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The restructuring costs for the six months ended June 30, 2026 were related to restructuring actions across the company, including the divestiture of certain non-U.S. entities. The restructuring costs for the six months ended June 30, 2025 were related to restructuring actions across the company.
Read in the filing ↗ Also in 10-Q of Aug 6, 2025
The restructuring costs for the nine months ended September 30, 2026 were related to restructuring actions across the company, including the divestiture of certain non-U.S. entities. The restructuring costs for the nine months ended September 30, 2025 were related to restructuring actions across the company.
Read in the filing ↗ Also in 10-Q of Nov 3, 2025
The restructuring costs in 2025 were related to restructuring actions across the company including write-downs in the value of inventory in the Rail division. The restructuring costs in 2024 were related to restructuring actions across the company including the divestitures of certain non-U.S. entities. The restructuring costs in 2023 were primarily related to the divestiture of the company's Longwall business within Resource Industries.
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Additional information related to restructuring costs is included in Note 20 - "Restructuring income/costs" of Part I, Item 1 "Financial Statements."
Read in the filing ↗ Also in 10-Q of Nov 3, 2025, 10-Q of May 6, 2026, 10-Q of Aug 5, 2026, 10-Q of Nov 4, 2026, 10-K of Feb 14, 2025, 10-K of Feb 13, 2026
The restructuring costs for the three months ended March 31, 2026 and 2025 were related to restructuring actions across the company.
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In 2026, we expect to incur approximately $300 million of restructuring costs. We expect that prior restructuring actions will result in an incremental benefit to operating costs, primarily Cost of goods sold and SG&A expenses, of about $48 million in 2026 compared with 2025.
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2. Adjusted Profit Per Share - Profit per share excluding restructuring income/costs.
Read in the filing ↗ Also in 10-Q of Nov 3, 2025, 10-Q of May 6, 2026, 10-Q of Aug 5, 2026, 10-Q of Nov 4, 2026
In 2025, we expect to incur about $150 million to $200 million of restructuring costs. We expect that prior restructuring actions will result in an incremental benefit to operating costs, primarily Costs of goods sold and SG&A expenses, of about $25 million in 2025 compared with 2024.
Read in the filing ↗ Also in 10-Q of Aug 6, 2025, 10-Q of Nov 3, 2025, 10-K of Feb 13, 2026, 10-Q of May 6, 2026, 10-Q of Aug 5, 2026
In 2024, 2023 and 2022, all restructuring costs were excluded from segment profit.
Read in the filing ↗ Also in 10-K of Feb 13, 2026
2 In 2023, adjusted operating profit margin and adjusted profit per share excluded restructuring costs, which included the impact of the divestiture of the company's Longwall business and other restructuring costs. 2023 adjusted profit per share also excluded a benefit for certain deferred tax valuation allowance adjustments and mark-to-market gains for remeasurement of pension and other postemployment benefit (OPEB) plans. In 2022, adjusted operating profit margin and adjusted profit per share excluded a goodwill impairment charge and restructuring costs related to the Rail division and other restructuring costs. 2022 adjusted profit per share also excluded mark-to-market gains for remeasurement of pension and OPEB plans. Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on page 13.
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The restructuring costs in 2024 were related to restructuring actions across the company including the divestitures of certain non-U.S. entities. The restructuring costs in 2023 were primarily related to the divestiture of the company's Longwall business within Resource Industries. The divestiture closed on February 1, 2023 and resulted in a pre-tax loss of approximately $ 586 million, primarily a non-cash item driven by the release of $ 494 million of accumulated foreign currency translation. The restructuring costs in 2022 were primarily related to actions across the company, including $ 193 million related to the Rail division that was primarily inventory write-downs, and other strategic actions to address a small number of products. The inventory write-downs were included in "Other" in the table above.
