| 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 nine months ended September 30, 2025 and 2024 (in millions):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2025 |
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2024 |
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2025 |
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2024 |
| Class A Common Stock: |
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| Balance at beginning of period |
$ |
2 |
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$ |
2 |
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$ |
2 |
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$ |
2 |
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| Stock award plans |
— |
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— |
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— |
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— |
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| Common stock issuances |
— |
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— |
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— |
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— |
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| Conversions of class A to class B common stock |
— |
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— |
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— |
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— |
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| Class A shares issued at end of period |
$ |
2 |
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$ |
2 |
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$ |
2 |
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$ |
2 |
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| Class B Common Stock: |
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| Balance at beginning of period |
$ |
7 |
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$ |
7 |
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$ |
7 |
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$ |
7 |
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| Common stock purchases |
— |
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— |
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— |
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— |
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| Conversions of class A to class B common stock |
— |
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— |
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— |
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— |
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| Class B shares issued at end of period |
$ |
7 |
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$ |
7 |
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$ |
7 |
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$ |
7 |
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| Additional Paid-In Capital: |
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| Balance at beginning of period |
$ |
84 |
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$ |
136 |
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$ |
136 |
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$ |
— |
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| Stock award plans |
22 |
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(20) |
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57 |
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(123) |
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| Common stock purchases |
— |
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(212) |
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(262) |
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(212) |
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| Common stock issuances |
71 |
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96 |
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254 |
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|
335 |
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Other |
1 |
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— |
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(7) |
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— |
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| Balance at end of period |
$ |
178 |
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$ |
— |
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$ |
178 |
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$ |
— |
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| Retained Earnings: |
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| Balance at beginning of period |
$ |
19,832 |
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$ |
20,692 |
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$ |
20,882 |
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$ |
21,055 |
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Net income |
1,311 |
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1,539 |
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3,781 |
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4,061 |
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Dividends ($1.64 and $1.63 per share for the three months ended September 30, 2025 and 2024, respectively, and $4.92 and $4.89 per share for the nine months ended September 30, 2025 and 2024, respectively) (1)
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(1,390) |
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(1,391) |
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(4,172) |
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(4,203) |
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| Common stock purchases |
— |
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(288) |
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(738) |
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(288) |
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Other (2)
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— |
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— |
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— |
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(73) |
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| Balance at end of period |
$ |
19,753 |
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$ |
20,552 |
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$ |
19,753 |
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$ |
20,552 |
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Noncontrolling Interests: |
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| Balance at beginning of period |
$ |
27 |
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$ |
23 |
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$ |
25 |
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$ |
8 |
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| Change in non-controlling interest |
(2) |
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4 |
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— |
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19 |
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| Balance at end of period |
$ |
25 |
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$ |
27 |
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$ |
25 |
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$ |
27 |
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(1) The dividend per share amount is the same for both class A and class B common stock. Dividends include $42 and $88 million for the three months ended September 30, 2025 and 2024, respectively, and $127 and $154 million for the nine months ended September 30, 2025 and 2024, respectively that were settled in shares of class A common stock.
(2) Includes adjustments related to certain stock-based awards.
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| Schedule of Accumulated Other Comprehensive Income (Loss) |
The activity in accumulated other comprehensive income (loss) was as follows (in millions):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2025 |
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2024 |
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2025 |
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2024 |
| Foreign Currency Translation Gain (Loss), Net of Tax: |
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| Balance at beginning of period |
$ |
(1,085) |
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$ |
(1,431) |
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$ |
(1,586) |
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$ |
(1,248) |
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Translation adjustment (net of tax effect of $(3) and $(5) for the three months ended September 30, 2025 and 2024, respectively, and $0 and $(2) for the nine months ended September 30, 2025 and 2024, respectively) |
(46) |
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211 |
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|
455 |
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28 |
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| Balance at end of period |
(1,131) |
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(1,220) |
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(1,131) |
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(1,220) |
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| Unrealized Gain (Loss) on Marketable Securities, Net of Tax: |
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| Balance at beginning of period |
— |
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(3) |
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(1) |
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(2) |
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Current period changes in fair value (net of tax effect of $0 and $0 for the three and nine months ended September 30, 2025 and 2024, respectively) |
(1) |
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2 |
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— |
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1 |
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| Balance at end of period |
(1) |
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(1) |
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(1) |
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(1) |
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| Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax: |
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| Balance at beginning of period |
(337) |
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— |
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|
91 |
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(76) |
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Current period changes in fair value (net of tax effect of $19 and $(37) for the three months ended September 30, 2025 and 2024, respectively, and $(102) and $7 for the nine months ended September 30, 2025 and 2024, respectively) |
61 |
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(117) |
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(323) |
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|
24 |
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Reclassification to earnings (net of tax effect of $5 and $(7) for the three months ended September 30, 2025 and 2024, respectively, and $(9) and $(27) for the nine months ended September 30, 2025 and 2024, respectively) |
14 |
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(22) |
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(30) |
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(87) |
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| Balance at end of period |
(262) |
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(139) |
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(262) |
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(139) |
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| Unrecognized Pension and Postretirement Benefit Costs, Net of Tax: |
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| Balance at beginning of period |
(2,753) |
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(2,373) |
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(2,813) |
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(2,432) |
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Reclassification to earnings (net of tax effect of $9 and $9 for the three months ended September 30, 2025 and 2024, respectively, and $28 and $27 for the nine months ended September 30, 2025 and 2024, respectively) |
30 |
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29 |
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90 |
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|
88 |
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| Balance at end of period |
(2,723) |
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(2,344) |
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(2,723) |
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(2,344) |
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| Accumulated other comprehensive income (loss) at end of period |
$ |
(4,117) |
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$ |
(3,704) |
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$ |
(4,117) |
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$ |
(3,704) |
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