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EQUITY
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Equity EQUITY
The following table summarizes changes in equity for the nine months ended September 30, 2022:
Common StockCapital in Excess of Par Value of StockAccumulated Other Comprehensive LossRetained EarningsTreasury StockNoncontrolling Interest
Dollars and Shares in MillionsSharesPar ValueSharesCost
Balance at December 31, 20212,923 $292 $44,361 $(1,268)$23,820 747 $(31,259)$60 
Net Earnings— — — — 1,278 — — 5 
Other Comprehensive Income— — — 39 — — — — 
Cash dividends declared(a)
— — — — (1,150)— — — 
Share repurchase program— — (750)— — 65 (4,250)— 
Stock compensation— — 145 — — (18)322 — 
Balance at March 31, 20222,923 $292 $43,756 $(1,229)$23,948 794 $(35,187)$65 
Net Earnings— — — — 1,421 — — 8 
Other Comprehensive Income— — — 237 — — — — 
Cash dividends declared(a)
— — — — (1,152)— — — 
Share repurchase program— — 300 — — 2 (300)— 
Stock compensation— — 319 — — (8)195 — 
Distributions— — — — — — — (12)
Balance at June 30, 20222,923 292 44,375 (992)24,217 788 (35,292)61 
Net Earnings— — — — 1,606 — — 2 
Other Comprehensive Income— — — 151 — — — — 
Cash dividends declared(a)
— — — — (1,148)— — — 
Stock repurchase program— — 450 — — 12 (1,151)— 
Stock compensation— — 131 — — (1)32 — 
Balance at September 30, 20222,923 $292 $44,956 $(841)$24,675 799 $(36,411)$63 
(a)    Cash dividends declared per common share were $0.54 for the three months ended March 31, 2022, June 30, 2022 and September 30, 2022, respectively.

The following table summarizes changes in equity for the nine months ended September 30, 2021:
Common StockCapital in Excess of Par Value of StockAccumulated Other Comprehensive LossRetained EarningsTreasury StockNoncontrolling Interest
Dollars and Shares in MillionsSharesPar ValueSharesCost
Balance at December 31, 20202,923 $292 $44,325 $(1,839)$21,281 679 $(26,237)$60 
Net Earnings— — — — 2,021 — — 8 
Other Comprehensive Income— — — 295 — — — — 
Cash dividends declared(a)
— — — — (1,098)— — — 
Share repurchase program— — — — — 28 (1,768)— 
Stock compensation— — (473)— — (15)806 — 
Balance at March 31, 20212,923 $292 $43,852 $(1,544)$22,204 692 $(27,199)$68 
Net Earnings— — — — 1,055 — — 6 
Other Comprehensive Loss— — — 26 — — — — 
Cash dividends declared(a)
— — — — (1,091)— — — 
Stock repurchase program— — — — — 19 (1,235)— 
Stock compensation— — 212 — — (10)236 — 
Distributions— — — — — — — (8)
Balance at June 30, 20212,923 292 44,064 (1,518)22,168 701 (28,198)66 
Net Earnings— — — — 1,546 — — 5 
Other Comprehensive Loss— — — 94 — — — — 
Cash dividends declared(a)
— — — — (1,089)— — — 
Stock repurchase program— — — — — 7 (487)— 
Stock compensation— — 228 — — (5)113 — 
Balance at September 30, 20212,923 $292 $44,292 $(1,424)$22,625 703 $(28,572)$71 
(a)    Cash dividends declared per common share were $0.49 for the three months ended March 31, 2021, June 30, 2021 and September 30, 2021, respectively.
BMS has a share repurchase program, authorized by its Board of Directors, allowing for repurchases of its shares. The share repurchase program does not obligate us to repurchase any specific number of shares, does not have a specific 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. The outstanding share repurchase authorization under the program was approximately $15.2 billion as of December 31, 2021.

During the first quarter of 2022, BMS entered into accelerated share repurchase ("ASR") agreements to repurchase an aggregate amount of $5.0 billion of the Company's common stock. The ASR agreements were funded with cash on-hand. In the first quarter of 2022 approximately 65 million shares of common stock (85% of the $5.0 billion aggregate repurchase price) were received by BMS and included in treasury stock. The remaining amounts in the ASR agreements were settled in two tranches during the second and third quarters and 4 million shares of common stock were received by BMS and transferred to treasury stock. The total number of shares repurchased under the ASR agreements was based on volume-weighted average prices of BMS's common stock during the terms of the ASR transactions less a discount and subject to adjustments pursuant to the terms and conditions of the ASR agreements. In addition, as part of its share repurchase program, BMS repurchased approximately 10 million shares of its common stock for $701 million during the three months ended September 30, 2022. The outstanding share repurchase authorization under the program was approximately $9.5 billion as of September 30, 2022.
The components of Other Comprehensive Income were as follows:
20222021
Dollars in MillionsPretaxTaxAfter TaxPretaxTaxAfter Tax
Three Months Ended September 30,
Derivatives qualifying as cash flow hedges:
Unrealized gains/(losses)$505 $(66)$439 $93 $(13)$80 
Reclassified to net earnings(a)
(175)22 (153)37 (4)33 
Derivatives qualifying as cash flow hedges330 (44)286 130 (17)113 
Pension and postretirement benefits:
Actuarial gains/(losses)14 (4)10 (4)1 (3)
Amortization(b)
7 (1)6 10 (2)8 
Settlements(b)
2 — 2 2 — 2 
Pension and postretirement benefits23 (5)18 8 (1)7 
Marketable debt securities:
Unrealized (losses)/gains— — — (3)— (3)
Foreign currency translation(131)(22)(153)(18)(5)(23)
Other Comprehensive Income$222 $(71)$151 $117 $(23)$94 
(a)Included in Cost of products sold and Other (income)/expense, net. Refer to “—Note 9.Financial Instruments and Fair Value Measurements“ for further information.
(b)Included in Other (income)/expense, net.

20222021
Dollars in MillionsPretaxTaxAfter TaxPretaxTaxAfter Tax
Nine Months Ended September 30,
Derivatives qualifying as cash flow hedges:
Unrealized (losses)/gains$1,106 $(147)$959 $314 $(27)$287 
Reclassified to net earnings(a)
(391)50 (341)126 (14)112 
Derivatives qualifying as cash flow hedges715 (97)618 440 (41)399 
Pension and postretirement benefits:
Actuarial gains/(losses)54 (11)43 18 (2)16 
Amortization(b)
19 (4)15 29 (7)22 
Settlements(b)
7 (1)6 8 (1)7 
Pension and postretirement benefits80 (16)64 55 (10)45 
Marketable debt securities:
Unrealized (losses)/gains(2)— (2)(9)2 (7)
Foreign currency translation(201)(52)(253)(6)(16)(22)
Other Comprehensive Income$592 $(165)$427 $480 $(65)$415 
(a)Included in Cost of products sold and Other (income)/expense, net. Refer to “—Note 9.Financial Instruments and Fair Value Measurements“ for further information.
(b)Included in Other (income)/expense, net.

The accumulated balances related to each component of Other Comprehensive Income, net of taxes, were as follows:
Dollars in MillionsSeptember 30,
2022		December 31,
2021
Derivatives qualifying as cash flow hedges$796 $178 
Pension and postretirement benefits(704)(768)
Marketable debt securities— 2 
Foreign currency translation(933)(680)
Accumulated other comprehensive loss$(841)$(1,268)