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EQUITY | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
EQUITY | EQUITY The following table summarizes changes in equity during the nine months ended September 30, 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 |
Net earnings | — |  |  | — |  |  | — |  |  | — |  |  | 1,680 |  |  | — |  |  | — |  |  | 4 |
Other comprehensive income/(loss) | — |  |  | — |  |  | — |  |  | (56) |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends declared $0.60 per share | — |  |  | — |  |  | — |  |  | — |  |  | (1,217) |  |  | — |  |  | — |  |  | — |
Stock compensation | — |  |  | — |  |  | 111 |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |
Distributions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8) |
Balance at June 30, 2024 | 2,923 |  |  | $ | 292 |  |  | $ | 45,766 |  |  | $ | (1,456) |  |  | $ | 16,103 |  |  | 896 |  |  | $ | (43,690) |  |  | $ | 54 |
Net earnings | — |  |  | — |  |  | — |  |  | — |  |  | 1,211 |  |  | — |  |  | — |  |  | 4 |
Other comprehensive income/(loss) | — |  |  | — |  |  | — |  |  | (12) |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends declared $0.60 per share | — |  |  | — |  |  | — |  |  | — |  |  | (1,217) |  |  | — |  |  | — |  |  | — |
Stock repurchase program | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Stock compensation | — |  |  | — |  |  | 130 |  |  | — |  |  | — |  |  | (1) |  |  | 15 |  |  | — |
Balance at September 30, 2024 | 2,923 |  |  | $ | 292 |  |  | $ | 45,896 |  |  | $ | (1,468) |  |  | $ | 16,097 |  |  | 895 |  |  | $ | (43,675) |  |  | $ | 58 |
The following table summarizes changes in equity during 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 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 |
Net earnings | — |  |  | — |  |  | — |  |  | — |  |  | 2,073 |  |  | — |  |  | — |  |  | 4 |
Other comprehensive income/(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/(loss) | — |  |  | — |  |  | — |  |  | 101 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends declared $0.57 per share | — |  |  | — |  |  | — |  |  | — |  |  | (1,159) |  |  | — |  |  | — |  |  | — |
Share 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 |
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. 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. 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 following table summarizes the changes in Other comprehensive income by component:
| Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
Dollars in millions | Pretax |  | Tax |  | After Tax |  | Pretax |  | Tax |  | After Tax
Derivatives qualifying as cash flow hedges |  |  |  |  |  |  |  |  |  |  |
Recognized in other comprehensive income/(loss) | $ | (159) |  |  | $ | 26 |  |  | $ | (133) |  |  | $ | 179 |  |  | $ | (33) |  |  | $ | 146 |
Reclassified to net earnings(a) | (58) |  |  | 13 |  |  | (45) |  |  | (93) |  |  | 14 |  |  | (79) |
Derivatives qualifying as cash flow hedges | (217) |  |  | 39 |  |  | (178) |  |  | 86 |  |  | (19) |  |  | 67 |
Pension and postretirement benefits |  |  |  |  |  |  |  |  |  |  |
Actuarial gains/(losses) | 4 |  |  | — |  |  | 4 |  |  | (89) |  |  | 22 |  |  | (67) |
Amortization(b) | 4 |  |  | (1) |  |  | 3 |  |  | 7 |  |  | (1) |  |  | 6 |
Settlements(b) | 100 |  |  | (7) |  |  | 93 |  |  | 119 |  |  | (9) |  |  | 110 |
Pension and postretirement benefits | 108 |  |  | (8) |  |  | 100 |  |  | 37 |  |  | 12 |  |  | 49 |
Marketable debt securities |  |  |  |  |  |  |  |  |  |  |
Unrealized gains/(losses) | 7 |  |  | (2) |  |  | 5 |  |  | 4 |  |  | (1) |  |  | 3 |
Foreign currency translation | 34 |  |  | 27 |  |  | 61 |  |  | (47) |  |  | 6 |  |  | (41) |
Other comprehensive income/(loss) | $ | (68) |  |  | $ | 56 |  |  | $ | (12) |  |  | $ | 80 |  |  | $ | (2) |  |  | $ | 78 |
| 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 gains/(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) |
(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 | September 30, 2024 |  | December 31, 2023
Derivatives qualifying as cash flow hedges | $ | 69 |  |  | $ | 2 |
Pension and postretirement benefits | (689) |  |  | (738) |
Marketable debt securities | 5 |  |  | 2 |
Foreign currency translation(a) | (853) |  |  | (812) |
Accumulated other comprehensive loss | $ | (1,468) |  |  | $ | (1,546) |
(a)Includes net investment hedge gains of $126 million and $144 million as of September 30, 2024 and December 31, 2023, respectively.

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