EQUITY (Tables)

9 Months Ended

Sep. 30, 2022

The following table summarizes changes in equity for the nine months ended September 30, 2022:


	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, 2021	2,923	$	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, 2022	2,923	$	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, 2022	2,923	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, 2022	2,923	$	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 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, 2020	2,923	$	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, 2021	2,923	$	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, 2021	2,923	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, 2021	2,923	$	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.

Schedule of Comprehensive Income Loss

The components of Other Comprehensive Income were as follows:


	2022						2021
Dollars in Millions	Pretax		Tax		After Tax		Pretax		Tax		After 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 hedges	330		(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 benefits	23		(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.


	2022						2021
Dollars in Millions	Pretax		Tax		After Tax		Pretax		Tax		After 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 hedges	715		(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 benefits	80		(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.

Schedule of Accumulated Other Comprehensive Income Loss

The accumulated balances related to each component of Other Comprehensive Income, net of taxes, were as follows:


Dollars in Millions	September 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)