EQUITY (Tables)

9 Months Ended

Sep. 30, 2025

The following table summarizes changes in equity during the nine months ended September 30, 2025:


	Common Stock			Capital in Excess of Par Value of Stock		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock			Noncontrolling Interest
Dollars and shares in millions	Shares	Par Value								Shares	Cost
Balance at December 31, 2024	2,923	$	292	$	46,024	$	(1,238)	$	14,912	894	$	(43,655)	$	53
Net earnings/(loss)	—	—		—		—		2,456		—	—		6
Other comprehensive income/(loss)	—	—		—		(185)		—		—	—		—
Cash dividends declared $0.62 per share	—	—		—		—		(1,262)		—	—		—

Stock compensation	—	—		(13)		—		—		(6)	59		—
Balance at March 31, 2025	2,923	$	292	$	46,011	$	(1,424)	$	16,106	888	$	(43,597)	$	59
Net earnings/(loss)	—	—		—		—		1,310		—	—		2
Other comprehensive income/(loss)	—	—		—		(130)		—		—	—		—
Cash dividends declared $0.62 per share	—	—		—		—		(1,262)		—	—		—

Stock compensation	—	—		123		—		—		—	6		—
Distributions	—	—		—		—		—		—	—		(8)
Balance at June 30, 2025	2,923	$	292	$	46,134	$	(1,554)	$	16,154	888	$	(43,590)	$	54
Net earnings/(loss)	—	—		—		—		2,201		—	—		(6)
Other comprehensive income/(loss)	—	—		—		41		—		—	—		—
Cash dividends declared $0.62 per share	—	—		—		—		(1,262)		—	—		—

Stock compensation	—	—		131		—		—		(1)	4		—


Balance at September 30, 2025	2,923	$	292	$	46,265	$	(1,513)	$	17,093	887	$	(43,586)	$	48

The following table summarizes changes in equity during the nine months ended September 30, 2024:


	Common Stock			Capital in Excess of Par Value of Stock		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock			Noncontrolling Interest
Dollars and shares in millions	Shares	Par Value								Shares	Cost
Balance at December 31, 2023	2,923	$	292	$	45,684	$	(1,546)	$	28,766	902	$	(43,766)	$	55
Net earnings/(loss)	—	—		—		—		(11,911)		—	—		3
Other comprehensive income/(loss)	—	—		—		146		—		—	—		—
Cash dividends declared $0.60 per share	—	—		—		—		(1,215)		—	—		—

Stock compensation	—	—		(29)		—		—		(6)	69		—

Balance at March 31, 2024	2,923	$	292	$	45,655	$	(1,400)	$	15,640	896	$	(43,697)	$	58
Net earnings/(loss)	—	—		—		—		1,680		—	—		4
Other comprehensive income/(loss)	—	—		—		(56)		—		—	—		—
Cash dividends declared $0.60 per share	—	—		—		—		(1,217)		—	—		—

Stock compensation	—	—		111		—		—		—	7		—
Distributions	—	—		—		—		—		—	—		(8)
Balance at June 30, 2024	2,923	$	292	$	45,766	$	(1,456)	$	16,103	896	$	(43,690)	$	54
Net earnings/(loss)	—	—		—		—		1,211		—	—		4
Other comprehensive income/(loss)	—	—		—		(12)		—		—	—		—
Cash dividends declared $0.60 per share	—	—		—		—		(1,217)		—	—		—

Stock compensation	—	—		130		—		—		(1)	15		—

Balance at September 30, 2024	2,923	$	292	$	45,896	$	(1,468)	$	16,097	895	$	(43,675)	$	58

Schedule of Comprehensive Income Loss

The components of Other comprehensive income/(loss) were as follows:


	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
Dollars in millions	Pretax		Tax		After Tax		Pretax		Tax		After Tax
Derivatives qualifying as cash flow hedges:
Recognized in other comprehensive income/(loss)	$	29	$	(5)	$	24	$	(391)	$	80	$	(311)
Reclassified to net earnings(a)	32		(8)		24		(104)		20		(84)
Derivatives qualifying as cash flow hedges	61		(13)		48		(495)		100		(395)

Pension and postretirement benefits
Actuarial gains/(losses)	23		(6)		17		23		(6)		17
Amortization(b)	—		1		1		4		—		5

Pension and postretirement benefits	23		(4)		19		27		(5)		22

Marketable debt securities
Unrealized gains/(losses)	—		—		—		2		—		2

Foreign currency translation	(27)		1		(26)		64		33		96

Other comprehensive income/(loss)	$	58	$	(17)	$	41	$	(403)	$	127	$	(275)


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
Dollars in millions	Pretax		Tax		After Tax		Pretax		Tax		After Tax
Derivatives qualifying as cash flow hedges:
Recognized in other comprehensive income/(loss)	$	(159)	$	26	$	(133)	$	179	$	(33)	$	146
Reclassified to net earnings(a)	(58)		13		(45)		(93)		14		(79)
Derivatives qualifying as cash flow hedges	(217)		39		(178)		86		(19)		67

Pension and postretirement benefits
Actuarial gains/(losses)	4		—		4		(89)		22		(67)
Amortization(b)	4		(1)		3		7		(1)		6
Settlements(b)	100		(7)		93		119		(9)		110
Pension and postretirement benefits	108		(8)		100		37		12		49

Marketable debt securities
Unrealized gains/(losses)	7		(2)		5		4		(1)		3

Foreign currency translation	34		27		61		(47)		6		(41)

Other comprehensive income/(loss)	$	(68)	$	56	$	(12)	$	80	$	(2)	$	78

(a)Included in Cost of products sold and Other (income)/expense, net. Refer to "—Note 9. Financial Instruments and Fair Value Measurements" for further information.

(b)Included in Other (income)/expense, net.

Schedule of Accumulated Other Comprehensive Income Loss

The accumulated balances related to each component of Other comprehensive income/(loss), net of taxes, were as follows:


Dollars in millions	September 30, 2025		December 31, 2024
Derivatives qualifying as cash flow hedges	$	(18)	$	376
Pension and postretirement benefits	(626)		(648)
Marketable debt securities	3		2
Foreign currency translation(a)	(872)		(968)
Accumulated other comprehensive loss	$	(1,513)	$	(1,238)

(a)Includes net investment hedge gains of $100 million and $210 million as of September 30, 2025 and December 31, 2024, respectively.