EQUITY (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Stock by Class

The following table summarizes changes in equity for the six months ended June 30, 2022:

	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, 2021	2,923	$	292	$	44,361	$	(1,268)	$	23,820	747	$	(31,259)	$	60
Net Earnings	—	—		—		—		1,278		—	—		5
Other Comprehensive Income	—	—		—		39		—		—	—		—
Cash dividends declared(a)	—	—		—		—		(1,150)		—	—		—
Share repurchase program	—	—		(750)		—		—		65	(4,250)		—
Stock compensation	—	—		145		—		—		(18)	322		—
Balance at March 31, 2022	2,923	$	292	$	43,756	$	(1,229)	$	23,948	794	$	(35,187)	$	65
Net Earnings	—	—		—		—		1,421		—	—		8
Other Comprehensive Income	—	—		—		237		—		—	—		—
Cash dividends declared(a)	—	—		—		—		(1,152)		—	—		—
Share repurchase program	—	—		300		—		—		2	(300)		—
Stock compensation	—	—		319		—		—		(8)	195		—
Distributions	—	—		—		—		—		—	—		(12)
Balance at June 30, 2022	2,923	292		44,375		(992)		24,217		788	(35,292)		61

(a)    Cash dividends declared per common share were $0.54 for the three months ended March 31, 2022 and June 30, 2022, respectively.

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 Loss	—	—		—		—		1,055		—	—		6
Other Comprehensive Loss	—	—		—		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, respectively.

Schedule of Comprehensive Income Loss

The components of Other Comprehensive Income were as follows:

	2022						2021
Dollars in Millions	Pretax		Tax		After Tax		Pretax		Tax		After Tax
Three Months Ended June 30,
Derivatives qualifying as cash flow hedges:
Unrealized gains/(losses)	$	481	$	(65)	$	416	$	(38)	$	(3)	$	(41)
Reclassified to net earnings(a)	(131)		16		(115)		53		(6)		47
Derivatives qualifying as cash flow hedges	350		(49)		301		15		(9)		6
Pension and postretirement benefits:
Actuarial gains/(losses)	20		(3)		17		1		2		3
Amortization(b)	6		(1)		5		10		(2)		8
Settlements(b)	4		(1)		3		5		(1)		4
Pension and postretirement benefits	30		(5)		25		16		(1)		15
Marketable debt securities:
Unrealized (losses)/gains	—		(1)		(1)		(3)		1		(2)
Foreign currency translation	(64)		(24)		(88)		3		4		7
Other Comprehensive Income	$	316	$	(79)	$	237	$	31	$	(5)	$	26
Six Months Ended June 30,
Derivatives qualifying as cash flow hedges:
Unrealized gains/(losses)	$	601	$	(81)	$	520	$	221	$	(14)	$	207
Reclassified to net earnings(a)	(216)		28		(188)		89		(10)		79
Derivatives qualifying as cash flow hedges	385		(53)		332		310		(24)		286
Pension and postretirement benefits:
Actuarial gains/(losses)	40		(7)		33		22		(3)		19
Amortization(b)	12		(3)		9		19		(5)		14
Settlements(b)	5		(1)		4		6		(1)		5
Pension and postretirement benefits	57		(11)		46		47		(9)		38
Marketable debt securities:
Unrealized gains	(2)		—		(2)		(6)		2		(4)
Foreign currency translation	(70)		(30)		(100)		12		(11)		1
Total Other Comprehensive Income	$	370	$	(94)	$	276	$	363	$	(42)	$	321

(a)Included in Cost of products sold.

(b)Included in Other (income)/expense, net.

Schedule of Accumulated Other Comprehensive Income Loss

The accumulated balances related to each component of Other Comprehensive Income, net of taxes, were as follows:

Dollars in Millions	June 30, 2022		December 31, 2021
Derivatives qualifying as cash flow hedges	$	510	$	178
Pension and postretirement benefits	(722)		(768)
Marketable debt securities	—		2
Foreign currency translation	(780)		(680)
Accumulated other comprehensive loss	$	(992)	$	(1,268)