EQUITY (Tables)

9 Months Ended

Sep. 30, 2023

The following table summarizes changes in equity for the nine months ended September 30, 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
Net earnings	—	—		—		—		2,073		—	—		4
Other comprehensive loss	—	—		—		(19)		—		—	—		—
Cash dividends declared $0.57 per share	—	—		—		—		(1,192)		—	—		—
Share repurchase program	—	—		—		—		—		13	(911)		—
Stock compensation	—	—		159		—		—		(2)	39		—
Distributions	—	—		—		—		—		—	—		(9)
Balance at June 30, 2023	2,923	292		45,299		(1,387)		27,449		834	(39,680)		57
Net Earnings	—	—		—		—		1,928		—	—		7
Other comprehensive income	—	—		—		101		—		—	—		—
Cash dividends declared $0.57 per share	—	—		—		—		(1,159)		—	—		—
Stock repurchase program	—	—		(600)		—		—		56	(3,433)		—
Stock compensation	—	—		146		—		—		(1)	27		—
Convertible debt	—	—		4		—		—		—	11		—

Balance at September 30, 2023	2,923	$	292	$	44,849	$	(1,286)	$	28,218	889	$	(43,075)	$	64

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 $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
Net earnings	—	—		—		—		1,421		—	—		8
Other comprehensive income	—	—		—		237		—		—	—		—
Cash dividends declared $0.54 per share	—	—		—		—		(1,152)		—	—		—
Stock 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 $0.54 per share	—	—		—		—		(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

Schedule of Comprehensive Income Loss

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


	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
Dollars in millions	Pretax		Tax		After Tax		Pretax		Tax		After Tax
Derivatives qualifying as cash flow hedges
Recognized in Other comprehensive income/(loss)	$	150	$	(18)	$	132	$	231	$	(31)	$	200
Reclassified to net earnings(a)	(16)		(2)		(18)		(235)		28		(207)
Derivatives qualifying as cash flow hedges	134		(20)		114		(4)		(3)		(7)

Pension and postretirement benefits
Actuarial gains/(losses)	3		(1)		2		(10)		1		(9)




Marketable debt securities
Unrealized losses	(3)		1		(2)		(3)		1		(2)

Foreign currency translation	4		(17)		(13)		35		(22)		13

Other comprehensive income/(loss)	$	138	$	(37)	$	101	$	18	$	(23)	$	(5)


	Three Months Ended September 30, 2022						Nine Months Ended September 30, 2022
Dollars in millions	Pretax		Tax		After Tax		Pretax		Tax		After Tax
Derivatives qualifying as cash flow hedges
Recognized in Other comprehensive income	$	505	$	(66)	$	439	$	1,106	$	(147)	$	959
Reclassified to net earnings(a)	(175)		22		(153)		(391)		50		(341)
Derivatives qualifying as cash flow hedges	330		(44)		286		715		(97)		618

Pension and postretirement benefits
Actuarial gains	14		(4)		10		54		(11)		43
Amortization(b)	7		(1)		6		19		(4)		15
Settlements(b)	2		—		2		7		(1)		6
Pension and postretirement benefits	23		(5)		18		80		(16)		64

Marketable debt securities
Unrealized losses	—		—		—		(2)		—		(2)

Foreign currency translation	(131)		(22)		(153)		(201)		(52)		(253)

Other comprehensive income	$	222	$	(71)	$	151	$	592	$	(165)	$	427

(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/(loss), net of taxes, were as follows:


Dollars in millions	September 30, 2023		December 31, 2022
Derivatives qualifying as cash flow hedges	$	225	$	232
Pension and postretirement benefits	(632)		(623)
Marketable debt securities	(2)		—
Foreign currency translation(a)	(877)		(890)
Accumulated other comprehensive loss	$	(1,286)	$	(1,281)

(a)Includes net investment hedge gains of $205 million and $125 million as of September 30, 2023 and December 31, 2022, respectively.