Quarterly report [Sections 13 or 15(d)]

SHAREOWNERS' EQUITY (Tables)

v3.26.1
SHAREOWNERS' EQUITY (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026 and 2025 (in millions):
Three Months Ended
 March 31,
2026 2025
Class A Common Stock:
Balance at beginning of period $ 1  $ 2 
Class A shares issued at end of period $ 1  $ 2 
Class B Common Stock:
Balance at beginning of period $ 8  $ 7 
Class B shares issued at end of period $ 8  $ 7 
Additional Paid-In Capital:
Balance at beginning of period $ 275  $ 136 
Stock award plans 40  39 
Common stock purchases(1)
—  (262)
Common stock issuances 65  96 
Other
 2  (9)
Balance at end of period $ 382  $ — 
Retained Earnings:
Balance at beginning of period $ 20,151  $ 20,882 
Net income
 864  1,187 
Dividends ($1.64 per share for both the three months ended March 31, 2026 and 2025) (2)
(1,393) (1,392)
Common stock purchases(1)
—  (738)
Balance at end of period $ 19,622  $ 19,939 
Noncontrolling Interests:
Balance at beginning of period $ 28  $ 25 
Change in non-controlling interest —  (1)
Balance at end of period $ 28  $ 24 
(1)    In the three months ended March 31, 2025 we repurchased 8.6 million shares of class B common stock for $1.0 billion under our 2023 share repurchase authorization.
(2)    The dividend per share amount is the same for both class A and class B common stock. Dividends include $41 and $44 million for the three months ended March 31, 2026 and 2025, respectively, that were settled in shares of class A common stock.
Schedule of Accumulated Other Comprehensive Income (Loss)
The activity in accumulated other comprehensive income (loss) ("AOCI") was as follows (in millions):
Three Months Ended
 March 31,
2026 2025
Foreign Currency Translation Loss, Net of Tax:
Balance at beginning of period $ (1,058) $ (1,586)
Translation adjustment (net of tax effect of $(5) and $(1) for the three months ended March 31, 2026 and 2025, respectively)
 (151) 129 
Balance at end of period (1,209) (1,457)
Unrealized (Loss) Gain on Cash Flow Hedges, Net of Tax:
Balance at beginning of period (253) 91 
Current period changes in fair value (net of tax effect of $20 and $(30) for the three months ended March 31, 2026 and 2025, respectively)
 62  (96)
Reclassification to earnings (net of tax effect of $6 and $(13) for the three months ended March 31, 2026 and 2025, respectively)
 19  (43)
Balance at end of period (172) (48)
Unrecognized Pension and Postretirement Benefit Costs, Net of Tax:
Balance at beginning of period (2,897) (2,813)
Reclassification to earnings (net of tax effect of $9 and $9 for the three months ended March 31, 2026 and 2025, respectively)
 28  30 
Balance at end of period (2,869) (2,783)
Other activity:
Balance at beginning of period —  (1)
Current period other activity
 —  1 
Accumulated other comprehensive loss at end of period
 $ (4,250) $ (4,288)
Gains (Losses) Reclassified from AOCI
Detail of the gains (losses) reclassified from accumulated other comprehensive loss to the statements of consolidated income was as follows (in millions):
Three Months Ended
 March 31,
Affected Line Item in
2026 2025
the Income Statement
Unrealized (Loss) Gain on Cash Flow Hedges:
Foreign currency exchange contracts $ (24) $ 57  Revenue
Other
 (1) (1)
Interest expense
Income tax (expense) benefit 6  (13) Income tax expense
Impact on net income (19) 43  Net income
Unrecognized Pension and Postretirement Benefit Costs:
Prior service costs (37) (39) Investment income and other
Income tax (expense) benefit 9  9  Income tax expense
Impact on net income (28) (30) Net income
Total amount reclassified for the period $ (47) $ 13  Net income