Quarterly report pursuant to Section 13 or 15(d)

SHAREOWNERS' EQUITY (Tables)

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SHAREOWNERS' EQUITY (Tables)
 3 Months Ended
Mar. 31, 2022
Stockholders' Equity Note [Abstract]  
Schedule of Stockholders Equity
2022 2021
  Shares Dollars Shares Dollars
Class A Common Stock:
Balance at beginning of period 138  $ 2  147  $ 2 
Common stock purchases —  —  — 
Stock award plans 4  4  — 
Common stock issuances 1  1  — 
Conversions of class A to class B common stock (3) (4) — 
Class A shares outstanding at end of period 140  $ 2  148  $ 2 
Class B Common Stock:
Balance at beginning of period 732  $ 7  718  $ 7 
Common stock purchases (1) —  — 
Conversions of class A to class B common stock 3  4  — 
Class B shares outstanding at end of period 734  $ 7  722  $ 7 
Additional Paid-In Capital:
Balance at beginning of period $ 1,343  $ 865 
Common stock purchases (260) — 
Stock award plans (35) 30 
Common stock issuances 183  154 
Balance at end of period $ 1,231  $ 1,049 
Retained Earnings:
Balance at beginning of period $ 16,179  $ 6,896 
Net income attributable to controlling interests 2,662  4,792 
Dividends ($1.52 and $1.02 per share) (1)
(1,406) (938)
Other (2) (2)
Balance at end of period $ 17,433  $ 10,748 
Non-Controlling Interests:
Balance at beginning of period $ 16  $ 12 
Change in non-controlling interest 2  — 
Balance at end of period $ 18  $ 12 
(1) The dividend per share amount is the same for both class A and class B common stock. Dividends include $122 and $80 million as of March 31, 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 for the three months ended March 31, 2022 and 2021 was as follows (in millions):
Three Months Ended March 31: 2022 2021
Foreign currency translation gain (loss), net of tax:
Balance at beginning of period $ (1,162) $ (981)
Translation adjustment (net of tax effect of $0 and $30)
 (40) (82)
Balance at end of period (1,202) (1,063)
Unrealized gain (loss) on marketable securities, net of tax:
Balance at beginning of period (1) 6 
Current period changes in fair value (net of tax effect of $(2) and $0)
 (6) (1)
Reclassification to earnings (net of tax effect of $0 and $0)
 —  (3)
Balance at end of period (7) 2 
Unrealized gain (loss) on cash flow hedges, net of tax:
Balance at beginning of period (17) (223)
Current period changes in fair value (net of tax effect of $23 and $39)
 72  124 
Reclassification to earnings (net of tax effect of $(9) and $(3))
 (29) (10)
Balance at end of period 26  (109)
Unrecognized pension and postretirement benefit costs, net of tax:
Balance at beginning of period (2,098) (5,915)
Net actuarial gain (loss) resulting from remeasurements of plan assets and liabilities (net of tax effect of $11 and $1,544)
 31  4,901 
Reclassification to earnings (net of tax effect of $(3) and $(780))
 (7) (2,475)
Balance at end of period (2,074) (3,489)
Accumulated other comprehensive income (loss) at end of period $ (3,257) $ (4,659)
Gains (Losses) Reclassified from AOCI
Detail of the gains (losses) reclassified from AOCI to the statements of consolidated income for the three months ended March 31, 2022 and 2021 is as follows (in millions):
Amount Reclassified from AOCI Affected Line Item in the Income Statement
Three Months Ended March 31: 2022 2021
Unrealized gain (loss) on marketable securities:
Realized gain (loss) on sale of securities $ —  $ 3  Investment income and other
Income tax (expense) benefit —  —  Income tax expense
Impact on net income —  3  Net income
Unrealized gain (loss) on cash flow hedges:
Interest rate contracts (3) (2) Interest expense
Foreign currency exchange contracts 41  15  Revenue
Income tax (expense) benefit (9) (3) Income tax expense
Impact on net income 29  10  Net income
Unrecognized pension and postretirement benefit costs:
Prior service costs (23) (35) Investment income and other
Remeasurement of benefit obligation —  3,290  Investment income and other
Curtailment of benefit obligation 33  —  Investment income and other
Income tax (expense) benefit (3) (780) Income tax expense
Impact on net income 7  2,475  Net income
Total amount reclassified for the period $ 36  $ 2,488  Net income
Activity in Deferred Compensation Program
Activity in the deferred compensation program for the three months ended March 31, 2022 and 2021 was as follows (in millions):
2022 2021
Three Months Ended March 31: Shares Dollars Shares Dollars
Deferred Compensation Obligations:
Balance at beginning of period $ 16  $ 20 
Reinvested dividends —  — 
Benefit payments (4) (5)
Balance at end of period $ 12  $ 15 
Treasury Stock:
Balance at beginning of period —  $ (16) —  $ (20)
Reinvested dividends —  —  —  — 
Benefit payments —  4  —  5 
Balance at end of period —  $ (12) —  $ (15)