| Equity and Accumulated Other Comprehensive Earnings (Loss) |
18. Equity and Accumulated Other Comprehensive Earnings (Loss) The following tables provide additional details of the company’s equity activity: | | | | | | | | | | | | | | | | | | | | | | | | | Common Stock | | Treasury Stock | | | | | Accumulated Other | | | | | | | | | Number of | | | | Number of | | | | Retained | | Comprehensive | | Noncontrolling | | Total | ($ in millions; share amounts in thousands) | | Shares | | Amount | | Shares | | Amount | | Earnings | | Earnings (Loss) | | Interest | | Equity | | | | | | | | | | | | | | | | | | | | | | | | Balance at June 30, 2026 | | 685,983 | | $ | 1,447 | | (421,378) | | $ | (7,437) | | $ | 12,538 | | $ | (802) | | $ | 20 | | $ | 5,766 | Net earnings (loss) | | — | | | — | | — | | | — | | | (94) | | | — | | | — | | | (94) | Other comprehensive earnings (loss), net of tax | | — | | | — | | — | | | — | | | — | | | 266 | | | — | | | 266 | Common dividends | | — | | | — | | — | | | — | | | (52) | | | — | | | — | | | (52) | Treasury stock purchases | | — | | | — | | (2,655) | | | (164) | | | — | | | — | | | — | | | (164) | Treasury shares reissued | | — | | | — | | 22 | | | 3 | | | — | | | — | | | — | | | 3 | Shares issued and stock-based compensation, net of shares exchanged | | 162 | | | 12 | | — | | | — | | | — | | | — | | | — | | | 12 | Business acquisitions | | — | | | — | | — | | | — | | | — | | | — | | | — | | | — | Distributions from deferred compensation plans and other activity | | — | | | — | | — | | | 3 | | | — | | | — | | | — | | | 3 | Balance at September 30, 2026 | | 686,145 | | $ | 1,459 | | (424,011) | | $ | (7,595) | | $ | 12,392 | | $ | (536) | | $ | 20 | | $ | 5,740 |
| | | | | | | | | | | | | | | | | | | | | | | | | Common Stock | | Treasury Stock | | | | | Accumulated Other | | | | | | | | | Number of | | | | Number of | | | | Retained | | Comprehensive | | Noncontrolling | | Total | ($ in millions; share amounts in thousands) | | Shares | | Amount | | Shares | | Amount | | Earnings | | Earnings (Loss) | | Interest | | Equity | | | | | | | | | | | | | | | | | | | | | | | | Balance at June 30, 2025 | | 684,848 | | $ | 1,414 | | (412,800) | | $ | (7,059) | | $ | 11,806 | | $ | (955) | | $ | 71 | | $ | 5,277 | Net earnings (loss) | | — | | | — | | — | | | — | | | 321 | | | — | | | — | | | 321 | Other comprehensive earnings (loss), net of tax | | — | | | — | | — | | | — | | | — | | | 43 | | | — | | | 43 | Common dividends | | — | | | — | | — | | | — | | | (54) | | | — | | | — | | | (54) | Treasury stock purchases | | — | | | — | | (2,455) | | | (84) | | | — | | | — | | | — | | | (84) | Treasury shares reissued | | — | | | — | | 7 | | | 2 | | | — | | | — | | | — | | | 2 | Shares issued and stock-based compensation, net of shares exchanged | | 87 | | | 8 | | — | | | — | | | — | | | — | | | — | | | 8 | Business dispositions | | — | | | — | | — | | | — | | | — | | | — | | | (65) | | | (65) | Distributions from deferred compensation plans and other activity | | — | | | — | | — | | | 4 | | | — | | | — | | | — | | | 4 | Balance at September 30, 2025 | | 684,935 | | $ | 1,422 | | (415,248) | | $ | (7,137) | | $ | 12,073 | | $ | (912) | | $ | 6 | | $ | 5,452 |
| | | | | | | | | | | | | | | | | | | | | | | | | Common Stock | | Treasury Stock | | | | | Accumulated Other | | | | | | | | | Number of | | | | Number of | | | | Retained | | Comprehensive | | Noncontrolling | | Total | ($ in millions; share amounts in thousands) | | Shares | | Amount | | Shares | | Amount | | Earnings | | Earnings (Loss) | | Interest | | Equity | | | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2025 | | 685,107 | | $ | 1,422 | | (419,733) | | $ | (7,351) | | $ | 12,219 | | $ | (869) | | $ | — | | $ | 5,421 | Net earnings (loss) | | — | | | — | | — | | | — | | | 332 | | | — | | | 2 | | | 334 | Other comprehensive earnings (loss), net of tax | | — | | | — | | — | | | — | | | — | | | 333 | | | — | | | 333 | Common dividends | | — | | | — | | — | | | — | | | (159) | | | — | | | — | | | (159) | Treasury stock purchases | | — | | | — | | (4,459) | | | (267) | | | — | | | — | | | — | | | (267) | Treasury shares reissued | | — | | | — | | 181 | | | 8 | | | — | | | — | | | — | | | 8 | Shares issued and stock-based compensation, net of shares exchanged | | 1,038 | | | 37 | | — | | | — | | | — | | | — | | | — | | | 37 | Business acquisitions | | — | | | — | | — | | | — | | | — | | | — | | | 19 | | | 19 | Distributions from deferred compensation plans and other activity | | — | | | — | | — | | | 15 | | | — | | | — | | | (1) | | | 14 | Balance at September 30, 2026 | | 686,145 | | $ | 1,459 | | (424,011) | | $ | (7,595) | | $ | 12,392 | | $ | (536) | | $ | 20 | | $ | 5,740 |
