XML 36 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
EQUITY
 6 Months Ended
Jun. 30, 2018
Equity [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
EQUITY
 
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, 2016
2,208

 
$
221

 
$
1,725

 
$
(2,503
)
 
$
33,513

 
536

 
$
(16,779
)
 
$
170

Accounting change - cumulative effect
 
 
 
 
 
 
 
 
(787
)
 
 
 
 
 
 
Adjusted balance at January 1, 2017
2,208

 
$
221

 
$
1,725

 
$
(2,503
)
 
$
32,726

 
536

 
$
(16,779
)
 
$
170

Net earnings
—

 
—

 
—

 
—

 
2,490

 
—

 
—

 
17

Other comprehensive income
—

 
—

 
—

 
36

 
—

 
—

 
—

 
—

Cash dividends declared
—

 
—

 
—

 
—

 
(1,282
)
 
—

 
—

 
—

Stock repurchase program
—

 
—

 
—

 
—

 
—

 
36

 
(2,000
)
 
—

Stock compensation
—

 
—

 
69

 
—

 
—

 
(4
)
 
(4
)
 
—

Variable interest entity
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(59
)
Distributions
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(6
)
Balance at June 30, 2017
2,208

 
$
221

 
$
1,794

 
$
(2,467
)
 
$
33,934

 
568

 
$
(18,783
)
 
$
122

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2017
2,208

 
$
221

 
$
1,898

 
$
(2,289
)
 
$
31,160

 
575

 
$
(19,249
)
 
$
106

Accounting change - cumulative effect(a)
—

 
—

 
—

 
(34
)
 
332

 
—

 
—

 
—

Adjusted balance at January 1, 2018
2,208

 
$
221

 
$
1,898

 
$
(2,323
)
 
$
31,492

 
575

 
$
(19,249
)
 
$
106

Net earnings
—

 
—

 
—

 
—

 
1,859

 
—

 
—

 
18

Other comprehensive income
—

 
—

 
—

 
(11
)
 
—

 
—

 
—

 
—

Cash dividends declared
—

 
—

 
—

 
—

 
(1,307
)
 
—

 
—

 
—

Stock repurchase program
—

 
—

 
—

 
—

 
—

 
5

 
(313
)
 
—

Stock compensation
—

 
—

 
68

 
—

 
—

 
(4
)
 
(18
)
 
—

Distributions
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(23
)
Balance at June 30, 2018
2,208

 
$
221

 
$
1,966

 
$
(2,334
)
 
$
32,044

 
576

 
$
(19,580
)
 
$
101


(a)
Refer to "—Note 1. Basis of Presentation and Recently Issued Accounting Standards" for additional information.
    
BMS has a stock repurchase program authorized by its Board of Directors allowing for repurchases in the open market or through private transactions, including plans established in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934. The stock repurchase program does not have an expiration date and may be suspended or discontinued at any time. Treasury stock is recognized at the cost to reacquire the shares. Shares issued from treasury are recognized utilizing the first-in first-out method.

BMS repurchased $2 billion of its common stock in 2017 through accelerated share repurchase agreements. The agreements were funded through a combination of debt and cash.

The components of Other Comprehensive Income/(Loss) were as follows:
 
2018
 
2017
 
Pretax
 
Tax
 
After tax
 
Pretax
 
Tax
 
After tax
Three Months Ended June 30,
 
 
 
 
 
 
 
 
 
 
 
Derivatives qualifying as cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains/(losses)
$
83

 
$
(10
)
 
$
73

 
$
(35
)
 
$
12

 
$
(23
)
Reclassified to net earnings(a)
13

 
(1
)
 
12

 
(10
)
 
2

 
(8
)
Derivatives qualifying as cash flow hedges
96

 
(11
)
 
85

 
(45
)
 
14

 
(31
)
 
 
 
 
 
 
 
 
 
 
 
 
Pension and postretirement benefits:
 
 
 
 
 
 
 
 
 
 
 
Actuarial gains/(losses)
—

 
—

 
—

 
(93
)
 
33

 
(60
)
Amortization(b)
16

 
(3
)
 
13

 
19

 
(14
)
 
5

Settlements(b)
38

 
(8
)
 
30

 
42

 
(14
)
 
28

Pension and postretirement benefits
54

 
(11
)
 
43

 
(32
)
 
5

 
(27
)
 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains/(losses)
(8
)
 
1

 
(7
)
 
12

 
1

 
13

 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation
(204
)
 
(17
)
 
(221
)
 
(19
)
 
11

 
(8
)
 
 
 
 
 
 
 
 
 
 
 
 
Total Other Comprehensive Income/(Loss)
$
(62
)
 
$
(38
)
 
$
(100
)
 
$
(84
)
 
$
31

 
$
(53
)
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
 
 
 
 
 
 
 
 
 
 
Derivatives qualifying as cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains/(losses)
$
45

 
$
(4
)
 
$
41

 
$
(53
)
 
$
19

 
$
(34
)
Reclassified to net earnings(a)
33

 
(8
)
 
25

 
(32
)
 
6

 
(26
)
Derivatives qualifying as cash flow hedges
78

 
(12
)
 
66

 
(85
)
 
25

 
(60
)
 
 
 
 
 
 
 
 
 
 
 
 
Pension and postretirement benefits:
 
 
 
 
 
 
 
 
 
 
 
Actuarial gains/(losses)
112

 
(24
)
 
88

 
(35
)
 
15

 
(20
)
Amortization(b)
36

 
(6
)
 
30

 
38

 
(11
)
 
27

Settlements(b)
69

 
(15
)
 
54

 
75

 
(26
)
 
49

Pension and postretirement benefits
217

 
(45
)
 
172

 
78

 
(22
)
 
56

 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains/(losses)
(40
)
 
7

 
(33
)
 
21

 
(2
)
 
19

 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation
(211
)
 
(5
)
 
(216
)
 
2

 
19

 
21

 
 
 
 
 
 
 
 
 
 
 
 
Total Other Comprehensive Income/(Loss)
$
44

 
$
(55
)
 
$
(11
)
 
$
16

 
$
20

 
$
36


(a)
Included in Cost of products sold.
(b)
Included in Other income (net).

The accumulated balances related to each component of other comprehensive loss, net of taxes, were as follows:
Dollars in Millions
June 30,
2018
 
December 31, 2017
Derivatives qualifying as cash flow hedges
$
47

 
$
(19
)
Pension and postretirement benefits
(1,711
)
 
(1,883
)
Available-for-sale securities
(35
)
 
32

Foreign currency translation
(635
)
 
(419
)
Accumulated other comprehensive loss
$
(2,334
)
 
$
(2,289
)