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Equity and Accumulated Other Comprehensive Earnings (Loss) | 3 Months Ended
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Mar. 31, 2026
Equity and Accumulated Other Comprehensive Earnings (Loss) |
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 December 31, 2025 | ​ | 685,107 | ​ | $ | 1,422 | ​ | (419,733) | ​ | $ | (7,351) | ​ | $ | 12,219 | ​ | $ | (869) | ​ | $ | — | ​ | $ | 5,421
Net earnings | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 205 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 205
Other comprehensive earnings (loss), net of tax | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | 3
Common dividends | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | (54) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (54)
Treasury stock purchases | ​ | — | ​ | ​ | — | ​ | (20) | ​ | ​ | (1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1)
Treasury shares reissued | ​ | — | ​ | ​ | — | ​ | 79 | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2
Shares issued and stock-based compensation, net of shares exchanged | ​ | 735 | ​ | ​ | 15 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 15
Business acquisitions | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 19 | ​ | ​ | 19
Distributions from deferred compensation plans and other activity | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 9 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9
Balance at March 31, 2026 | ​ | 685,842 | ​ | $ | 1,437 | ​ | (419,674) | ​ | $ | (7,341) | ​ | $ | 12,370 | ​ | $ | (866) | ​ | $ | 19 | ​ | $ | 5,619
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 179 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 179
Other comprehensive earnings (loss), net of tax | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 61 | ​ | ​ | — | ​ | ​ | 61
Common dividends | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | (57) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (57)
Treasury stock purchases | ​ | — | ​ | ​ | — | ​ | (10,494) | ​ | ​ | (560) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (560)
Treasury shares reissued | ​ | — | ​ | ​ | — | ​ | 71 | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3
Shares issued and stock-based compensation, net of shares exchanged | ​ | 505 | ​ | ​ | 6 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6
Distributions from deferred compensation plans and other activity | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 7 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7
Balance at March 31, 2025 | ​ | 684,673 | ​ | $ | 1,401 | ​ | (405,213) | ​ | $ | (6,607) | ​ | $ | 11,649 | ​ | $ | (942) | ​ | $ | 68 | ​ | $ | 5,569
​ 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 | ​ | ​ | (21) | ​ | ​ | 5 | ​ | ​ | 14 | ​ | ​ | (2)
Amounts reclassified into earnings | ​ | ​ | — | ​ | ​ | 3 | ​ | ​ | 2 | ​ | ​ | 5
Balance at March 31, 2026 | ​ | $ | (505) | ​ | $ | (408) | ​ | $ | 47 | ​ | $ | (866)
​ The following table provides additional details of the amounts reclassified into net earnings from accumulated other comprehensive earnings (loss): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
($ in millions) | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
​ | ​ | ​ | ​ | ​ | ​ | ​
Gains (losses) on cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​
Commodity contracts recorded in net sales | ​ | $ | (42) | ​ | $ | (5)
Commodity contracts recorded in cost of sales | ​ | ​ | 28 | ​ | ​ | 3
Currency exchange contracts recorded in selling, general and administrative | ​ | ​ | 1 | ​ | ​ | (28)
Interest rate contracts recorded in interest expense | ​ | ​ | 11 | ​ | ​ | —
Total before tax effect | ​ | ​ | (2) | ​ | ​ | (30)
Tax benefit (expense) on amounts reclassified into earnings | ​ | ​ | — | ​ | ​ | 7
Recognized gain (loss), net of tax | ​ | $ | (2) | ​ | $ | (23)
​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization and disposal of pension and other postretirement benefits: | ​ | ​ | ​ | ​ | ​ | ​
Actuarial gains (losses) | ​ | $ | (4) | ​ | $ | (4)
Total before tax effect | ​ | ​ | (4) | ​ | ​ | (4)
Tax benefit (expense) on amounts reclassified into earnings | ​ | ​ | 1 | ​ | ​ | 1
Recognized gain (loss), net of tax | ​ | $ | (3) | ​ | $ | (3)
​

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