EQUITY

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

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.