Quarterly report [Sections 13 or 15(d)]

SHAREOWNERS' EQUITY (Tables)

v3.25.1
SHAREOWNERS' EQUITY (Tables)
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Stockholders Equity
The following is a rollforward of our common stock, additional paid-in capital, retained earnings and non-controlling interests accounts for the three months ended March 31, 2025 and 2024 (in millions, except per share amounts):
Three Months Ended March 31: 2025 2024
Shares Dollars Shares Dollars
Class A Common Stock:
Balance at beginning of period 121  $ 2  127  $ 2 
Stock award plans —  —  2  — 
Common stock issuances 1  —  —  — 
Conversions of class A to class B common stock (8) —  (3) — 
Class A shares issued at end of period 114  $ 2  126  $ 2 
Class B Common Stock:
Balance at beginning of period 733  $ 7  726  $ 7 
Common stock purchases (8) —  —  — 
Conversions of class A to class B common stock 8  —  3  — 
Class B shares issued at end of period 733  $ 7  729  $ 7 
Additional Paid-In Capital:
Balance at beginning of period $ 136  $ — 
Stock award plans 39  (118)
Common stock purchases (262) — 
Common stock issuances 96  118 
Other
 (9) — 
Balance at end of period $ —  $ — 
Retained Earnings:
Balance at beginning of period $ 20,882  $ 21,055 
Net income attributable to controlling interests 1,187  1,113 
Dividends ($1.64 and $1.63 per share) (1)
(1,392) (1,414)
Common stock purchases (738) — 
Other (2)
—  (73)
Balance at end of period $ 19,939  $ 20,681 
Noncontrolling Interests:
Balance at beginning of period $ 25  $ 8 
Change in non-controlling interest (1) 16 
Balance at end of period $ 24  $ 24 
(1)    The dividend per share amount is the same for both class A and class B common stock. Dividends include $44 and $66 million as of March 31, 2025 and 2024, respectively, that were settled in shares of class A common stock.
(2)    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 months ended March 31, 2025 and 2024 was as follows (in millions):
Three Months Ended March 31: 2025 2024
Foreign Currency Translation Gain (Loss), Net of Tax:
Balance at beginning of period $ (1,586) $ (1,248)
Translation adjustment (net of tax effect of $(1) and $6)
 129  (125)
Balance at end of period (1,457) (1,373)
Unrealized Gain (Loss) on Marketable Securities, Net of Tax:
Balance at beginning of period (1) (2)
Current period changes in fair value (net of tax effect of $0 and $0)
 1  (1)
Balance at end of period —  (3)
Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax:
Balance at beginning of period 91  (76)
Current period changes in fair value (net of tax effect of $(30) and $33)
 (96) 103 
Reclassification to earnings (net of tax effect of $(13) and $(10))
 (43) (30)
Balance at end of period (48) (3)
Unrecognized Pension and Postretirement Benefit Costs, Net of Tax:
Balance at beginning of period (2,813) (2,432)
Reclassification to earnings (net of tax effect of $9 and $8)
 30  30 
Balance at end of period (2,783) (2,402)
Accumulated other comprehensive income (loss) at end of period $ (4,288) $ (3,781)
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 months ended March 31, 2025 and 2024 is as follows (in millions):
Amount Reclassified from AOCI(1)
Affected Line Item in the Income Statement
Three Months Ended March 31: 2025 2024
Unrealized Gain (Loss) on Cash Flow Hedges:
Interest rate contracts $ (1) $ (1) Interest expense
Foreign currency exchange contracts 57  41  Revenue
Income tax (expense) benefit (13) (10) Income tax expense
Impact on net income 43  30  Net income
Unrecognized Pension and Postretirement Benefit Costs:
Prior service costs (39) (38) Investment income and other
Income tax (expense) benefit 9  8  Income tax expense
Impact on net income (30) (30) Net income
Total amount reclassified for the period $ 13  $ —  Net income
(1)    Accumulated other comprehensive income (loss)