SHAREOWNERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

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, 2024 and 2023 (in millions, except per share amounts):


Three Months Ended March 31:	2024			2023
	Shares	Dollars		Shares	Dollars
Class A Common Stock:
Balance at beginning of period	127	$	2	134	$	2
Stock award plans	2	—		3	—
Common stock issuances	—	—		1	—
Conversions of class A to class B common stock	(3)	—		(3)	—
Class A shares issued at end of period	126	$	2	135	$	2
Class B Common Stock:
Balance at beginning of period	726	$	7	725	$	7
Common stock purchases	—	—		(4)	—
Conversions of class A to class B common stock	3	—		3	—
Class B shares issued at end of period	729	$	7	724	$	7
Additional Paid-In Capital:
Balance at beginning of period		$	—		$	—
Stock award plans		(118)			345
Common stock purchases		—			(492)
Common stock issuances		118			147

Balance at end of period		$	—		$	—
Retained Earnings:
Balance at beginning of period		$	21,055		$	21,326
Net income attributable to controlling interests		1,113			1,895
Dividends ($1.63 and $1.62 per share) (1)		(1,414)			(1,453)
Common stock purchases		—			(258)
Other (2)		(73)			—
Balance at end of period		$	20,681		$	21,510
Non-Controlling Interests:
Balance at beginning of period		$	8		$	17
Change in non-controlling interest		16			(2)
Balance at end of period		$	24		$	15
(1) The dividend per share amount is the same for both class A and class B common stock. Dividends include $66 and $105 million as of March 31, 2024 and 2023, respectively, that were settled in shares of class A common stock. (2) Includes adjustments related to certain stock-based awards.

Schedule of Accumulated Other Comprehensive Income (Loss)

The activity in accumulated other comprehensive income (loss) for the three months ended March 31, 2024 and 2023 was as follows (in millions):


Three Months Ended March 31:	2024		2023
Foreign Currency Translation Gain (Loss), Net of Tax:
Balance at beginning of period	$	(1,248)	$	(1,446)
Translation adjustment (net of tax effect of $6 and $(15))	(125)		115
Reclassification to earnings (net of tax effect of $0 and $0)	—		3
Balance at end of period	(1,373)		(1,328)
Unrealized Gain (Loss) on Marketable Securities, Net of Tax:
Balance at beginning of period	(2)		(11)
Current period changes in fair value (net of tax effect of $0 and $1)	(1)		5
Reclassification to earnings (net of tax effect of $0 and $1)	—		2
Balance at end of period	(3)		(4)
Unrealized Gain (Loss) on Cash Flow Hedges, Net of Tax:
Balance at beginning of period	(76)		167
Current period changes in fair value (net of tax effect of $33 and $(8))	103		(26)
Reclassification to earnings (net of tax effect of $(10) and $(16))	(30)		(51)
Balance at end of period	(3)		90
Unrecognized Pension and Postretirement Benefit Costs, Net of Tax:
Balance at beginning of period	(2,432)		(259)

Reclassification to earnings (net of tax effect of $8 and $7)	30		20
Balance at end of period	(2,402)		(239)
Accumulated other comprehensive income (loss) at end of period	$	(3,781)	$	(1,481)

Gains (Losses) Reclassified from AOCI

Detail of the gains (losses) reclassified from accumulated other comprehensive income (loss) to the statements of consolidated income for the three months ended March 31, 2024 and 2023 is as follows (in millions):


	Amount Reclassified from AOCI(1)				Affected Line Item in the Income Statement
Three Months Ended March 31:	2024		2023
Unrealized Gain (Loss) on Foreign Currency Translation:
Realized gain (loss) on business wind-down	$	—	$	(3)	Other expenses
Income tax (expense) benefit	—		—		Income tax expense
Impact on net income	—		(3)		Net income
Unrealized Gain (Loss) on Marketable Securities:
Realized gain (loss) on sale of securities	—		(3)		Investment income and other
Income tax (expense) benefit	—		1		Income tax expense
Impact on net income	—		(2)		Net income
Unrealized Gain (Loss) on Cash Flow Hedges:
Interest rate contracts	(1)		(1)		Interest expense
Foreign currency exchange contracts	41		68		Revenue

Income tax (expense) benefit	(10)		(16)		Income tax expense
Impact on net income	30		51		Net income
Unrecognized Pension and Postretirement Benefit Costs:
Prior service costs	(38)		(27)		Investment income and other


Income tax (expense) benefit	8		7		Income tax expense
Impact on net income	(30)		(20)		Net income
Total amount reclassified for the period	$	—	$	26	Net income
(1) Accumulated other comprehensive income (loss)

Activity in Deferred Compensation Program

Activity in the deferred compensation program for the three months ended March 31, 2024 and 2023 was as follows (in millions):


	2024			2023
Three Months Ended March 31:	Shares	Dollars		Shares	Dollars
Deferred Compensation Obligations:
Balance at beginning of period		$	9		$	13
Reinvested dividends		—			—
Benefit payments		(3)			(4)
Balance at end of period		$	6		$	9
Treasury Stock:
Balance at beginning of period	—	$	(9)	—	$	(13)
Reinvested dividends	—	—		—	—
Benefit payments	—	3		—	4
Balance at end of period	—	$	(6)	—	$	(9)