XML 66 R20.htm IDEA: XBRL DOCUMENT v3.20.1
EQUITY
 3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Stockholders' Equity Note Disclosure [Text Block] EQUITY

The following table summarizes changes in equity for the three months ended March 31, 2020:
 
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, 2019
2,923

 
$
292

 
$
43,709

 
$
(1,520
)
 
$
34,474

 
672

 
$
(25,357
)
 
$
100

Net loss
—

 
—

 
—

 
—

 
(775
)
 
—

 
—

 
9

Other Comprehensive Loss
—

 
—

 
—

 
(29
)
 
—

 
—

 
—

 
—

Cash dividends declared(a)
—

 
—

 
—

 
—

 
(1,028
)
 
—

 
—

 
—

Share repurchase program
—

 
—

 
—

 
—

 
—

 
1

 
(81
)
 
—

Stock compensation
—

 
—

 
(455
)
 
—

 
—

 
(13
)
 
681

 
—

Distributions
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(43
)
Balance at March 31, 2020
2,923

 
$
292

 
$
43,254

 
$
(1,549
)
 
$
32,671

 
660

 
$
(24,757
)
 
$
66

(a)
Cash dividends declared per common share were $0.45 for the three months ended March 31, 2020.

The following table summarizes changes in equity for the three months ended March 31, 2019:
 
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, 2018
2,208

 
$
221

 
$
2,081

 
$
(2,762
)
 
$
34,065

 
576

 
$
(19,574
)
 
$
96

Accounting change - cumulative effect(a)
—

 
—

 
—

 
—

 
5

 
—

 
—

 
—

Adjusted balance at January 1, 2019
2,208

 
221

 
2,081

 
(2,762
)
 
34,070

 
576

 
(19,574
)
 
96

Net earnings
—

 
—

 
—

 
—

 
1,710

 
—

 
—

 
5

Other Comprehensive Income
—

 
—

 
—

 
118

 
—

 
—

 
—

 
—

Cash dividends declared(b)
—

 
—

 
—

 
—

 
(671
)
 
—

 
—

 
—

Stock compensation
—

 
—

 
22

 
—

 
—

 
(4
)
 
3

 
—

Distributions
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(2
)
Balance at March 31, 2019
2,208

 
$
221

 
$
2,103

 
$
(2,644
)
 
$
35,109

 
572

 
$
(19,571
)
 
$
99


(a)
Refer to “—Note 1. Accounting Policies and Recently Issued Accounting Standards” in the Company's 2019 Form 10-K for additional information.
(b)
Cash dividends declared per common share were $0.41 for the three months ended March 31, 2019.

BMS has a share repurchase program, authorized by its Board of Directors, allowing for repurchases of its shares. Treasury stock is recognized at the cost to reacquire the shares. Shares issued from treasury are recognized utilizing the first-in first-out method.

The outstanding share repurchase authority authorization under the program was $1.0 billion as of December 31, 2019. In February 2020, the Board of Directors approved an increase of $5.0 billion to the share repurchase authorization for BMS's common stock. BMS repurchased 1.4 million shares of its common stock for $81 million in the first quarter of 2020. The remaining share repurchase capacity under the share repurchase program was approximately $5.9 billion as of March 31, 2020.

The components of Other Comprehensive (Loss)/Income were as follows:
 
2020
 
2019
Dollars in Millions
Pretax
 
Tax
 
After Tax
 
Pretax
 
Tax
 
After Tax
Three Months Ended March 31,
 
 
 
 
 
 
 
 
 
 
 
Derivatives qualifying as cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains/(losses)
$
97

 
$
(10
)
 
$
87

 
$
45

 
$
(5
)
 
$
40

Reclassified to net earnings(a)
(20
)
 
3

 
(17
)
 
(30
)
 
4

 
(26
)
Derivatives qualifying as cash flow hedges
77

 
(7
)
 
70

 
15

 
(1
)
 
14

 
 
 
 
 
 
 
 
 
 
 
 
Pension and postretirement benefits:
 
 
 
 
 
 
 
 
 
 
 
Actuarial gains/(losses)
8

 
(2
)
 
6

 
(2
)
 
—

 
(2
)
Amortization(b)
9

 
(1
)
 
8

 
17

 
(4
)
 
13

Settlements(b)
2

 
—

 
2

 
49

 
(11
)
 
38

Pension and postretirement benefits
19

 
(3
)
 
16

 
64

 
(15
)
 
49

 
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains
2

 
(1
)
 
1

 
23

 
—

 
23

Realized losses
—

 
—

 
—

 
3

 
—

 
3

Available-for-sale debt securities
2

 
(1
)
 
1

 
26

 
—

 
26

 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation
(110
)
 
(6
)
 
(116
)
 
32

 
(3
)
 
29

 
 
 
 
 
 
 
 
 
 
 
 
Other Comprehensive (Loss)/Income
$
(12
)
 
$
(17
)
 
$
(29
)
 
$
137

 
$
(19
)
 
$
118

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

The accumulated balances related to each component of Other Comprehensive (Loss)/Income, net of taxes, were as follows:
Dollars in Millions
March 31,
2020
 
December 31,
2019
Derivatives qualifying as cash flow hedges
$
89

 
$
19

Pension and postretirement benefits
(883
)
 
(899
)
Available-for-sale debt securities
7

 
6

Foreign currency translation
(762
)
 
(646
)
Accumulated other comprehensive loss
$
(1,549
)
 
$
(1,520
)