amount reclassified for the period$(7)$6 Net income

Amount Reclassified from AOCI(1)
Affected Line Item in the Income Statement
Nine Months Ended September 30:20242023
Unrealized gain (loss) on foreign currency translation:
Realized gain (loss) on business wind-down$— $(3)Other expenses
Impact on net income— (3)Net income
Unrealized gain (loss) on marketable securities:
Realized gain (loss) on sale of securities— (3)Investment income and other
Income tax (expense) benefit— 1 Income tax expense
Impact on net income— (2)Net income
Unrealized gain (loss) on cash flow hedges:
Interest rate contracts(4)(9)Interest expense
Foreign currency exchange contracts118 160 Revenue
Income tax (expense) benefit(27)(36)Income tax expense
Impact on net income87 115 Net income
Unrecognized pension and postretirement benefit costs:
Prior service costs(115)(82)Investment income and other
Income tax (expense) benefit27 20 Income tax expense
Impact on net income(88)(62)Net income
Total amount reclassified for the period$(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):
20242023
Three Months Ended September 30:SharesDollarsSharesDollars
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)
20242023
Nine Months Ended September 30:SharesDollarsSharesDollars
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)