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EQUITY (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Stock by Class

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

Schedule of Comprehensive Income Loss

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.

Schedule of Accumulated Other Comprehensive Income Loss

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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