EQUITY (Tables)

6 Months Ended

Jun. 30, 2021

The following table summarizes changes in equity for the six months ended June 30, 2021:


	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, 2020	2,923	$	292	$	44,325	$	(1,839)	$	21,281	679	$	(26,237)	$	60
Net earnings	—	—		—		—		2,021		—	—		8
Other Comprehensive Income	—	—		—		295		—		—	—		—
Cash dividends declared(a)	—	—		—		—		(1,098)		—	—		—
Share repurchase program	—	—		—		—		—		28	(1,768)		—
Stock compensation	—	—		(473)		—		—		(15)	806		—

Balance at March 31, 2021	2,923	$	292	$	43,852	$	(1,544)	$	22,204	692	$	(27,199)	$	68
Net earnings	—	—		—		—		1,055		—	—		6
Other Comprehensive Income	—	—		—		26		—		—	—		—
Cash dividends declared(a)	—	—		—		—		(1,091)		—	—		—
Stock repurchase program	—	—		—		—		—		19	(1,235)		—
Stock compensation	—	—		212		—		—		(10)	236		—
Distributions	—	—		—		—		—		—	—		(8)
Balance at June 30, 2021	2,923	292		44,064		(1,518)		22,168		701	(28,198)		66

(a) Cash dividends declared per common share were $0.49 for the three months ended March 31, 2021 and June 30, 2021.

The following table summarizes changes in equity for the six months ended June 30, 2020:


	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, 2019	2,923	$	292	$	43,709	$	(1,520)	$	34,474	672	$	(25,357)	$	100
Net loss	—	—		—		—		(775)		—	—		9
Other Comprehensive Loss	—	—		—		(29)		—		—	—		—
Cash dividends declared(a)	—	—		—		—		(1,028)		—	—		—
Share repurchase program	—	—		—		—		—		1	(81)		—
Stock compensation	—	—		(455)		—		—		(13)	681		—
Distributions	—	—		—		—		—		—	—		(43)
Balance at March 31, 2020	2,923	$	292	$	43,254	$	(1,549)	$	32,671	660	$	(24,757)	$	66
Net loss	—	—		—		—		(85)		—	—		5
Other Comprehensive Loss	—	—		—		(7)		—		—	—		—
Cash dividends declared(b)	—	—		—		—		(1,021)		—	—		—
Stock repurchase program	—	—		1,400		—		—		16	(1,400)		—
Stock compensation	—	—		(210)		—		—		(7)	506		—
Distributions	—	—		—		—		—		—	—		(5)
Balance at June 30, 2020	2,923	292		44,444		(1,556)		31,565		669	(25,651)		66

(a) Cash dividends declared per common share were $0.45 for the three months ended March 31, 2020 and June 30, 2020.

The components of Other Comprehensive Income/(Loss) were as follows:


	2021						2020
Dollars in Millions	Pretax		Tax		After Tax		Pretax		Tax		After Tax
Three Months Ended June 30,
Derivatives qualifying as cash flow hedges:
Unrealized gain/(losses)	$	(38)	$	(3)	$	(41)	$	(34)	$	4	$	(30)
Reclassified to net earnings(a)	53		(6)		47		(32)		3		(29)
Derivatives qualifying as cash flow hedges	15		(9)		6		(66)		7		(59)

Pension and postretirement benefits:
Actuarial losses	1		2		3		(20)		5		(15)
Amortization(b)	10		(2)		8		9		(2)		7
Settlements(b)	5		(1)		4		2		(1)		1
Pension and postretirement benefits	16		(1)		15		(9)		2		(7)

Available-for-sale debt securities:
Unrealized gains/(losses)	(3)		1		(2)		12		(3)		9
Realized Losses	—		—		—		(1)		—		(1)
Available-for-sale debt securities	(3)		1		(2)		11		(3)		8

Foreign currency translation	3		4		7		45		6		51

Other Comprehensive Income/(Loss)	$	31	$	(5)	$	26	$	(19)	$	12	$	(7)


	2021						2020
Dollars in Millions	Pretax		Tax		After Tax		Pretax		Tax		After Tax
Six Months Ended June 30,
Derivatives qualifying as cash flow hedges:
Unrealized gain/(losses)	$	221	$	(14)	$	207	$	63	$	(6)	$	57
Reclassified to net earnings(a)	89		(10)		79		(52)		6		(46)
Derivatives qualifying as cash flow hedges	310		(24)		286		11		—		11

Pension and postretirement benefits:
Actuarial losses	22		(3)		19		(12)		3		(9)
Amortization(b)	19		(5)		14		18		(3)		15
Settlements(b)	6		(1)		5		4		(1)		3
Pension and postretirement benefits	47		(9)		38		10		(1)		9

Available-for-sale debt securities:
Unrealized gains/(losses)	(6)		2		(4)		14		(4)		10
Realized losses	—		—		—		(1)		—		(1)
Available-for-sale debt securities:	(6)		2		(4)		13		(4)		9

Foreign currency translation	12		(11)		1		(65)		—		(65)

Other Comprehensive Income/(Loss)	$	363	$	(42)	$	321	$	(31)	$	(5)	$	(36)

(a)Included in Cost of products sold.

(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	June 30, 2021		December 31, 2020
Derivatives qualifying as cash flow hedges	$	49	$	(237)
Pension and postretirement benefits	(936)		(974)
Available-for-sale debt securities	7		11
Foreign currency translation	(638)		(639)
Accumulated other comprehensive loss	$	(1,518)	$	(1,839)