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EQUITY (Tables) | 3 Months Ended
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Mar. 31, 2023
Equity [Abstract] |
Schedule of Stock by Class | The following table summarizes changes in equity for the three months ended March 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, 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 |
The following table summarizes changes in equity for the three months ended March 31, 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 |
Schedule of Comprehensive Income Loss | The following table summarizes the changes in Other comprehensive income by component:
| Three Months Ended March 31, 2023 |  | Three Months Ended March 31, 2022
Dollars in millions | Pretax |  | Tax |  | After Tax |  | Pretax |  | Tax |  | After Tax
Derivatives qualifying as cash flow hedges |  |  |  |  |  |  |  |  |  |  |
Recognized in Other comprehensive income | $ | (13) |  |  | $ | 3 |  |  | $ | (10) |  |  | $ | 120 |  |  | $ | (16) |  |  | $ | 104 |
Reclassified to net earnings(a) | (133) |  |  | 19 |  |  | (114) |  |  | (85) |  |  | 12 |  |  | (73) |
Derivatives qualifying as cash flow hedges | (146) |  |  | 22 |  |  | (124) |  |  | 35 |  |  | (4) |  |  | 31 |
Pension and postretirement benefits |  |  |  |  |  |  |  |  |  |  |
Actuarial gains/(losses) | — |  |  | — |  |  | — |  |  | 20 |  |  | (4) |  |  | 16 |
Amortization(b) | — |  |  | — |  |  | — |  |  | 6 |  |  | (2) |  |  | 4 |
Settlements(b) | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Pension and postretirement benefits | — |  |  | — |  |  | — |  |  | 27 |  |  | (6) |  |  | 21 |
Marketable debt securities |  |  |  |  |  |  |  |  |  |  |
Unrealized (losses)/gains | — |  |  | — |  |  | — |  |  | (2) |  |  | 1 |  |  | (1) |
Foreign currency translation | 35 |  |  | 2 |  |  | 37 |  |  | (6) |  |  | (6) |  |  | (12) |
Other comprehensive income | $ | (111) |  |  | $ | 24 |  |  | $ | (87) |  |  | $ | 54 |  |  | $ | (15) |  |  | $ | 39 |
(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, net of taxes, were as follows:
Dollars in millions | March 31, 2023 |  | December 31, 2022
Derivatives qualifying as cash flow hedges | $ | 108 |  |  | $ | 232 |
Pension and postretirement benefits | (623) |  |  | (623) |
Foreign currency translation(a) | (853) |  |  | (890) |
Accumulated other comprehensive loss | $ | (1,368) |  |  | $ | (1,281) |
(a)Included in Foreign currency translation are net investment hedge gains of $118 million and $125 million as of March 31, 2023 and December 31, 2022, respectively.

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