Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

The following table presents changes in capital stock (in millions):


	Common stock			Treasury stock
	Shares	Par value		Shares	Cost
Balance as of December 31, 2021	1,815	$	907	(970)	$	(20,263)

Shares issued to benefit plans and for option exercises	5	3
Shares purchased for treasury				(6)	(221)
Other, net (1)				(1)	(48)
Balance as of December 31, 2022	1,820	$	910	(977)	$	(20,532)

Shares issued to benefit plans and for option exercises	11	6

Other, net (1)				(3)	(105)
Balance as of December 31, 2023	1,831	$	916	(980)	$	(20,637)

Shares issued to benefit plans and for option exercises	10	5
Shares purchased for treasury, net				(4)	(163)
Other, net (1)				(3)	(82)
Balance as of December 31, 2024	1,841	$	921	(987)	$	(20,882)

(1)Includes the deemed surrender to the Company of common stock to satisfy employee tax withholding obligations.

Schedule of Accumulated Other Comprehensive Loss

The following table presents the changes in the components of accumulated other comprehensive loss, including the proportionate share of equity method investees’ accumulated other comprehensive loss (in millions) (1):


	Foreign currency translation adjustments and other		Unamortized actuarial gains (losses) and prior service (costs) credits		Net unrealized losses on investments		Realized and unrealized gains (losses) on derivatives		Accumulated other comprehensive loss
Balance as of December 31, 2021	$	(933)	$	(272)	$	(3)	$	33	$	(1,175)

Other comprehensive (loss) income before reclassifications (2)	$	(762)	$	151			$	31	$	(580)
Amounts reclassified from accumulated other comprehensive loss (5)			3				(61)		(58)
Equity method affiliates (6)	(17)								(17)
Net current-period other comprehensive (loss) income	(779)		154		—		(30)		(655)
Balance as of December 31, 2022	$	(1,712)	$	(118)	$	(3)	$	3	$	(1,830)

Other comprehensive (loss) income before reclassifications (3)	$	(235)	$	1			$	71	$	(163)
Amounts reclassified from accumulated other comprehensive loss (5)			(25)				(35)		(60)
Equity method affiliates (6)	5								5
Net current-period other comprehensive (loss) income	(230)		(24)		—		36		(218)
Balance as of December 31, 2023	$	(1,942)	$	(142)	$	(3)	$	39	$	(2,048)

Other comprehensive (loss) income before reclassifications (4)	$	(713)	$	192			$	(45)	$	(566)
Amounts reclassified from accumulated other comprehensive loss (5)	145		(8)				(46)		91
Equity method affiliates (6)	(20)								(20)
Net current-period other comprehensive (loss) income	(588)		184		—		(91)		(495)
Balance as of December 31, 2024	$	(2,530)	$	42	$	(3)	$	(52)	$	(2,543)

(1)All amounts are after tax. Amounts in parentheses indicate debits to accumulated other comprehensive loss.

(2)Amounts are net of total tax benefit of $22 million, primarily driven by $29 million and $24 million related to foreign currency translation adjustments and the hedging component, respectively, offset by negative impacts of $31 million related to retirement plans.

(3)Amounts are net of total tax benefit of $19 million, primarily driven by $12 million and $8 million related to foreign currency translation adjustments and the hedging component, respectively, offset by negative impacts of $1 million related to retirement plans.

(4)Amounts are net of total tax benefit of $21 million, primarily driven by $50 million and $29 million related to foreign currency translation adjustments and the hedging component, respectively, offset by negative impacts of $58 million related to retirement plans.

(5)Tax effects of reclassifications are disclosed in the following table.

(6)Tax effects related to equity method affiliates are not significant in the reported periods.

Schedule of Reclassifications Out of Accumulated Other Comprehensive Income

The following table presents reclassifications out of accumulated other comprehensive loss (“AOCI”) by component (in millions) (1):


	Amount reclassified from AOCI						Affected line item in the consolidated statements of income
	Year ended December 31
Details about AOCI Components	2024		2023		2022

Release of cumulative translation losses (2)	$	(145)					Other (expense) income, net
							Provision for income taxes
	$	(145)	$	—	$	—

Amortization of net actuarial gains (loss) (3)	$	48	$	39	$	(4)	Other (expense) income, net
Amortization of prior service (cost) credit (3)	(38)		(1)				Other (expense) income, net
	10		38		(4)
	(2)		(13)		1		Provision for income taxes
	$	8	$	25	$	(3)

Realized gains on designated hedges					$	52	Sales
	$	47	$	49	32		Cost of sales
	(1)		(3)		(3)		Other (expense) income, net
	46		46		81
	—		(11)		(20)		Provision for income taxes
	$	46	$	35	$	61

Total reclassifications for the period	$	(91)	$	60	$	58

(1)Amounts in parentheses indicate debits to the consolidated statements of income.

(2)For the year ended December 31, 2024, amount relates to the recognition of non-cash cumulative foreign currency translation losses related to the substantial liquidation and disposition of foreign entities, which was recorded in other (expense) income, net in the consolidated statements of income.

(3)These accumulated other comprehensive loss components are included in net periodic pension cost. Refer to Note 11 (Employee Retirement Plans) in the notes to the consolidated financial statements for additional details.