Quarterly report [Sections 13 or 15(d)]

SHAREOWNERS' EQUITY (Tables)

v3.25.2
SHAREOWNERS' EQUITY (Tables)
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2025 and 2024 (in millions):
Three Months Ended
 June 30,		 Six Months Ended
 June 30,
2025 2024 2025 2024
Class A Common Stock:
Balance at beginning of period $ 2  $ 2  $ 2  $ 2 
Stock award plans —  —  —  — 
Common stock issuances —  —  —  — 
Conversions of class A to class B common stock —  —  —  — 
Class A shares issued at end of period $ 2  $ 2  $ 2  $ 2 
Class B Common Stock:
Balance at beginning of period $ 7  $ 7  $ 7  $ 7 
Common stock purchases —  —  —  — 
Conversions of class A to class B common stock —  —  —  — 
Class B shares issued at end of period $ 7  $ 7  $ 7  $ 7 
Additional Paid-In Capital:
Balance at beginning of period $ —  $ —  $ 136  $ — 
Stock award plans (4) 15  35  (103)
Common stock purchases —  —  (262) — 
Common stock issuances 87  121  183  239 
Other
 1  —  (8) — 
Balance at end of period $ 84  $ 136  $ 84  $ 136 
Retained Earnings:
Balance at beginning of period $ 19,939  $ 20,681  $ 20,882  $ 21,055 
Net income
 1,283  1,409  2,470  2,522 
Dividends ($1.64 and $1.63 per share for the three months ended June 30, 2025 and 2024, respectively, and $3.28 and $3.26 per share for the six months ended June 30, 2025 and 2024, respectively) (1)
(1,390) (1,398) (2,782) (2,812)
Common stock purchases —  —  (738) — 
Other (2)
—  —  —  (73)
Balance at end of period $ 19,832  $ 20,692  $ 19,832  $ 20,692 
Noncontrolling Interests:
Balance at beginning of period $ 24  $ 24  $ 25  $ 8 
Change in non-controlling interest 3  (1) 2  15 
Balance at end of period $ 27  $ 23  $ 27  $ 23 
(1)    The dividend per share amount is the same for both class A and class B common stock. Dividends include $41 and $45 million for the three months ended June 30, 2025 and 2024, respectively, and $85 and $111 million for the six months ended June 30, 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) was as follows (in millions):
Three Months Ended
 June 30,		 Six Months Ended
 June 30,
2025 2024 2025 2024
Foreign Currency Translation Gain (Loss), Net of Tax:
Balance at beginning of period $ (1,457) $ (1,373) $ (1,586) $ (1,248)
Translation adjustment (net of tax effect of $4 and $(3) for the three months ended June 30, 2025 and 2024, respectively, and $3 for each of the six months ended June 30, 2025 and 2024, respectively)
 372  (58) 501  (183)
Balance at end of period (1,085) (1,431) (1,085) (1,431)
Unrealized Gain (Loss) on Marketable Securities, Net of Tax:
Balance at beginning of period —  (3) (1) (2)
Current period changes in fair value (net of tax effect of $0 and $0)
 —  —  1  (1)
Balance at end of period —  (3) —  (3)
Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax:
Balance at beginning of period (48) (3) 91  (76)
Current period changes in fair value (net of tax effect of $(91) and $11 for the three months ended June 30, 2025 and 2024, respectively, and $(121) and $44 for the six months ended June 30, 2025 and 2024, respectively)
 (288) 38  (384) 141 
Reclassification to earnings (net of tax effect of $(1) and $(10) for the three months ended June 30, 2025 and 2024, respectively, and $(14) and $(20) for the six months ended June 30, 2025 and 2024, respectively )
 (1) (35) (44) (65)
Balance at end of period (337) —  (337) — 
Unrecognized Pension and Postretirement Benefit Costs, Net of Tax:
Balance at beginning of period (2,783) (2,402) (2,813) (2,432)
Reclassification to earnings (net of tax effect of $10 and $10 for the three months ended June 30, 2025 and 2024, respectively, and $19 and $18 for the six months ended June 30, 2025 and 2024, respectively)
 30  29  60  59 
Balance at end of period (2,753) (2,373) (2,753) (2,373)
Accumulated other comprehensive income (loss) at end of period $ (4,175) $ (3,807) $ (4,175) $ (3,807)
Gains (Losses) Reclassified from AOCI
Detail of the gains (losses) reclassified from accumulated other comprehensive income (loss) to the statements of consolidated income is as follows (in millions):

Three Months Ended
 June 30,		 Six Months Ended
 June 30,
Affected Line Item in
2025 2024 2025 2024
the Income Statement
Unrealized Gain (Loss) on Cash Flow Hedges:
Interest rate contracts $ (2) $ (2) $ (3) $ (3) Interest expense
Foreign currency exchange contracts 4  47  61  88  Revenue
Income tax (expense) benefit (1) (10) (14) (20) Income tax expense
Impact on net income 1  35  44  65  Net income
Unrecognized Pension and Postretirement Benefit Costs:
Prior service costs (40) (39) (79) (77) Investment income and other
Income tax (expense) benefit 10  10  19  18  Income tax expense
Impact on net income (30) (29) (60) (59) Net income
Total amount reclassified for the period $ (29) $ 6  $ (16) $ 6  Net income