Annual report pursuant to Section 13 and 15(d)

SHAREOWNERS' EQUITY (Tables)

v3.22.0.1
SHAREOWNERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
Roll-forward of Common Stock, Additional Paid-in Capital, and Retained Earnings Accounts
The following is a rollforward of our common stock, additional paid-in capital, retained earnings and non-controlling minority interests accounts for the years ended December 31, 2021, 2020 and 2019 (in millions, except per share amounts):
2021 2020 2019
  Shares Dollars Shares Dollars Shares Dollars
Class A Common Stock:
Balance at beginning of year 147  $ 2  156  $ 2  163  $ 2 
Common stock purchases —  —  —  —  (3) — 
Stock award plans 6  —  6  —  5  — 
Common stock issuances 2  —  4  —  3  — 
Conversions of class A to class B common stock (17) —  (19) —  (12) — 
Class A shares issued at end of year 138  $ 2  147  $ 2  156  $ 2 
Class B Common Stock:
Balance at beginning of year 718  $ 7  701  $ 7  696  $ 7 
Common stock purchases (3) —  (2) —  (7) — 
Conversions of class A to class B common stock 17  —  19  —  12  — 
Class B shares issued at end of year 732  $ 7  718  $ 7  701  $ 7 
Additional Paid-In Capital:
Balance at beginning of year $ 865  $ 150  $ — 
Stock award plans 574  498  778 
Common stock purchases (500) (217) (1,005)
Common stock issuances 404  434  356 
Option premiums received (paid) —  —  21 
Balance at end of year $ 1,343  $ 865  $ 150 
Retained Earnings:
Balance at beginning of year $ 6,896  $ 9,105  $ 8,006 
Net income attributable to controlling interests 12,890  1,343  4,440 
Dividends ($4.08, $4.04, and $3.84 per share) (1)
(3,604) (3,552) (3,341)
Other (3) —  — 
Balance at end of year $ 16,179  $ 6,896  $ 9,105 
Non-Controlling Interests:
Balance at beginning of year $ 12  $ 16  $ 16 
Change in non-controlling interests 4  (4) — 
Balance at end of year $ 16  $ 12  $ 16 
(1) The dividend per share amount is the same for both class A and class B common stock. Dividends include $167, $178 and $147 million for 2021, 2020 and 2019, respectively, that were settled in shares of class A common stock.
Activity in Accumulated Other Comprehensive Income (Loss) The activity in AOCI for the years ended December 31, 2021, 2020 and 2019 is as follows (in millions):
2021 2020 2019
Foreign Currency Translation Gain (Loss), Net of Tax:
Balance at beginning of year $ (981) $ (1,078) $ (1,126)
Translation adjustment (net of tax effect of $42, $(36) and $10)
 (181) 97  48 
Balance at end of year $ (1,162) $ (981) $ (1,078)
Unrealized Gain (Loss) on Marketable Securities, Net of Tax:
Balance at beginning of year $ 6  $ 4  $ (2)
Current period changes in fair value (net of tax effect of $0, $1 and $4)
 (2) 6  11 
Reclassification to earnings (net of tax effect of $0, $(1) and $(1))
 (5) (4) (5)
Balance at end of year $ (1) $ 6  $ 4 
Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax:
Balance at beginning of year $ (223) $ 112  $ 40 
Current period changes in fair value (net of tax effect of $82, $(61) and $61)
 261  (192) 195 
Reclassification to earnings (net of tax effect of $(17), $(45) and $(39))
 (55) (143) (123)
Balance at end of year $ (17) $ (223) $ 112 
Unrecognized Pension and Postretirement Benefit Costs, Net of Tax:
Balance at beginning of year $ (5,915) $ (5,035) $ (3,906)
Net actuarial gain (loss) resulting from remeasurements of plan assets and liabilities (net of tax effect of $1,956, $(1,885) and $(979))
 6,195  (5,984) (3,117)
Reclassification to earnings (net of tax effect of $(749), $1,607 and $626)
 (2,378) 5,104  1,988 
Balance at end of year $ (2,098) $ (5,915) $ (5,035)
Accumulated other comprehensive income (loss) at end of year $ (3,278) $ (7,113) $ (5,997)
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]
Detail of the gains (losses) reclassified from AOCI to the statements of consolidated income for the years ended December 31, 2021, 2020 and 2019 is as follows (in millions):
Amount Reclassified from AOCI Affected Line Item in the Income Statement
2021 2020 2019
Unrealized Gain (Loss) on Marketable Securities:
Realized gain (loss) on sale of securities $ 5  $ 5  $ 6  Investment income (expense) and other
Income tax (expense) benefit —  (1) (1) Income tax expense
Impact on net income 5  4  5  Net income
Unrealized Gain (Loss) on Cash Flow Hedges:
Interest rate contracts (11) (8) (15) Interest expense
Foreign currency exchange contracts 83  196  177  Revenue
Income tax (expense) benefit (17) (45) (39) Income tax expense
Impact on net income 55  143  123  Net income
Unrecognized Pension and Postretirement Benefit Costs:
Prior service costs (148) (227) (227) Investment income (expense) and other
Prior service credit for divested business 69  —  —  Other expenses
Plan amendments for divested business (66) —  —  Other expenses
Remeasurement of benefit obligation 3,272  (6,484) (2,387) Investment income (expense) and other
Income tax (expense) benefit (749) 1,607  626  Income tax expense
Impact on net income 2,378  (5,104) (1,988) Net income
Total amount reclassified for the year $ 2,438  $ (4,957) $ (1,860) Net income
Activity in Deferred Compensation Program
Activity in the deferred compensation program for the years ended December 31, 2021, 2020 and 2019 was as follows (in millions):
2021 2020 2019
  Shares Dollars Shares Dollars Shares Dollars
Deferred Compensation Obligations:
Balance at beginning of year $ 20  $ 26  $ 32 
Reinvested dividends 1  1  2 
Benefit payments (5) (7) (8)
Balance at end of year $ 16  $ 20  $ 26 
Treasury Stock:
Balance at beginning of year —  $ (20) —  $ (26) (1) $ (32)
Reinvested dividends —  (1) —  (1) —  (2)
Benefit payments —  5  —  7  1  8 
Balance at end of year —  $ (16) —  $ (20) —  $ (26)