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EQUITY | 3 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
EQUITY | EQUITY Total Stockholders’ Equity
|  |  |  |  |  | Three Months Ended September 30,
(In millions, except per share data) |  |  |  |  |  |  |  |  |  | 2025 |  | 2024
Common stock, beginning of the period |  |  |  |  |  |  |  |  |  | $ | 6 |  |  | $ | 6 |
Stock-based compensation |  |  |  |  |  |  |  |  |  | — |  |  | — |
Common stock, end of the period |  |  |  |  |  |  |  |  |  | 6 |  |  | 6 |
Paid-in capital, beginning of the period |  |  |  |  |  |  |  |  |  | 7,012 |  |  | 6,685 |
Common stock dividends |  |  |  |  |  |  |  |  |  | 3 |  |  | 3 |
Stock-based compensation |  |  |  |  |  |  |  |  |  | 126 |  |  | 90 |
Paid-in capital, end of the period |  |  |  |  |  |  |  |  |  | 7,141 |  |  | 6,778 |
Retained earnings, beginning of the period |  |  |  |  |  |  |  |  |  | 11,672 |  |  | 13,427 |
Common stock dividends |  |  |  |  |  |  |  |  |  | (128) |  |  | (240) |
Net earnings (loss) |  |  |  |  |  |  |  |  |  | 47 |  |  | (156) |
Retained earnings, end of the period |  |  |  |  |  |  |  |  |  | 11,591 |  |  | 13,031 |
Accumulated other comprehensive loss, beginning of the period |  |  |  |  |  |  |  |  |  | (1,127) |  |  | (1,140) |
Other comprehensive (loss) earnings |  |  |  |  |  |  |  |  |  | (14) |  |  | 83 |
Accumulated other comprehensive loss, end of the period |  |  |  |  |  |  |  |  |  | (1,141) |  |  | (1,057) |
Treasury stock, beginning of the period |  |  |  |  |  |  |  |  |  | (13,698) |  |  | (13,664) |
Stock-based compensation |  |  |  |  |  |  |  |  |  | (9) |  |  | (10) |
Treasury stock, end of the period |  |  |  |  |  |  |  |  |  | (13,707) |  |  | (13,674) |
Total equity |  |  |  |  |  |  |  |  |  | $ | 3,890 |  |  | $ | 5,084 |
Cash dividends declared per common share |  |  |  |  |  |  |  |  |  | $ | .35 |  |  | $ | .66 |
The following is a summary of quarterly cash dividends declared per share on the Company’s Class A and Class B Common Stock during the three months ended September 30, 2025:
Date Declared |  | Record Date |  | Payable Date |  | Amount per Share
August 19, 2025 |  | September 2, 2025 |  | September 16, 2025 |  | $ | .35 |
On October 29, 2025, a dividend was declared in the amount of $.35 per share on the Company’s Class A and Class B Common Stock. The dividend is payable in cash on December 15, 2025 to stockholders of record at the close of business on November 28, 2025. Common Stock Beginning in December 2022, the Company suspended the repurchase of shares of its Class A Common Stock under its publicly announced program. The Company may resume repurchases in the future. Accumulated Other Comprehensive Loss The following table represents changes in accumulated other comprehensive loss, net of tax, by component for the three months ended September 30, 2025:
(In millions) |  | Net Cash Flow Hedge Gain (Loss) |  | Cross-Currency Swap Contracts - Fair Value Hedge Gain(2) |  | Amounts Included in Net Periodic Benefit Cost |  | Translation Adjustments |  | Total
Balance at June 30, 2025 |  | $ | (11) |  |  | $ | 6 |  |  | $ | (204) |  |  | $ | (918) |  |  | $ | (1,127) |
OCI before reclassifications (3) |  | 13 |  |  | 6 |  |  | — |  |  | (32) |  | (1) | (13) |
Amounts reclassified to Net earnings |  | — |  |  | (4) |  |  | 3 |  |  | — |  |  | (1) |
Net current-period OCI |  | 13 |  |  | 2 |  |  | 3 |  |  | (32) |  |  | (14) |
Balance at September 30, 2025 |  | $ | 2 |  |  | $ | 8 |  |  | $ | (201) |  |  | $ | (950) |  |  | $ | (1,141) |
(1)See Note 4 – Derivative Financial Instruments for gains (losses) relating to net investment hedges. (2)The gain recognized in AOCI, net of tax from cross-currency swap contracts represents the amount excluded from effectiveness testing. (3)The tax provision included in Net Cash Flow Hedge Gain (Loss), Cross-Currency Swap Contracts - Fair Value Hedge Gain and Translation Adjustments are $3 million, $2 million, and $5 million, respectively. The following table represents the effects of reclassification adjustments from AOCI into net earnings (loss) for the three months ended September 30, 2025 and 2024:
|  |  |  |  |  | Amount Reclassified from AOCI |  |  |  |  |  | Affected Line Item in Consolidated Statements of Earnings (Loss)
|  |  |  | Three Months Ended September 30, |  |  |
(In millions) |  |  |  |  |  | 2025 |  | 2024 |  |  |  |  |
Gain (Loss) on Cash Flow Hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  | $ | — |  |  | $ | 10 |  |  |  |  |  |  | Net sales
Provision for income taxes |  |  |  |  |  | — |  |  | (3) |  |  |  |  |  |  | Provision (benefit) for income taxes
Total gain on cash flow hedges, net of tax |  |  |  |  |  | — |  |  | 7 |  |  |  |  |  |  | Net earnings (loss)
Gain on Cross-Currency Swap Contracts - Fair Value Hedge |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swap contracts |  |  |  |  |  | 5 |  |  | 4 |  |  |  |  |  |  | Selling, general and administrative
Provision for income taxes |  |  |  |  |  | (1) |  |  | (1) |  |  |  |  |  |  | Provision (benefit) for income taxes
Total gain on cross-currency swap contracts - fair value hedge, net of tax |  |  |  |  |  | 4 |  |  | 3 |  |  |  |  |  |  | Net earnings (loss)
Retirement Plan and Other Retiree Benefit Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of prior service cost |  |  |  |  |  | 1 |  |  | 2 |  |  |  |  |  |  | Other components of net periodic benefit cost
Amortization of actuarial loss |  |  |  |  |  | (5) |  |  | (4) |  |  |  |  |  |  | Other components of net periodic benefit cost
Total retirement plan and other retiree benefit adjustments, before tax |  |  |  |  |  | (4) |  |  | (2) |  |  |  |  |  |  | Other components of net periodic benefit cost
Benefit for income taxes |  |  |  |  |  | 1 |  |  | — |  |  |  |  |  |  | Provision (benefit) for income taxes
Total retirement plan and other retiree benefit adjustments, net of tax |  |  |  |  |  | (3) |  |  | (2) |  |  |  |  |  |  | Net earnings (loss)
Total reclassification adjustments, net |  |  |  |  |  | $ | 1 |  |  | $ | 8 |  |  |  |  |  |  | Net earnings (loss)

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