EQUITY (Tables)

12 Months Ended

Dec. 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, 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.

Schedule of Comprehensive Income (Loss)

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.

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:


	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.