XML 51 R41.htm IDEA: XBRL DOCUMENT
v3.23.3

EQUITY (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Equity [Abstract] |
Schedule of Stock by Class | The following table summarizes changes in equity for the nine months ended September 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 |
Net Earnings | — |  |  | — |  |  | — |  |  | — |  |  | 1,928 |  |  | — |  |  | — |  |  | 7 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | 101 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends declared $0.57 per share | — |  |  | — |  |  | — |  |  | — |  |  | (1,159) |  |  | — |  |  | — |  |  | — |
Stock repurchase program | — |  |  | — |  |  | (600) |  |  | — |  |  | — |  |  | 56 |  |  | (3,433) |  |  | — |
Stock compensation | — |  |  | — |  |  | 146 |  |  | — |  |  | — |  |  | (1) |  |  | 27 |  |  | — |
Convertible debt | — |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  | — |
Balance at September 30, 2023 | 2,923 |  |  | $ | 292 |  |  | $ | 44,849 |  |  | $ | (1,286) |  |  | $ | 28,218 |  |  | 889 |  |  | $ | (43,075) |  |  | $ | 64 |
The following table summarizes changes in equity for the nine months ended September 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 |
Net Earnings | — |  |  | — |  |  | — |  |  | — |  |  | 1,606 |  |  | — |  |  | — |  |  | 2 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | 151 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends declared $0.54 per share | — |  |  | — |  |  | — |  |  | — |  |  | (1,148) |  |  | — |  |  | — |  |  | — |
Stock repurchase program | — |  |  | — |  |  | 450 |  |  | — |  |  | — |  |  | 12 |  |  | (1,151) |  |  | — |
Stock compensation | — |  |  | — |  |  | 131 |  |  | — |  |  | — |  |  | (1) |  |  | 32 |  |  | — |
Balance at September 30, 2022 | 2,923 |  |  | $ | 292 |  |  | $ | 44,956 |  |  | $ | (841) |  |  | $ | 24,675 |  |  | 799 |  |  | $ | (36,411) |  |  | $ | 63 |
Schedule of Comprehensive Income Loss | The following table summarizes the changes in Other comprehensive income by component:
| Three Months Ended September 30, 2023 |  | Nine Months Ended September 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) | $ | 150 |  |  | $ | (18) |  |  | $ | 132 |  |  | $ | 231 |  |  | $ | (31) |  |  | $ | 200 |
Reclassified to net earnings(a) | (16) |  |  | (2) |  |  | (18) |  |  | (235) |  |  | 28 |  |  | (207) |
Derivatives qualifying as cash flow hedges | 134 |  |  | (20) |  |  | 114 |  |  | (4) |  |  | (3) |  |  | (7) |
Pension and postretirement benefits |  |  |  |  |  |  |  |  |  |  |
Actuarial gains/(losses) | 3 |  |  | (1) |  |  | 2 |  |  | (10) |  |  | 1 |  |  | (9) |
Marketable debt securities |  |  |  |  |  |  |  |  |  |  |
Unrealized losses | (3) |  |  | 1 |  |  | (2) |  |  | (3) |  |  | 1 |  |  | (2) |
Foreign currency translation | 4 |  |  | (17) |  |  | (13) |  |  | 35 |  |  | (22) |  |  | 13 |
Other comprehensive income/(loss) | $ | 138 |  |  | $ | (37) |  |  | $ | 101 |  |  | $ | 18 |  |  | $ | (23) |  |  | $ | (5) |
| Three Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2022
Dollars in millions | Pretax |  | Tax |  | After Tax |  | Pretax |  | Tax |  | After Tax
Derivatives qualifying as cash flow hedges |  |  |  |  |  |  |  |  |  |  |
Recognized in Other comprehensive income | $ | 505 |  |  | $ | (66) |  |  | $ | 439 |  |  | $ | 1,106 |  |  | $ | (147) |  |  | $ | 959 |
Reclassified to net earnings(a) | (175) |  |  | 22 |  |  | (153) |  |  | (391) |  |  | 50 |  |  | (341) |
Derivatives qualifying as cash flow hedges | 330 |  |  | (44) |  |  | 286 |  |  | 715 |  |  | (97) |  |  | 618 |
Pension and postretirement benefits |  |  |  |  |  |  |  |  |  |  |
Actuarial gains | 14 |  |  | (4) |  |  | 10 |  |  | 54 |  |  | (11) |  |  | 43 |
Amortization(b) | 7 |  |  | (1) |  |  | 6 |  |  | 19 |  |  | (4) |  |  | 15 |
Settlements(b) | 2 |  |  | — |  |  | 2 |  |  | 7 |  |  | (1) |  |  | 6 |
Pension and postretirement benefits | 23 |  |  | (5) |  |  | 18 |  |  | 80 |  |  | (16) |  |  | 64 |
Marketable debt securities |  |  |  |  |  |  |  |  |  |  |
Unrealized losses | — |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | (2) |
Foreign currency translation | (131) |  |  | (22) |  |  | (153) |  |  | (201) |  |  | (52) |  |  | (253) |
Other comprehensive income | $ | 222 |  |  | $ | (71) |  |  | $ | 151 |  |  | $ | 592 |  |  | $ | (165) |  |  | $ | 427 |
(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:
Dollars in millions | September 30, 2023 |  | December 31, 2022
Derivatives qualifying as cash flow hedges | $ | 225 |  |  | $ | 232 |
Pension and postretirement benefits | (632) |  |  | (623) |
Marketable debt securities | (2) |  |  | — |
Foreign currency translation(a) | (877) |  |  | (890) |
Accumulated other comprehensive loss | $ | (1,286) |  |  | $ | (1,281) |
(a)Includes net investment hedge gains of $205 million and $125 million as of September 30, 2023 and December 31, 2022, respectively.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 1 -Section 45 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1 + Details
Name: | us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in the separate accounts comprising stockholders' equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative if both financial position and results of operations are presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2 + Details
Name: | us-gaap_ScheduleOfStockholdersEquityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration