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EQUITY | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
EQUITY | EQUITY The following table summarizes changes in equity for the three months ended March 31, 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 |
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 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 |
The following table summarizes the changes in Other comprehensive income by component:
| Three Months Ended March 31, 2024 |  | Three Months Ended March 31, 2023
Dollars in millions | Pretax |  | Tax |  | After Tax |  | Pretax |  | Tax |  | After Tax
Derivatives qualifying as cash flow hedges |  |  |  |  |  |  |  |  |  |  |
Recognized in Other comprehensive income/(loss) | $ | 254 |  |  | $ | (47) |  |  | $ | 207 |  |  | $ | (13) |  |  | $ | 3 |  |  | $ | (10) |
Reclassified to net earnings(a) | (15) |  |  | (1) |  |  | (16) |  |  | (133) |  |  | 19 |  |  | (114) |
Derivatives qualifying as cash flow hedges | 239 |  |  | (48) |  |  | 191 |  |  | (146) |  |  | 22 |  |  | (124) |
Pension and postretirement benefits |  |  |  |  |  |  |  |  |  |  |
Actuarial gains/(losses) | (6) |  |  | 1 |  |  | (5) |  |  | — |  |  | — |  |  | — |
Amortization(b) | 2 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |
Settlements(b) | 19 |  |  | (3) |  |  | 16 |  |  | — |  |  | — |  |  | — |
Pension and postretirement benefits | 15 |  |  | (2) |  |  | 13 |  |  | — |  |  | — |  |  | — |
Unrealized losses on marketable debt securities | (2) |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | — |
Foreign currency translation | (44) |  |  | (12) |  |  | (56) |  |  | 35 |  |  | 2 |  |  | 37 |
Other comprehensive income/(loss) | $ | 208 |  |  | $ | (62) |  |  | $ | 146 |  |  | $ | (111) |  |  | $ | 24 |  |  | $ | (87) |
(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 | March 31, 2024 |  | December 31, 2023
Derivatives qualifying as cash flow hedges | $ | 193 |  |  | $ | 2 |
Pension and postretirement benefits | (725) |  |  | (738) |
Marketable debt securities | — |  |  | 2 |
Foreign currency translation(a) | (868) |  |  | (812) |
Accumulated other comprehensive loss | $ | (1,400) |  |  | $ | (1,546) |
(a)Includes net investment hedge gains of $183 million and $144 million as of March 31, 2024 and December 31, 2023, respectively.

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