| | | | | | | | | | | | | | | | | | | | | | | | | Common Stock | | Treasury Stock | | | | | Accumulated Other | | | | | | | | | Number of | | | | Number of | | | | Retained | | Comprehensive | | Noncontrolling | | Total | ($ in millions; share amounts in thousands) | | Shares | | Amount | | Shares | | Amount | | Earnings | | Earnings (Loss) | | Interest | | Equity | | | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2024 | | 684,168 | | $ | 1,395 | | (394,790) | | $ | (6,057) | | $ | 11,527 | | $ | (1,003) | | $ | 68 | | $ | 5,930 | Net earnings (loss) | | — | | | — | | — | | | — | | | 712 | | | — | | | 3 | | | 715 | Other comprehensive earnings (loss), net of tax | | — | | | — | | — | | | — | | | — | | | 91 | | | — | | | 91 | Common dividends | | — | | | — | | — | | | — | | | (166) | | | — | | | — | | | (166) | Treasury stock purchases | | — | | | — | | (20,547) | | | (1,100) | | | — | | | — | | | — | | | (1,100) | Treasury shares reissued | | — | | | — | | 89 | | | 8 | | | — | | | — | | | — | | | 8 | Shares issued and stock-based compensation, net of shares exchanged | | 767 | | | 27 | | — | | | — | | | — | | | — | | | — | | | 27 | Business dispositions | | — | | | — | | — | | | — | | | — | | | — | | | (65) | | | (65) | Distributions from deferred compensation plans and other activity | | — | | | — | | — | | | 12 | | | — | | | — | | | — | | | 12 | Balance at September 30, 2025 | | 684,935 | | $ | 1,422 | | (415,248) | | $ | (7,137) | | $ | 12,073 | | $ | (912) | | $ | 6 | | $ | 5,452 |
On January 29, 2025, the Board of Directors approved the repurchase by the company of up to $4.00 billion in shares of its common stock through the end of 2027. This repurchase authorization replaced all previous authorizations. Accumulated Other Comprehensive Earnings (Loss) The activity related to accumulated other comprehensive earnings (loss) was as follows: | | | | | | | | | | | | | | | ($ in millions) | |
Currency
Translation
(Net of Tax) | | | Pension and
Other Postretirement
Benefits
(Net of Tax) | | | Derivatives Designated as Hedges
(Net of Tax) | | Accumulated
Other
Comprehensive
Earnings (Loss) | | | | | | | | | | | | | | | | Balance at December 31, 2025 | | $ | (484) | | | $ | (416) | | | $ | 31 | | $ | (869) | Other comprehensive earnings (loss) before reclassifications | | | (25) | | | | (11) | | | | 38 | | | 2 | Amounts reclassified into earnings | | | — | | | | 368 | (a) | | | (37) | | | 331 | Balance at September 30, 2026 | | $ | (509) | | | $ | (59) | | | $ | 32 | | $ | (536) |
| (a) | Includes loss on pension settlement associated with the pension buy-out transaction recorded in business consolidation and other activities. |
The following table provides additional details of the amounts reclassified into net earnings from accumulated other comprehensive earnings (loss): | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | ($ in millions) | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | | | | | | | | | | | Gains (losses) on cash flow hedges: | | | | | | | | | | | | | | Commodity contracts recorded in net sales | | $ | (4) | | $ | 6 | | $ | (114) | | $ | 18 | | Commodity contracts recorded in cost of sales | | | 36 | | | (14) | | | 112 | | | (12) | | Currency exchange contracts recorded in cost of sales | | | 1 | | | — | | | 3 | | | — | | Currency exchange contracts recorded in selling, general and administrative | | | 10 | | | 8 | | | 45 | | | (93) | | Interest rate contracts recorded in interest expense | | | — | | | 1 | | | 1 | | | 4 | | Total before tax effect | | | 43 | | | 1 | | | 47 | | | (83) | | Tax benefit (expense) on amounts reclassified into earnings | | | (9) | | | (1) | | | (10) | | | 20 | | Recognized gain (loss), net of tax | | $ | 34 | | $ | — | | $ | 37 | | $ | (63) | | | | | | | | | | | | | | | | Amortization and disposal of pension and other postretirement benefits: | | | | | | | | | | | | | | Actuarial gains (losses) | | $ | (2) | | $ | (4) | | $ | (11) | | $ | (12) | | Prior service income (expense) | | | — | | | — | | | (1) | | | (1) | | Loss on pension settlement | | | (475) | | | — | | | (475) | | | — | | Total before tax effect | | | (477) | | | (4) | | | (487) | | | (13) | | Tax benefit (expense) on amounts reclassified into earnings | | | 117 | | | 1 | | | 119 | | | 3 | | Recognized gain (loss), net of tax | | $ | (360) | | $ | (3) | | $ | (368) | | $ | (10) | |
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