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EQUITY | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
Equity | EQUITY The following table summarizes changes in equity for 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 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 loss | — |  |  | — |  |  | — |  |  | (19) |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends declared $0.57 per share | — |  |  | — |  |  | — |  |  | — |  |  | (1,192) |  |  | — |  |  | — |  |  | — |
Share 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 changes in equity for the six months ended June 30, 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 |
Net earnings | — |  |  | — |  |  | — |  |  | — |  |  | 1,421 |  |  | — |  |  | — |  |  | 8 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | 237 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends declared $0.54 per share | — |  |  | — |  |  | — |  |  | — |  |  | (1,152) |  |  | — |  |  | — |  |  | — |
Stock repurchase program | — |  |  | — |  |  | 300 |  |  | — |  |  | — |  |  | 2 |  |  | (300) |  |  | — |
Stock compensation | — |  |  | — |  |  | 319 |  |  | — |  |  | — |  |  | (8) |  |  | 195 |  |  | — |
Distributions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12) |
Balance at June 30, 2022 | 2,923 |  |  | 292 |  |  | 44,375 |  |  | (992) |  |  | 24,217 |  |  | 788 |  |  | (35,292) |  |  | 61 |
BMS repurchased 17 million shares of its common stock for $1.2 billion during the six months ended June 30, 2023. The remaining share repurchase capacity under the BMS share repurchase program was approximately $6.0 billion as of June 30, 2023. During the first quarter of 2022, BMS entered into accelerated share repurchase ("ASR") agreements to repurchase an aggregate amount of $5.0 billion of the Company's common stock. The ASR agreements were funded with cash on-hand and 65 million shares of common stock (85% of the $5.0 billion aggregate repurchase price) were received by BMS and included in treasury stock. During the second quarter of 2022, the first tranche of the ASR was settled and approximately 2 million shares of common stock were received by BMS and transferred to treasury stock. The following table summarizes the changes in Other comprehensive income by component:
| 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 | $ | 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 (losses)/gains | (13) |  |  | 2 |  |  | (11) |  |  | (13) |  |  | 2 |  |  | (11) |
Foreign currency translation | (4) |  |  | (7) |  |  | (11) |  |  | 31 |  |  | (5) |  |  | 26 |
Other comprehensive income | $ | (9) |  |  | $ | (10) |  |  | $ | (19) |  |  | $ | (120) |  |  | $ | 14 |  |  | $ | (106) |
| Three Months Ended June 30, 2022 |  | Six Months Ended June 30, 2022
Dollars in millions | Pretax |  | Tax |  | After Tax |  | Pretax |  | Tax |  | After Tax
Derivatives qualifying as cash flow hedges |  |  |  |  |  |  |  |  |  |  |
Recognized in Other comprehensive income | $ | 481 |  |  | $ | (65) |  |  | $ | 416 |  |  | $ | 601 |  |  | $ | (81) |  |  | $ | 520 |
Reclassified to net earnings(a) | (131) |  |  | 16 |  |  | (115) |  |  | (216) |  |  | 28 |  |  | (188) |
Derivatives qualifying as cash flow hedges | 350 |  |  | (49) |  |  | 301 |  |  | 385 |  |  | (53) |  |  | 332 |
Pension and postretirement benefits |  |  |  |  |  |  |  |  |  |  |
Actuarial gains/(losses) | 20 |  |  | (3) |  |  | 17 |  |  | 40 |  |  | (7) |  |  | 33 |
Amortization(b) | 6 |  |  | (1) |  |  | 5 |  |  | 12 |  |  | (3) |  |  | 9 |
Settlements(b) | 4 |  |  | (1) |  |  | 3 |  |  | 5 |  |  | (1) |  |  | 4 |
Pension and postretirement benefits | 30 |  |  | (5) |  |  | 25 |  |  | 57 |  |  | (11) |  |  | 46 |
Marketable debt securities |  |  |  |  |  |  |  |  |  |  |
Unrealized (losses)/gains | — |  |  | (1) |  |  | (1) |  |  | (2) |  |  | — |  |  | (2) |
Foreign currency translation | (64) |  |  | (24) |  |  | (88) |  |  | (70) |  |  | (30) |  |  | (100) |
Other comprehensive income | $ | 316 |  |  | $ | (79) |  |  | $ | 237 |  |  | $ | 370 |  |  | $ | (94) |  |  | $ | 276 |
(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, net of taxes, were as follows:
Dollars in millions | June 30, 2023 |  | December 31, 2022
Derivatives qualifying as cash flow hedges | $ | 111 |  |  | $ | 232 |
Pension and postretirement benefits | (634) |  |  | (623) |
Foreign currency translation(a) | (864) |  |  | (890) |
Accumulated other comprehensive loss | $ | (1,387) |  |  | $ | (1,281) |
(a)Includes net investment hedge gains of $144 million and $125 million as of June 30, 2023 and December 31, 2022, respectively.

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