| EQUITY |
EQUITY The following table summarizes changes in equity during the six months ended June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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, 2023 | 2,923 | | | $ | 292 | | | $ | 45,684 | | | $ | (1,546) | | | $ | 28,766 | | | 902 | | | $ | (43,766) | | | $ | 55 | | Net (loss)/earnings | — | | | — | | | — | | | — | | | (11,911) | | | — | | | — | | | 3 | | Other comprehensive income/(loss) | — | | | — | | | — | | | 146 | | | — | | | — | | | — | | | — | | Cash dividends declared $0.60 per share | — | | | — | | | — | | | — | | | (1,215) | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | Stock compensation | — | | | — | | | (29) | | | — | | | — | | | (6) | | | 69 | | | — | | | Balance at March 31, 2024 | 2,923 | | | $ | 292 | | | $ | 45,655 | | | $ | (1,400) | | | $ | 15,640 | | | 896 | | | $ | (43,697) | | | $ | 58 | | | Net earnings | — | | | — | | | — | | | — | | | 1,680 | | | — | | | — | | | 4 | | | Other comprehensive loss | — | | | — | | | — | | | (56) | | | — | | | — | | | — | | | — | | Cash dividends declared $0.60 per share | — | | | — | | | — | | | — | | | (1,217) | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | Stock compensation | — | | | — | | | 111 | | | — | | | — | | | — | | | 7 | | | — | | | Distributions | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (8) | | | Balance at June 30, 2024 | 2,923 | | | $ | 292 | | | $ | 45,766 | | | $ | (1,456) | | | $ | 16,103 | | | 896 | | | $ | (43,690) | | | $ | 54 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table summarizes changes in equity during the six months ended June 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 income/(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 income | — | | | — | | | — | | | (19) | | | — | | | — | | | — | | | — | | Cash dividends declared $0.57 per share | — | | | — | | | — | | | — | | | (1,192) | | | — | | | — | | | — | | | Stock 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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table summarizes the changes in Other comprehensive income by component: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | Six Months Ended June 30, 2024 | | Dollars in millions | Pretax | | Tax | | After Tax | | Pretax | | Tax | | After Tax | | Derivatives qualifying as cash flow hedges | | | | | | | | | | | | | Recognized in Other comprehensive income/(loss) | $ | 84 | | | $ | (12) | | | $ | 72 | | | $ | 338 | | | $ | (59) | | | $ | 279 | | Reclassified to net earnings(a) | (20) | | | 2 | | | (18) | | | (35) | | | 1 | | | (34) | | | Derivatives qualifying as cash flow hedges | 64 | | | (10) | | | 54 | | | 303 | | | (58) | | | 245 | | | | | | | | | | | | | | | Pension and postretirement benefits | | | | | | | | | | | | | Actuarial gains/(losses) | (87) | | | 21 | | | (66) | | | (93) | | | 22 | | | (71) | | Amortization(b) | 1 | | | — | | | 1 | | | 3 | | | — | | | 3 | | Settlements(b) | — | | | 1 | | | 1 | | | 19 | | | (2) | | | 17 | | | Pension and postretirement benefits | (86) | | | 22 | | | (64) | | | (71) | | | 20 | | | (51) | | | | | | | | | | | | | | Unrealized losses on marketable debt securities | (1) | | | 1 | | | — | | | (3) | | | 1 | | | (2) | | | | | | | | | | | | | | | Foreign currency translation | (37) | | | (9) | | | (46) | | | (81) | | | (21) | | | (102) | | | | | | | | | | | | | | | Other comprehensive income/(loss) | $ | (60) | | | $ | 4 | | | $ | (56) | | | $ | 148 | | | $ | (58) | | | $ | 90 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2023 | | Six Months Ended June 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) | $ | 94 | | | $ | (16) | | | $ | 78 | | | $ | 81 | | | $ | (13) | | | $ | 68 | | Reclassified to net earnings(a) | (86) | | | 11 | | | (75) | | | (219) | | | 30 | | | (189) | | | Derivatives qualifying as cash flow hedges | 8 | | | (5) | | | 3 | | | (138) | | | 17 | | | (121) | | | | | | | | | | | | | | | Pension and postretirement benefits | | | | | | | | | | | | | Actuarial gains/(losses) | (13) | | | 2 | | | (11) | | | (13) | | | 2 | | | (11) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign currency translation | (4) | | | (7) | | | (11) | | | 31 | | | (5) | | | 26 | | | | | | | | | | | | | | | Other comprehensive income/(loss) | $ | (9) | | | $ | (10) | | | $ | (19) | | | $ | (120) | | | $ | 14 | | | $ | (106) | |
(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 (loss)/income, net of taxes, were as follows: | | | | | | | | | | | | | Dollars in millions | June 30,
2024 | | December 31,
2023 | | Derivatives qualifying as cash flow hedges | $ | 247 | | | $ | 2 | | | Pension and postretirement benefits | (789) | | | (738) | | | Marketable debt securities | — | | | 2 | | Foreign currency translation(a) | (914) | | | (812) | | | Accumulated other comprehensive loss | $ | (1,456) | | | $ | (1,546) | |
(a)Includes net investment hedge gains of $215 million and $144 million as of June 30, 2024 and December 31, 2023, respectively.
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