Annual report [Section 13 and 15(d), not S-K Item 405]

SHAREOWNERS' EQUITY (Tables)

v3.25.4
SHAREOWNERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Stockholders Equity
The following is a rollforward of our shares of class A and class B common stock for 2025, 2024 and 2023 (in millions):        
2025 2024 2023
Class A Common Stock:
Balance at beginning of year 121  127  134 
Stock award plans —  2  5 
Common stock issuances 3  3  2 
Conversions of class A to class B common stock (18) (11) (14)
Class A shares issued at end of year 106  121  127 
Class B Common Stock:
Balance at beginning of year 733  726  725 
Common stock purchases (8) (4) (13)
Conversions of class A to class B common stock 18  11  14 
Class B shares issued at end of year 743  733  726 
The following is a rollforward of our common stock, additional paid-in capital, retained earnings and noncontrolling interests accounts for 2025, 2024 and 2023 (in millions, except per share amounts):    
  2025 2024 2023
Class A Common Stock:
Balance at beginning of year $ 2  $ 2  $ 2 
Stock award plans —  —  — 
Common stock issuances —  —  — 
Conversions of class A to class B common stock (1) —  — 
Class A shares issued at end of year $ 1  $ 2  $ 2 
Class B Common Stock:
Balance at beginning of year $ 7  $ 7  $ 7 
Common stock purchases —  —  — 
Conversions of class A to class B common stock 1  —  — 
Class B shares issued at end of year $ 8  $ 7  $ 7 
Additional Paid-In Capital:
Balance at beginning of year $ 136  $ —  $ — 
Stock award plans 89  (77) 425 
Common stock purchases (262) (212) (882)
Common stock issuances 321  425  467 
Other
 (9) —  (10)
Balance at end of year $ 275  $ 136  $ — 
Retained Earnings:
Balance at beginning of year $ 20,882  $ 21,055  $ 21,326 
Net income attributable to controlling interests 5,572  5,782  6,708 
Dividends ($6.56, $6.52 and $6.48 per share) (1)
(5,565) (5,594) (5,611)
Common stock purchases (738) (288) (1,368)
Other (2)
—  (73) — 
Balance at end of year $ 20,151  $ 20,882  $ 21,055 
Non-Controlling Interests:
Balance at beginning of year $ 25  $ 8  $ 17 
Change in non-controlling interests 3  17  (9)
Balance at end of year $ 28  $ 25  $ 8 
(1)    The dividend per share amount is the same for both class A and class B common stock. Dividends include $167, $195 and $239 million for 2025, 2024 and 2023, 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 loss for 2025, 2024 and 2023 is as follows (in millions):                    
2025 2024 2023
Foreign Currency Translation Loss, Net of Tax:
Balance at beginning of year $ (1,586) $ (1,248) $ (1,446)
Translation adjustment (net of tax effect of $9, $(7) and $(15))
 528  (338) 190 
Reclassification to earnings (net of tax effect of $0, $0 and $0)
 —  —  8 
Balance at end of year $ (1,058) $ (1,586) $ (1,248)
Unrealized Loss on Marketable Securities, Net of Tax:
Balance at beginning of year $ (1) $ (2) $ (11)
Current period changes in fair value (net of tax effect of $0, $0 and $2)
 1  1  7 
Reclassification to earnings (net of tax effect of $0, $0 and $1)
 —  —  2 
Balance at end of year $ —  $ (1) $ (2)
Unrealized (Loss) Gain on Cash Flow Hedges, Net of Tax:
Balance at beginning of year $ 91  $ (76) $ 167 
Current period changes in fair value (net of tax effect of $(104), $93 and $(28))
 (330) 296  (89)
Reclassification to earnings (net of tax effect of $(5), $(41) and $(48))
 (14) (129) (154)
Balance at end of year $ (253) $ 91  $ (76)
Unrecognized Pension and Postretirement Benefit Costs, Net of Tax:
Balance at beginning of year $ (2,813) $ (2,432) $ (259)
Net actuarial gain (loss) and prior service cost resulting from remeasurements of plan assets and liabilities (net of tax effect of $(65), $(315) and $(793))
 (204) (1,005) (2,530)
Reclassification to earnings (net of tax effect of $38, $195 and $111)
 120  624  357 
Balance at end of year $ (2,897) $ (2,813) $ (2,432)
Accumulated other comprehensive loss at end of year
 $ (4,208) $ (4,309) $ (3,758)
Schedule of Reclassification out of Accumulated Other Comprehensive Income
Detail of the gains (losses) reclassified from accumulated other comprehensive loss to the statements of consolidated income for 2025, 2024 and 2023 is as follows (in millions):                
Amount Reclassified from AOCI
 Affected Line Item in the Income Statement
2025 2024 2023
Unrealized Loss on Foreign Currency Translation:
Realized loss on business wind-down
 $ —  $ —  $ (8) Other expenses
Income tax expense
 —  —  —  Income tax expense
Impact on net income $ —  $ —  $ (8) Net income
Unrealized Loss on Marketable Securities:
Realized loss on sale of securities
 $ —  $ —  $ (3)
Investment income (expense) and other
Income tax benefit
 —  —  1  Income tax expense
Impact on net income $ —  $ —  $ (2) Net income
Unrealized Gain on Cash Flow Hedges:
Interest rate contracts $ (6) $ (5) $ (10) Interest expense
Foreign currency exchange contracts 26  176  213  Revenue
Foreign currency exchange contracts (1) (1) (1)
Investment income (expense) and other
Income tax expense
 (5) (41) (48) Income tax expense
Impact on net income $ 14  $ 129  $ 154  Net income
Unrecognized Pension and Postretirement Benefit Costs:
Prior service costs $ (158) $ (154) $ (109)
Investment income (expense) and other
Remeasurement of benefit obligation —  (665) (351)
Investment income (expense) and other
Curtailments and settlements of benefit obligations —  —  (8)
Investment income (expense) and other
Income tax benefit
 38  195  111  Income tax expense
Impact on net income $ (120) $ (624) $ (357) Net income
Total amount reclassified for the year $ (106) $ (495) $ (213) Net income