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Restructuring costs for the three months ended March 31, 2026 and 2025 were as follows:
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Three Months Ended March 31, 2023 - U.S. $ 2,634 $ 708 26.9 % GAAP Restructuring costs - Longwall 586 — divestiture Excess stock-based compensation — 32 Annual effective tax rate, excluding $ 3,220 $ 740 23.0 % discrete items Excess stock-based compensation — -32 Other restructuring (income) costs 25 5 Three Months Ended March 31, 2023 - $ 3,245 $ 713 Adjusted
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Restructuring costs for the three and six months ended June 30, 2025 and 2024 were as follows:
Read in the filing ↗ Also in 10-Q of Aug 5, 2026
Restructuring costs for the three and nine months ended September 30, 2025 and 2024 were as follows:
Read in the filing ↗ Also in 10-Q of Nov 4, 2026
Expense for corporate items and eliminations was $690 million in the fourth quarter of 2025, an increase of $463 million from the fourth quarter of 2024, primarily driven by higher restructuring costs and increased expenses due to timing differences. Higher restructuring costs were mainly related to write- downs in the value of inventory in the Rail division. (more)
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1. Adjusted Operating Profit Margin - Operating profit excluding restructuring income/costs as a percent of sales and revenues.
Read in the filing ↗ Also in 10-K of Feb 13, 2026
1. Adjusted Operating Profit Margin - Operating profit excluding restructuring income/costs as a percentage of sales and revenues.
Read in the filing ↗ Also in 10-Q of Nov 3, 2025, 10-Q of May 6, 2026, 10-Q of Aug 5, 2026, 10-Q of Nov 4, 2026
Three Months Ended March 31, 2024 - U.S. $ 3,532 $ 688 19.5 % GAAP Restructuring (income) - non-US mining -64 54 entity divestiture Excess stock-based compensation — 38 Annual effective tax rate, excluding $ 3,468 $ 780 22.5 % discrete items Excess stock-based compensation — -38 Other restructuring (income) costs 58 14 Three Months Ended March 31, 2024 - $ 3,526 $ 756 Adjusted
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Three Months Ended June 30, 2024 - U.S. $ 3,500 $ 836 23.9 % GAAP Restructuring costs - divestiture of two 228 — non-U.S. entities Excess stock-based compensation — 4 Annual effective tax rate, excluding $ 3,728 $ 840 22.5 % discrete items Excess stock-based compensation — -4 Other restructuring (income) costs 30 6 Three Months Ended June 30, 2024 - $ 3,758 $ 842 Adjusted
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In the second quarter of 2024, restructuring costs increased primarily due to the divestiture of two non-U.S. entities.
Read in the filing ↗ Also in 8-K of Aug 6, 2024
In the second quarter of 2026, restructuring costs increased primarily due to the divestiture of certain non-U.S. entities.
Read in the filing ↗ Also in 8-K of Aug 4, 2026
… GAAP $ 2,818 $ 646 23.0% Excess stock-based compensation — 1 Annual effective tax rate, excluding discrete items 2,818 647 23.0% Excess stock-based compensation — (1) Other restructuring (income) costs 56 12 Three Months Ended June 30, 2025 - Adjusted $ 2,874 $ 658 Three Months Ended June 30, 2024 - U.S. GAAP $ 3,500 $ 836 23.9% Restructuring costs …
Read in the filing ↗ Also in 10-Q of Aug 5, 2026, 10-Q of Nov 4, 2026, 10-Q of Nov 3, 2025
For the twelve months ended December 31, 2024, restructuring costs increased primarily due to the divestitures of certain non-U.S. entities.
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For the six months ended June 30, 2026, restructuring costs increased primarily due to the divestiture of certain non-U.S. entities.
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2 In 2025 and 2024, adjusted operating profit margin excluded restructuring costs. 2025 and 2024 adjusted profit per share excluded restructuring costs and mark- to-market gains for remeasurement of pension and other postemployment benefit (OPEB) plans. In 2024, adjusted profit per share also excluded a discrete tax benefit for a tax law change related to currency translation. Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 13 to 15.
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research and development (R&D) expenses. This was partially offset by the profit impact of higher sales volume, favorable other operating income/expense and lower restructuring costs.
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2 In 2024, adjusted operating profit margin and adjusted profit per share excluded restructuring costs. 2024 adjusted profit per share also excluded a discrete tax benefit for a tax law change related to currency translation and excluded mark- to-market gains for remeasurement of pension and other postemployment benefit (OPEB) plans. In 2023, adjusted operating profit margin and adjusted profit per share excluded restructuring costs, which included the impact of the divestiture of the company's Longwall business and other restructuring costs. 2023 adjusted profit per share also excluded a benefit for certain deferred tax valuation allowance adjustments and mark-to-market gains for remeasurement of pension and OPEB plans. Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 14 to 16.
