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Consolidated Statements of Shareholders' Equity - USD ($)
shares in Thousands, $ in Millions
Total
Common Stock
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Balance at Dec. 31, 2021 $ (8,373) $ 0 $ (8,048) $ (325)
Balance (in shares) at Dec. 31, 2021   289,000    
Net Income 1,325   1,325  
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature - including noncontrolling interest (net of tax impact) (84)     (84)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax 0      
Pension and post-retirement benefit plans (net of tax impact) (60)     (60)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax 100     100
Comprehensive income - including noncontrolling interests 1,281      
Dividends declared (653)   (653)  
Repurchase of shares of Common Stock $ (1,200) $ (69) (1,131)  
Repurchase of shares of Common Stock (in shares) (10,083) [1] (10,000)    
Employee stock option and SARs exercises (includes tax impact) $ 31 $ 31    
Employee stock option and SARs exercises (in shares)   1,000    
Compensation-related events (includes tax impact) 100 $ 100    
Balance at Dec. 31, 2022 (8,876) $ 0 (8,507) (369)
Balance (in shares) at Dec. 31, 2022   280,000    
Net Income 1,597   1,597  
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature - including noncontrolling interest (net of tax impact) 18     18
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax 71      
Pension and post-retirement benefit plans (net of tax impact) (10)     (10)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax (12)     (12)
Comprehensive income - including noncontrolling interests 1,664      
Dividends declared (680)   (680)  
Repurchase of shares of Common Stock $ (50) $ (24) (26)  
Repurchase of shares of Common Stock (in shares) (387) [1] 0    
Employee stock option and SARs exercises (includes tax impact) $ 24 $ 24    
Employee stock option and SARs exercises (in shares)   1,000    
Compensation-related events (includes tax impact) 108 $ 108    
Balance at Dec. 31, 2023 (7,858) $ 60 (7,616) (302)
Balance (in shares) at Dec. 31, 2023   281,000    
Net Income 1,486   1,486  
Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature - including noncontrolling interest (net of tax impact) (37)     (37)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax 0      
Pension and post-retirement benefit plans (net of tax impact) (39)     (39)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax (14)     (14)
Comprehensive income - including noncontrolling interests 1,396      
Dividends declared (756)   (756)  
Repurchase of shares of Common Stock $ (443) $ (73) (370)  
Repurchase of shares of Common Stock (in shares) (3,282) [1] (3,000)    
Employee stock option and SARs exercises (includes tax impact) $ 70 $ 70    
Employee stock option and SARs exercises (in shares)   1,000    
Compensation-related events (includes tax impact) 83 $ 83    
Balance at Dec. 31, 2024 $ (7,648) $ 0 $ (7,256) $ (392)
Balance (in shares) at Dec. 31, 2024   279,000    
[1]
In May 2024, our Board of Directors authorized share repurchases of up to $2 billion (excluding applicable transaction fees and excise taxes) of our outstanding Common Stock through December 31, 2026. The new authorization took effect on July 1, 2024 upon the expiration of a prior authorization approved in September 2022. As of December 31, 2024, we have remaining capacity to repurchase up to $1.6 billion of Common Stock under the May 2024 authorization.