Quarterly report [Sections 13 or 15(d)]

SHAREOWNERS' EQUITY (Tables)

v3.26.3
SHAREOWNERS' EQUITY (Tables)
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2026 and 2025 (in millions):
Three Months Ended
 September 30,		 Nine Months Ended
 September 30,
2026 2025 2026 2025
Class A Common Stock:
Balance at beginning of period $ 1  $ 2  $ 1  $ 2 
Class A shares issued at end of period $ 1  $ 2  $ 1  $ 2 
Class B Common Stock:
Balance at beginning of period $ 8  $ 7  $ 8  $ 7 
Class B shares issued at end of period $ 8  $ 7  $ 8  $ 7 
Additional Paid-In Capital:
Balance at beginning of period $ 482  $ 84  $ 275  $ 136 
Stock award plans 36  22  105  57 
Common stock purchases(1)
—  —  —  (262)
Common stock issuances 64  71  202  254 
Other
 3  1  3  (7)
Balance at end of period $ 585  $ 178  $ 585  $ 178 
Retained Earnings:
Balance at beginning of period $ 18,830  $ 19,832  $ 20,151  $ 20,882 
Net income
 1,163  1,311  2,631  3,781 
Dividends ($1.64 per share for both the three months ended September 30, 2026 and 2025 and $4.92 per share for both the nine months ended September 30, 2026 and 2025(2)
(1,395) (1,390) (4,184) (4,172)
Common stock purchases(1)
—  —  —  (738)
Balance at end of period $ 18,598  $ 19,753  $ 18,598  $ 19,753 
Noncontrolling Interests:
Balance at beginning of period $ 32  $ 27  $ 28  $ 25 
Change in non-controlling interest —  (2) 4  — 
Balance at end of period $ 32  $ 25  $ 32  $ 25 
(1)    In the nine months ended September 30, 2025 we repurchased 8.6 million shares of class B common stock for $1.0 billion under our 2023 share repurchase authorization. No shares were repurchased during the nine months ended September 30, 2026.
(2)    The dividend per share amount is the same for both class A and class B common stock. Dividends include $39 and $42 million for the three months ended September 30, 2026 and 2025, respectively, and $120 and $127 million for the nine months ended September 30, 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
 September 30,		 Nine Months Ended
 September 30,
2026 2025 2026 2025
Foreign Currency Translation Loss, Net of Tax:
Balance at beginning of period $ (1,284) $ (1,085) $ (1,058) $ (1,586)
Translation adjustment (net of tax effect of $0 and $(3) for the three months ended September 30, 2026 and 2025, respectively, and $(10) and $0 for the nine months ended September 30, 2026 and 2025, respectively)
 (3) (46) (229) 455 
Balance at end of period (1,287) (1,131) (1,287) (1,131)
Unrealized (Loss) Gain on Cash Flow Hedges, Net of Tax:
Balance at beginning of period (129) (337) (253) 91 
Current period changes in fair value (net of tax effect of $9 and $19 for the three months ended September 30, 2026 and 2025, respectively, and $37 and $(102) for the nine months ended September 30, 2026 and 2025, respectively)
 25  61  116  (323)
Reclassification to earnings (net of tax effect of $2 and $5 for the three months ended September 30, 2026 and 2025, respectively, and $12 and $(9) for the nine months ended September 30, 2026 and 2025, respectively)
 5  14  38  (30)
Balance at end of period (99) (262) (99) (262)
Unrecognized Pension and Postretirement Benefit Costs, Net of Tax:
Balance at beginning of period (2,841) (2,753) (2,897) (2,813)
Reclassification to earnings (net of tax effect of $8 and $9 for the three months ended September 30, 2026 and 2025, respectively, and $26 and $28 for the nine months ended September 30, 2026 and 2025, respectively)
 29  30  85  90 
Balance at end of period (2,812) (2,723) (2,812) (2,723)
Other activity:
Balance at beginning of period —  —  —  (1)
Current period other activity
 —  (1) —  — 
Accumulated other comprehensive loss at end of period
 $ (4,198) $ (4,117) $ (4,198) $ (4,117)
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
 September 30,		 Nine Months Ended
 September 30,
Affected Line Item in
2026 2025 2026 2025
the Income Statement
Unrealized (Loss) Gain on Cash Flow Hedges:
Foreign currency exchange contracts $ (5) $ (17) $ (45) $ 44  Revenue
Foreign currency exchange contracts (1) (1) (1) (1) Investment income and other
Interest rate contracts (1) (1) (4) (4)
Interest expense
Income tax (expense) benefit 2  5  12  (9) Income tax expense
Impact on net income (5) (14) (38) 30  Net income
Unrecognized Pension and Postretirement Benefit Costs:
Prior service costs (37) (39) (111) (118) Investment income and other
Income tax benefit 8  9  26  28  Income tax expense
Impact on net income (29) (30) (85) (90) Net income
Total amount reclassified during the period $ (34) $ (44) $ (123) $ (60) Net income