EQUITY

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Equity

EQUITY

The following table summarizes changes in equity for the three months ended March 31, 2023:

	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, 2022	2,923	$	292	$	45,165	$	(1,281)	$	25,503	825	$	(38,618)	$	57
Net earnings	—	—		—		—		2,262		—	—		5
Other comprehensive loss	—	—		—		(87)		—		—	—		—
Cash dividends declared $0.57 per share	—	—		—		—		(1,197)		—	—		—
Share repurchase program	—	—		—		—		—		4	(250)		—
Stock compensation	—	—		(25)		—		—		(6)	60		—
Balance at March 31, 2023	2,923	$	292	$	45,140	$	(1,368)	$	26,568	823	$	(38,808)	$	62

The following table summarizes changes in equity for the three months ended March 31, 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 $0.54 per share	—	—		—		—		(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

BMS repurchased 3.7 million shares of its common stock for $250 million in the first quarter of 2023. The remaining share repurchase capacity under the BMS share repurchase program was approximately $6.9 billion as of March 31, 2023.

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 and 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 following table summarizes the changes in Other comprehensive income by component:

	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
Dollars in millions	Pretax		Tax		After Tax		Pretax		Tax		After Tax
Derivatives qualifying as cash flow hedges
Recognized in Other comprehensive income	$	(13)	$	3	$	(10)	$	120	$	(16)	$	104
Reclassified to net earnings(a)	(133)		19		(114)		(85)		12		(73)
Derivatives qualifying as cash flow hedges	(146)		22		(124)		35		(4)		31
Pension and postretirement benefits
Actuarial gains/(losses)	—		—		—		20		(4)		16
Amortization(b)	—		—		—		6		(2)		4
Settlements(b)	—		—		—		1		—		1
Pension and postretirement benefits	—		—		—		27		(6)		21
Marketable debt securities
Unrealized (losses)/gains	—		—		—		(2)		1		(1)
Foreign currency translation	35		2		37		(6)		(6)		(12)
Other comprehensive income	$	(111)	$	24	$	(87)	$	54	$	(15)	$	39

(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 millions	March 31, 2023		December 31, 2022
Derivatives qualifying as cash flow hedges	$	108	$	232
Pension and postretirement benefits	(623)		(623)
Foreign currency translation(a)	(853)		(890)
Accumulated other comprehensive loss	$	(1,368)	$	(1,281)

(a)Included in Foreign currency translation are net investment hedge gains of $118 million and $125 million as of March 31, 2023 and December 31, 2022, respectively.