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EQUITY (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Stock by Class

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

Schedule of Comprehensive Income Loss

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.

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			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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