Annual report pursuant to Section 13 and 15(d)

SHAREOWNERS' EQUITY (Tables)

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SHAREOWNERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2023
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 minority interests accounts for the years ended December 31, 2023, 2022 and 2021 (in millions, except per share amounts):
2023 2022 2021
  Shares Dollars Shares Dollars Shares Dollars
Class A Common Stock:
Balance at beginning of year 134  $ 2  138  $ 2  147  $ 2 
Stock award plans 5  —  5  —  6  — 
Common stock issuances 2  —  3  —  2  — 
Conversions of class A to class B common stock (14) —  (12) —  (17) — 
Class A shares issued at end of year 127  $ 2  134  $ 2  138  $ 2 
Class B Common Stock:
Balance at beginning of year 725  $ 7  732  $ 7  718  $ 7 
Common stock purchases (13) —  (19) —  (3) — 
Conversions of class A to class B common stock 14  —  12  —  17  — 
Class B shares issued at end of year 726  $ 7  725  $ 7  732  $ 7 
Additional Paid-In Capital:
Balance at beginning of year $ —  $ 1,343  $ 865 
Stock award plans 425  624  574 
Common stock purchases (882) (2,462) (500)
Common stock issuances 467  495  404 
Other (1)
(10) —  — 
Balance at end of year $ —  $ —  $ 1,343 
Retained Earnings:
Balance at beginning of year $ 21,326  $ 16,179  $ 6,896 
Net income attributable to controlling interests 6,708  11,548  12,890 
Dividends ($6.48, $6.08 and $4.08 per share) (2)
(5,611) (5,363) (3,604)
Common stock purchases (1,368) (1,038) — 
Other —  —  (3)
Balance at end of year $ 21,055  $ 21,326  $ 16,179 
Non-Controlling Interests:
Balance at beginning of year $ 17  $ 16  $ 12 
Change in non-controlling interests (9) 1  4 
Balance at end of year $ 8  $ 17  $ 16 
(1)    Includes a 1% excise tax applicable to share repurchases.
(2)    The dividend per share amount is the same for both class A and class B common stock. Dividends include $239, $249 and $167 million for 2023, 2022 and 2021, 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) for the years ended December 31, 2023, 2022 and 2021 is as follows (in millions):
2023 2022 2021
Foreign Currency Translation Gain (Loss), Net of Tax:
Balance at beginning of year $ (1,446) $ (1,162) $ (981)
Translation adjustment (net of tax effect of $(15), $(17) and $42)
 190  (315) (181)
Reclassification to earnings (net of tax effect of $0, $2 and $0)
 8  31  — 
Balance at end of year $ (1,248) $ (1,446) $ (1,162)
Unrealized Gain (Loss) on Marketable Securities, Net of Tax:
Balance at beginning of year $ (11) $ (1) $ 6 
Current period changes in fair value (net of tax effect of $2, $(3) and $0)
 7  (12) (2)
Reclassification to earnings (net of tax effect of $1, $1 and $0)
 2  2  (5)
Balance at end of year $ (2) $ (11) $ (1)
Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax:
Balance at beginning of year $ 167  $ (17) $ (223)
Current period changes in fair value (net of tax effect of $(28), $128 and $82)
 (89) 407  261 
Reclassification to earnings (net of tax effect of $(48), $(70) and $(17))
 (154) (223) (55)
Balance at end of year $ (76) $ 167  $ (17)
Unrecognized Pension and Postretirement Benefit Costs, Net of Tax:
Balance at beginning of year $ (259) $ (2,098) $ (5,915)
Net actuarial gain (loss) and prior service cost resulting from remeasurements of plan assets and liabilities (net of tax effect of $(793), $810 and $1,956)
 (2,530) 2,576  6,195 
Reclassification to earnings (net of tax effect of $111, $(230) and $(749))
 357  (737) (2,378)
Balance at end of year $ (2,432) $ (259) $ (2,098)
Accumulated other comprehensive income (loss) at end of year $ (3,758) $ (1,549) $ (3,278)
Schedule of Reclassification out of Accumulated Other Comprehensive Income
Detail of the gains (losses) reclassified from accumulated other comprehensive income (loss) to the statements of consolidated income for the years ended December 31, 2023, 2022 and 2021 is as follows (in millions):
Amount Reclassified from AOCI
 Affected Line Item in the Income Statement
2023 2022 2021
Unrealized Gain (Loss) on Foreign Currency Translation:
Realized gain (loss) on business wind-down $ (8) $ (33) $ —  Other expenses
Income tax (expense) benefit —  2  —  Income tax expense
Impact on net income $ (8) $ (31) $ —  Net income
Unrealized Gain (Loss) on Marketable Securities:
Realized gain (loss) on sale of securities $ (3) $ (3) $ 5  Investment income and other
Income tax (expense) benefit 1  1  —  Income tax expense
Impact on net income $ (2) $ (2) $ 5  Net income
Unrealized Gain (Loss) on Cash Flow Hedges:
Interest rate contracts $ (10) $ (10) $ (11) Interest expense
Foreign currency exchange contracts 213  304  83  Revenue
Foreign currency exchange contracts (1) (1) —  Investment income and other
Income tax (expense) benefit (48) (70) (17) Income tax expense
Impact on net income $ 154  $ 223  $ 55  Net income
Unrecognized Pension and Postretirement Benefit Costs:
Prior service costs $ (109) $ (94) $ (148) Investment income and other
Prior service credit for divested business —  —  69  Other expenses
Plan amendments for divested business —  —  (66) Other expenses
Remeasurement of benefit obligation (351) 1,027  3,272  Investment income and other
Curtailments and settlements of benefit obligations (8) 34  —  Investment income and other
Income tax (expense) benefit 111  (230) (749) Income tax expense
Impact on net income $ (357) $ 737  $ 2,378  Net income
Total amount reclassified for the year $ (213) $ 927  $ 2,438  Net income
Activity in Deferred Compensation Program
Activity in the deferred compensation program for the years ended December 31, 2023, 2022 and 2021 was as follows (in millions):
2023 2022 2021
  Shares Dollars Shares Dollars Shares Dollars
Deferred Compensation Obligations:
Balance at beginning of year $ 13  $ 16  $ 20 
Reinvested dividends —  2  1 
Benefit payments (4) (5) (5)
Balance at end of year $ 9  $ 13  $ 16 
Treasury Stock:
Balance at beginning of year —  $ (13) —  $ (16) —  $ (20)
Reinvested dividends —  —  —  (2) —  (1)
Benefit payments —  4  —  5  —  5 
Balance at end of year —  $ (9) —  $ (13) —  $ (16)