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EQUITY | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
EQUITY | EQUITY The following table summarizes changes in equity during the six months ended June 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 |
The following table summarizes changes in equity during the six months ended June 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 | — |  |  | — |  |  | — |  |  | — |  |  | 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 |
The components of Other comprehensive income/(loss) were as follows:
| Three Months Ended June 30, 2025 |  | Six Months Ended June 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) | $ | (229) |  |  | $ | 48 |  |  | $ | (181) |  |  | $ | (420) |  |  | $ | 85 |  |  | $ | (335) |
Reclassified to net earnings(a) | (59) |  |  | 12 |  |  | (47) |  |  | (136) |  |  | 28 |  |  | (108) |
Derivatives qualifying as cash flow hedges | (288) |  |  | 60 |  |  | (228) |  |  | (556) |  |  | 113 |  |  | (443) |
Pension and postretirement benefits |  |  |  |  |  |  |  |  |  |  |
Amortization(b) | 2 |  |  | — |  |  | 2 |  |  | 4 |  |  | (1) |  |  | 3 |
Marketable debt securities |  |  |  |  |  |  |  |  |  |  |
Unrealized gains/(losses) | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |
Foreign currency translation | 81 |  |  | 14 |  |  | 95 |  |  | 90 |  |  | 32 |  |  | 122 |
Other comprehensive income/(loss) | $ | (204) |  |  | $ | 74 |  |  | $ | (130) |  |  | $ | (461) |  |  | $ | 144 |  |  | $ | (316) |
| Three Months Ended June 30, 2024 |  | Six Months Ended June 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) | $ | 84 |  |  | $ | (12) |  |  | $ | 72 |  |  | $ | 338 |  |  | $ | (59) |  |  | $ | 279 |
Reclassified to net earnings(a) | (20) |  |  | 2 |  |  | (18) |  |  | (35) |  |  | 1 |  |  | (34) |
Derivatives qualifying as cash flow hedges | 64 |  |  | (10) |  |  | 54 |  |  | 303 |  |  | (58) |  |  | 245 |
Pension and postretirement benefits |  |  |  |  |  |  |  |  |  |  |
Actuarial gains/(losses) | (87) |  |  | 21 |  |  | (66) |  |  | (93) |  |  | 22 |  |  | (71) |
Amortization(b) | 1 |  |  | — |  |  | 1 |  |  | 3 |  |  | — |  |  | 3 |
Settlements(b) | — |  |  | 1 |  |  | 1 |  |  | 19 |  |  | (2) |  |  | 17 |
Pension and postretirement benefits | (86) |  |  | 22 |  |  | (64) |  |  | (71) |  |  | 20 |  |  | (51) |
Marketable debt securities |  |  |  |  |  |  |  |  |  |  |
Unrealized gains/(losses) | (1) |  |  | 1 |  |  | — |  |  | (3) |  |  | 1 |  |  | (2) |
Foreign currency translation | (37) |  |  | (9) |  |  | (46) |  |  | (81) |  |  | (21) |  |  | (102) |
Other comprehensive income/(loss) | $ | (60) |  |  | $ | 4 |  |  | $ | (56) |  |  | $ | 148 |  |  | $ | (58) |  |  | $ | 90 |
(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. The accumulated balances related to each component of Other comprehensive income/(loss), net of taxes, were as follows:
Dollars in millions | June 30, 2025 |  | December 31, 2024
Derivatives qualifying as cash flow hedges | $ | (67) |  |  | $ | 376 |
Pension and postretirement benefits | (645) |  |  | (648) |
Marketable debt securities | 3 |  |  | 2 |
Foreign currency translation(a) | (846) |  |  | (968) |
Accumulated other comprehensive loss | $ | (1,554) |  |  | $ | (1,238) |
(a)Includes net investment hedge gains of $102 million and $210 million as of June 30, 2025 and December 31, 2024, respectively.

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