Equity

9 Months Ended

Sep. 30, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 17: Equity

Common Stock - Share Repurchases. On October 24, 2023, we entered into accelerated share repurchase (ASR) agreements with certain financial institution counterparties to repurchase shares of our common stock for an aggregate purchase price of $10 billion. The ASR agreements provided for the repurchase of our common stock based on the average of the daily volume-weighted average prices of our common stock during the term of such ASR agreement, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR agreement. Pursuant to the ASR agreements, we made aggregate payments of $10 billion on October 26, 2023, and received initial deliveries of approximately 108.4 million shares of our common stock at a price of $78.38 per share, which, on that date, represented approximately 85% of the shares expected to be repurchased. The aggregate purchase price was recorded as a reduction to Shareowners’ equity, consisting of an $8.5 billion increase in Treasury stock and a $1.5 billion decrease in Common stock.

The shares associated with the remaining portion of the aggregate purchase price have been settled over two tranches. In July 2024, the first tranche was settled upon final delivery to us of approximately 0.4 million shares of common stock. In September 2024, with respect to the second tranche, we owed approximately 2.2 million shares of common stock that we elected to cash settle for $261 million. The cash payment required as a result of the second tranche settlement was due to the significant increase in the price of our common stock during the ASR term. The final average price under the ASR was $94.28 per share.

Accumulated Other Comprehensive Loss. A summary of the changes in each component of Accumulated other comprehensive loss, net of tax for the quarters and nine months ended September 30, 2024 and 2023 is provided below:

(dollars in millions)	Foreign Currency Translation		Defined Benefit Pension and Postretirement Plans		Unrealized Hedging Gains (Losses)		Accumulated Other Comprehensive Loss
Quarter Ended September 30, 2024
Balance at June 30, 2024	$	(632)	$	(2,102)	$	16	$	(2,718)
Other comprehensive income (loss) before reclassifications, net	749		(72)		125		802
Amounts reclassified, pre-tax	—		(44)		14		(30)
Tax benefit (expense)	6		11		(40)		(23)
Balance at September 30, 2024	$	123	$	(2,207)	$	115	$	(1,969)
Nine Months Ended September 30, 2024
Balance at December 31, 2023	$	(440)	$	(2,026)	$	47	$	(2,419)
Other comprehensive income (loss) before reclassifications, net	560		(82)		64		$	542
Amounts reclassified, pre-tax	—		(131)		23		$	(108)
Tax benefit (expense)	3		32		(19)		16
Balance at September 30, 2024	$	123	$	(2,207)	$	115	$	(1,969)

(dollars in millions)	Foreign Currency Translation		Defined Benefit Pension and Postretirement Plans		Unrealized Hedging Gains (Losses)		Accumulated Other Comprehensive Loss
Quarter Ended September 30, 2023
Balance at June 30, 2023	$	(476)	$	(1,035)	$	9	$	(1,502)
Other comprehensive income (loss) before reclassifications, net	(441)		37		(132)		(536)
Amounts reclassified, pre-tax	—		(141)		9		(132)
Tax benefit (expense)	(3)		33		24		54
Balance at September 30, 2023	$	(920)	$	(1,106)	$	(90)	$	(2,116)
Nine Months Ended September 30, 2023
Balance at December 31, 2022	$	(1,005)	$	(782)	$	(231)	$	(2,018)
Other comprehensive income (loss) before reclassifications, net	85		(7)		101		179
Amounts reclassified, pre-tax	—		(426)		73		(353)
Tax benefit (expense)	—		109		(33)		76
Balance at September 30, 2023	$	(920)	$	(1,106)	$	(90)	$	(2,116)