EQUITY

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

EQUITY

EQUITY

	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	—	—		—		—		6,994		—	—		20
Other Comprehensive Income/(Loss)	—	—		—		571		—		—	—		—
Cash dividends declared(a)	—			—		—		(4,455)		—	—		—
Share repurchases	—	—		—		—		—		102	(6,240)		—
Stock compensation	—	—		36		—		—		(34)	1,218		—
Distributions	—	—		—		—		—		—	—		(20)
Balance at December 31, 2021	2,923	292		44,361		(1,268)		23,820		747	(31,259)		60
Net earnings	—	—		—		—		6,327		—	—		18
Other Comprehensive Income/(Loss)	—	—		—		(13)		—		—	—		—
Cash dividends declared(a)	—	—		—		—		(4,644)		—	—		—
Share repurchases	—	—		—		—		—		109	(8,001)		—
Stock compensation	—	—		804		—		—		(31)	642		—
Distributions	—	—		—		—		—		—	—		(21)
Balance at December 31, 2022	2,923	292		45,165		(1,281)		25,503		825	(38,618)		57
Net earnings	—	—		—		—		8,025		—	—		14
Other Comprehensive Income/(Loss)	—	—		—		(265)		—		—	—		—
Cash dividends declared(a)	—	—		—		—		(4,762)		—	—		—
Share repurchases	—	—		105		—		—		87	(5,306)		—
Stock compensation	—	—		410		—		—		(10)	147		—
Convertible debt	—	—		4		—		—		—	11		—
Distributions	—	—		—		—		—		—	—		(16)
Balance at December 31, 2023	2,923	$	292	$	45,684	$	(1,546)	$	28,766	902	$	(43,766)	$	55

    

(a)    Cash dividends declared per common share were $2.31 in 2023, $2.19 in 2022 and $2.01 in 2021.

BMS has a share repurchase program, authorized by its Board of Directors, allowing for repurchases of its shares, effected in the open market or through privately negotiated transactions in compliance with Rule 10b-18 under the Exchange Act, including through Rule 10b5-1 trading plans. 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 and are generally funded by cash on hand. In December 2023, the Board of Directors approved an increase of $3.0 billion to the share repurchase authorization for BMS's common stock. The remaining share repurchase capacity under the BMS share repurchase program was $5.0 billion as of December 31, 2023.

In 2021, BMS repurchased approximately 102 million shares of common stock for $6.2 billion.

In 2022, BMS entered into ASR agreements and repurchased 69 million shares of common stock for $5.0 billion. In addition, as part of its share repurchase program, BMS repurchased 40 million shares of its common stock for $3.0 billion.

In 2023, BMS entered into ASR agreements and repurchased 70 million shares of common stock for $4.0 billion. In addition, as part of its share repurchase program, BMS repurchased 17 million shares of its common stock for $1.2 billion.

The ASR agreements were funded with cash on-hand. 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.

The components of Other Comprehensive Income/(Loss) were as follows:

	Year Ended December 31,
	2023						2022						2021
Dollars in millions	Pretax		Tax		After Tax		Pretax		Tax		After Tax		Pretax		Tax		After Tax
Derivatives qualifying as cash flow hedges:
Recognized in Other comprehensive income/(loss)	$	70	$	(12)	$	58	$	585	$	(79)	$	506	$	364	$	(34)	$	330
Reclassified to net earnings(a)	(334)		46		(288)		(524)		72		(452)		95		(10)		85
Derivatives qualifying as cash flow hedges	(264)		34		(230)		61		(7)		54		459		(44)		415
Pension and postretirement benefits:
Actuarial gains/(losses)	(140)		25		(115)		146		(25)		121		220		(40)		180
Amortization(b)	—		—		—		21		(6)		15		41		(10)		31
Settlements(b)	—		—		—		11		(2)		9		(6)		1		(5)
Pension and postretirement benefits	(140)		25		(115)		178		(33)		145		255		(49)		206
Marketable debt securities:
Unrealized (losses)/gains	3		(1)		2		(2)		—		(2)		(11)		2		(9)
Foreign currency translation	84		(6)		78		(183)		(27)		(210)		(14)		(27)		(41)
Other comprehensive income/(loss)	$	(317)	$	52	$	(265)	$	54	$	(67)	$	(13)	$	689	$	(118)	$	571

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

	December 31,
Dollars in millions	2023		2022
Derivatives qualifying as cash flow hedges	$	2	$	232
Pension and postretirement benefits	(738)		(623)
Marketable debt securities	2		—
Foreign currency translation(a)	(812)		(890)
Accumulated other comprehensive loss	$	(1,546)	$	(1,281)

(a)    Included in foreign currency are net investment hedges gains of $144 million and $125 million as of December 31, 2023 and December 31, 2022, respectively.