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CONSOLIDATED AND COMBINED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) - USD ($)
$ in Millions
Total
Common stock
Additional paid-in capital
Retained earnings
Retained earnings, excluding net parent investment
Net parent investment
Accumulated other comprehensive income (loss) – net
Equity attributable to noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2022   0            
Beginning balance at Dec. 31, 2022 $ 11,607 $ 0 $ 0 $ 0   $ 12,106 $ (1,456) $ 957
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) (495)         (465)   (30)
Currency translation adjustments – net of taxes 122           124 (2)
Benefit plans – net of taxes 1,575           1,577 (2)
Cash flow hedges – net of taxes 19           19  
Transfers from (to) Parent (2,030)         (2,030)    
Changes in equity attributable to noncontrolling interests 4             4
Ending balance (in shares) at Jun. 30, 2023   0            
Ending balance at Jun. 30, 2023 10,802 $ 0 0 0   9,611 264 927
Beginning balance (in shares) at Mar. 31, 2023   0            
Beginning balance at Mar. 31, 2023 10,412 $ 0 0 0   9,199 285 928
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) (149)         (150)   2
Currency translation adjustments – net of taxes 59           61 (2)
Benefit plans – net of taxes (84)           (84)  
Cash flow hedges – net of taxes 2           2  
Transfers from (to) Parent 562         562    
Changes in equity attributable to noncontrolling interests (1)             (1)
Ending balance (in shares) at Jun. 30, 2023   0            
Ending balance at Jun. 30, 2023 10,802 $ 0 0 0   9,611 264 927
Beginning balance (in shares) at Dec. 31, 2023   0            
Beginning balance at Dec. 31, 2023 8,380 $ 0 0 0   8,051 (635) 964
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Transfers from (to) Parent, including Spin-Off-related adjustments 794         794    
Issuance of common stock in connection with the Spin-Off and reclassification of net parent investment (in shares)   274,000,000            
Issuance of common stock in connection with the Spin-Off and reclassification of net parent investment 0 $ 3 8,712     (8,715)    
Issuance of common stock in connection with employee stock plans (in shares)   1,000,000            
Issuance of common stock in connection with employee stock plans 35   35          
Share-based compensation expense 54   54          
Net income (loss) 1,174       $ 1,294 (130)   10
Currency translation adjustments – net of taxes (106)           (106)  
Benefit plans – net of taxes (340)           (341) 1
Cash flow hedges – net of taxes 51           51  
Changes in equity attributable to noncontrolling interests $ 7             7
Ending balance (in shares) at Jun. 30, 2024 274,701,743 275,000,000            
Ending balance at Jun. 30, 2024 $ 10,049 $ 3 8,801 1,294   0 (1,031) 982
Beginning balance (in shares) at Mar. 31, 2024   0            
Beginning balance at Mar. 31, 2024 9,980 $ 0 0 0   9,659 (686) 1,007
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Transfers from (to) Parent, including Spin-Off-related adjustments (944)         (944)    
Issuance of common stock in connection with the Spin-Off and reclassification of net parent investment (in shares)   274,000,000            
Issuance of common stock in connection with the Spin-Off and reclassification of net parent investment 0 $ 3 8,712     (8,715)    
Issuance of common stock in connection with employee stock plans (in shares)   1,000,000            
Issuance of common stock in connection with employee stock plans 35   35          
Share-based compensation expense 54   54          
Net income (loss) 1,280     1,294       (14)
Currency translation adjustments – net of taxes (117)           (117) (1)
Benefit plans – net of taxes (271)           (271)  
Cash flow hedges – net of taxes 43           43  
Changes in equity attributable to noncontrolling interests $ (10)             (10)
Ending balance (in shares) at Jun. 30, 2024 274,701,743 275,000,000            
Ending balance at Jun. 30, 2024 $ 10,049 $ 3 $ 8,801 $ 1,294   $ 0 $ (1,031) $ 982