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EQUITY | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Equity | EQUITY 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 |
During the third quarter of 2023, BMS entered into accelerated share repurchase ("ASR") agreements to repurchase an aggregate amount of $4.0 billion of the Company's common stock. The ASR agreements were funded with cash on-hand and are expected to settle in the fourth quarter of 2023. Approximately 56 million shares of common stock (85% of the $4.0 billion aggregate repurchase price) were received by BMS and included in treasury stock as of September 30, 2023. The total number of shares to be repurchased under the ASR agreements will be based on volume-weighted average prices of BMS's common stock during the terms of the ASR transactions less a discount and subject to adjustments pursuant to the terms and conditions of the ASR agreements. In addition, as part of its share repurchase program, BMS repurchased 17 million shares of its common stock for $1.2 billion during the nine months ended September 30, 2023. The remaining share repurchase capacity under the BMS share repurchase program was approximately $2.0 billion as of September 30, 2023. During the first quarter of 2022, BMS entered into 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. The remaining amounts in the ASR agreements were settled in two tranches during the second and third quarters of 2022 and 4 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 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. 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.

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