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Twelve Months Ended December 31, 2023 - $ 13,050 $ 2,781 21.3 % U.S. GAAP Restructuring costs - Longwall 586 — divestiture Pension/OPEB mark-to-market (gains) -97 -26 losses Deferred tax valuation allowance — 88 adjustments Excess stock-based compensation — 57 Annual effective tax rate, excluding $ 13,539 $ 2,900 21.4 % discrete items Deferred tax valuation allowance — 18 adjustments Excess stock-based compensation — -57 Other restructuring (income) costs 194 48 Twelve Months Ended December 31, 2023 - $ 13,733 $ 2,909 Adjusted
Read in the filing ↗ Also in 10-K of Feb 14, 2025
The company believes it is important to separately quantify the profit impact of three significant items in order for the company’s results to be meaningful to readers. These items consist of (i) restructuring income related to the divestiture of a non-US mining entity, (ii) other restructuring income/costs and (iii) restructuring costs related to the divestiture of the company's Longwall business in 2023. The c ompany does not consider these items indicative of earnings from ongoing business activities and believes the non-GAAP m easure provides investors with useful perspective on underlying business results and trends and aids with assessing the company’s period-over-period results. The company intends to discuss adjusted profit per share for the fourth quarter and full-year 2024, excluding mark-to-market gains or losses for remeasurement of pension and other postemployment benefit plans.
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We believe it is important to separately quantify the profit impact of six significant items in order for our results to be meaningful to our readers. These items consist of (i) restructuring income/costs related to the divestitures of certain non-U.S. entities in 2024, (ii) other restructuring income/costs, (iii) pension and OPEB mark-to-market gains/losses resulting from plan remeasurements, (iv) a discrete tax benefit for a tax law change related to currency translation in 2024, (v) restructuring costs related to the divestiture of the company's Longwall business in 2023 and (vi) certain deferred tax valuation allowance adjustments in 2023. We do not consider these items indicative of earnings from ongoing business activities and believe the non-GAAP measures will provide investors with useful perspective on underlying business results and trends and aids with assessing our period-over-period results.
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The company believes it is important to separately quantify the profit impact of six significant items in order for the company’s results to be meaningful to readers. These items consist of (i) restructuring income/costs related to the divestitures of certain non-U.S. entities in 2024, (ii) other restructuring income/costs, (iii) pension and OPEB mark-to-market gains/losses resulting from plan remeasurements, (iv) a discrete tax benefit for a tax law change related to currency translation in 2024, (v) restructuring costs related to the divestiture of the company's Longwall business in 2023 and (vi) certain deferred tax valuation allowance adjustments in 2023. The company does not consider these items indicative of earnings from ongoing business activities and believes the non-GAAP measure provides investors with useful perspective on underlying business results and trends and aids with assessing the company’s period-over- period results.
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Operating profit for the fourth quarter of 2025 was $2.660 billion, a decrease of $264 million, or 9%, compared with $2.924 billion in the fourth quarter of 2024. The decrease was primarily due to unfavorable manufacturing costs of $1.030 billion and higher restructuring costs of $282 million, partially offset by the profit impact of higher sales volume of $1.072 billion. Unfavorable manufacturing costs largely reflected the impact of higher tariffs. Higher restructuring costs were mainly related to write-downs in the value of inventory in the Rail division.
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In 2026, we now expect restructuring costs of about $300 million and capital expenditures of about $3.3 billion. We anticipate our estimated annual effective tax rate to be 23.0 percent, excluding discrete items.
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We believe it is important to separately quantify the profit impact of two significant items in order for the company’s results to be meaningful to our readers. These items consist of (i) restructuring costs related to the divestiture of certain non-U.S. entities in 2026 and (ii) other restructuring income/costs. We do not consider these items indicative of earnings from ongoing business activities and believe the non-GAAP measure provides investors with useful perspective on underlying business results and trends and aids with assessing the company’s period-over-period results.
Read in the filing ↗ Also in 10-Q of Nov 4, 2026, 10-Q of Aug 6, 2025, 10-Q of Nov 3, 2025
22. Restructuring income/costs - May include costs for employee separation, long-lived asset impairments, contract terminations and (gains)/losses on divestitures. These costs are included in Other operating (income) expenses except for defined-benefit plan curtailment losses and special termination benefits, which are included in Other income (expense). Restructuring costs also include other exit-related costs, which may consist of accelerated depreciation, inventory write-downs, building demolition, equipment relocation and project management costs and LIFO inventory decrement benefits from inventory liquidations at closed facilities, all of which are primarily included in Cost of goods sold.
Read in the filing ↗ Also in 10-Q of Aug 6, 2025, 10-Q of Nov 3, 2025, 10-Q of May 6, 2026, 10-Q of Aug 5, 2026, 10-Q of Nov 4, 2026, 10-K of Feb 14, 2025, 10-Q of Aug 6, 2025, 10-Q of Nov 3, 2025, 10-K of Feb 13, 2026, 10-Q of May 6, 2026, 10-Q of Aug 5, 2026, 10-Q of Nov 4, 2026
Expense for corporate items and eliminations was $587 million in the second quarter of 2024, an increase of $332 million from the second quarter of 2023, primarily driven by higher restructuring costs and higher corporate costs.
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Expense for corporate items and eliminations was $2.291 billion in 2025, an increase of $580 million from 2024, primarily driven by increased expenses due to timing differences, higher corporate costs and unfavorable restructuring income/costs.
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2. Adjusted Profit Per Share - Profit per share excluding restructuring income/costs, pension and OPEB mark-to-market gains/losses, and a discrete tax benefit for a tax law change related to currency translation in 2024.
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In 2026, we expect restructuring costs of approximately $300 to $350 million, and capital expenditures of around $3.5 billion. We anticipate our estimated annual effective tax rate to be 23.0 percent, excluding discrete items.
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6. Corporate Items and Eliminations - Includes corporate-level expenses, timing differences (as some expenses are reported in segment profit on a cash basis), methodology differences between segment and consolidated external reporting, certain restructuring costs and inter-segment eliminations.
Read in the filing ↗ Also in 10-Q of Aug 6, 2025, 10-Q of Nov 3, 2025, 10-K of Feb 13, 2026, 10-Q of May 6, 2026, 10-Q of Aug 5, 2026, 10-Q of Nov 4, 2026
In 2026, we expect restructuring costs of approximately $300 million to $350 million and capital expenditures of around $3.5 billion. We anticipate our 2026 estimated annual effective tax rate to be 23.0 percent, excluding discrete items.
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In 2026, we continue to expect restructuring costs of approximately $300 to $350 million, and capital expenditures of approximately $3.5 billion. We anticipate our estimated annual effective tax rate to be 23.0 percent, excluding discrete items.
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Twelve Months Ended December 31, 2024 - $ 13,373 $ 2,629 19.7 % U.S. GAAP Restructuring (income) costs - divestitures of certain non-U.S. 164 54 entities Pension/OPEB mark-to-market (gains) -154 -43 losses Tax law change related to currency — 224 translation Changes in estimates related to prior — 47 years Excess stock-based compensation — 57 Annual effective tax rate, excluding $ 13,383 $ 2,968 22.2 % discrete items Changes in estimates related to prior — -47 years Excess stock-based compensation — -57 Other restructuring (income) costs 195 46 Twelve Months Ended December 31, 2024 - $ 13,578 $ 2,910 Adjusted
Read in the filing ↗ Also in 8-K of Jan 29, 2026, 10-K of Feb 13, 2026
In 2025, we continue to expect restructuring costs of approximately $300 million to $350 million and capital expenditures of around $2.5 billion. We anticipate our 2025 estimated annual effective tax rate to be 24.0 percent, excluding discrete items.
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2. Adjusted Profit Per Share - Profit per share excluding restructuring income/costs, a discrete tax benefit for a tax law change related to currency translation, pension and OPEB mark-to-market gains/losses and certain deferred tax valuation allowance adjustments in 2023.
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