| Schedule of Stockholders Equity |
The following table summarizes changes in equity during 2025, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Common Stock | | Capital in Excess
of Par Value
of Stock | | Accumulated Other Comprehensive Income/(Loss) | | Retained
Earnings | | Treasury Stock | | Noncontrolling
Interest | Dollars and shares in millions | Shares | | Par Value | | | Shares | | Cost | | Balance at December 31, 2022 | 2,923 | | | $ | 292 | | | $ | 45,165 | | | $ | (1,281) | | | $ | 25,503 | | | 825 | | | $ | (38,618) | | | $ | 57 | | Net earnings/(loss) | — | | | — | | | — | | | — | | | 8,025 | | | — | | | — | | | 14 | | Other comprehensive income/(loss) | — | | | — | | | — | | | (265) | | | — | | | — | | | — | | | — | | Cash dividends declared(a) | — | | | — | | | — | | | — | | | (4,762) | | | — | | | — | | | — | | Share repurchases | — | | | — | | | 105 | | | — | | | — | | | 87 | | | (5,306) | | | — | | | Stock compensation | — | | | — | | | 410 | | | — | | | — | | | (10) | | | 147 | | | — | | Convertible debt | — | | | — | | | 4 | | | — | | | — | | | — | | | 11 | | | — | | | Distributions | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (16) | | Balance at December 31, 2023 | 2,923 | | | 292 | | | 45,684 | | | (1,546) | | | 28,766 | | | 902 | | | (43,766) | | | 55 | | Net earnings/(loss) | — | | | — | | | — | | | — | | | (8,948) | | | — | | | — | | | 15 | | Other comprehensive income/(loss) | — | | | — | | | — | | | 308 | | | — | | | — | | | — | | | — | | Cash dividends declared(a) | — | | | — | | | — | | | — | | | (4,906) | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | Stock compensation | — | | | — | | | 340 | | | — | | | — | | | (8) | | | 111 | | | — | | | | | | | | | | | | | | | | | | | Distributions | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (17) | | Balance at December 31, 2024 | 2,923 | | | 292 | | | 46,024 | | | (1,238) | | | 14,912 | | | 894 | | | (43,655) | | | 53 | | Net earnings/(loss) | — | | | — | | | — | | | — | | | 7,054 | | | — | | | — | | | 2 | | Other comprehensive income/(loss) | — | | | — | | | — | | | (286) | | | — | | | — | | | — | | | — | | Cash dividends declared(a) | — | | | — | | | — | | | — | | | (5,070) | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | Stock compensation | — | | | — | | | 363 | | | — | | | — | | | (8) | | | 76 | | | — | | | | | | | | | | | | | | | | | | | Distributions | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (22) | | Balance at December 31, 2025 | 2,923 | | | $ | 292 | | | $ | 46,387 | | | $ | (1,524) | | | $ | 16,896 | | | 887 | | | $ | (43,579) | | | $ | 33 | |
(a) Cash dividends declared per common share were $2.49 in 2025, $2.42 in 2024 and $2.31 in 2023.
|
| Schedule of Comprehensive Income (Loss) |
The components of Other comprehensive income/(loss) were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | 2023 | | Dollars in millions | Pretax | | Tax | | After Tax | | Pretax | | Tax | | After Tax | | Pretax | | Tax | | After Tax | | Derivatives qualifying as cash flow hedges: | | | | | | | | | | | | | | | | | | Recognized in other comprehensive income/(loss) | $ | (340) | | | $ | 73 | | | $ | (267) | | | $ | 495 | | | $ | (86) | | | $ | 409 | | | $ | 70 | | | $ | (12) | | | $ | 58 | | Reclassified to net earnings/(loss)(a) | (88) | | | 15 | | | (73) | | | (33) | | | (2) | | | (35) | | | (334) | | | 46 | | | (288) | | | Derivatives qualifying as cash flow hedges | (429) | | | 89 | | | (340) | | | 462 | | | (88) | | | 374 | | | (264) | | | 34 | | | (230) | | | | | | | | | | | | | | | | | | | | | Pension and postretirement benefits: | | | | | | | | | | | | | | | | | | | Actuarial gains/(losses) | 102 | | | (18) | | | 84 | | | (44) | | | 16 | | | (28) | | | (140) | | | 25 | | | (115) | | Amortization(b) | 5 | | | (1) | | | 4 | | | 8 | | | (1) | | | 7 | | | — | | | — | | | — | | Settlements(b) | (8) | | | 1 | | | (6) | | | 119 | | | (8) | | | 111 | | | — | | | — | | | — | | | Pension and postretirement benefits | 99 | | | (18) | | | 82 | | | 83 | | | 7 | | | 90 | | | (140) | | | 25 | | | (115) | | | | | | | | | | | | | | | | | | | | | Marketable debt securities: | | | | | | | | | | | | | | | | | | Unrealized gains/(losses) | 2 | | | — | | | 1 | | | — | | | — | | | — | | | 3 | | | (1) | | | 2 | | | | | | | | | | | | | | | | | | | | | Foreign currency translation | (60) | | | 31 | | | (29) | | | (136) | | | (20) | | | (156) | | | 84 | | | (6) | | | 78 | | | | | | | | | | | | | | | | | | | | Other comprehensive income/(loss) | $ | (388) | | | $ | 102 | | | $ | (286) | | | $ | 409 | | | $ | (101) | | | $ | 308 | | | $ | (317) | | | $ | 52 | | | $ | (265) | |
(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.
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| 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: | | | | | | | | | | | | | | December 31, | | Dollars in millions | 2025 | | 2024 | | Derivatives qualifying as cash flow hedges | $ | 37 | | | $ | 376 | | | Pension and postretirement benefits | (566) | | | (648) | | | Marketable debt securities | 3 | | | 2 | | Foreign currency translation(a) | (997) | | | (968) | | Accumulated other comprehensive income/(loss) | $ | (1,524) | | | $ | (1,238) | |
(a) Includes net investment hedge gains of $105 million and $210 million as of December 31, 2025 and December 31, 2024, respectively.
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