Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity [Text Block]

STOCKHOLDERS' EQUITY

Treasury Stock - In November 2019, the Company's board of directors authorized an increase in the Company's stock repurchase program from $2.2 billion to $3.2 billion and an extension of the term of the program to October 31, 2024. Repurchases are made from time to time at management's discretion in accordance with applicable federal securities laws. For the six months ended June 30, 2022, the Company repurchased 131,006 shares at an aggregate cost of $27 million. For the six months ended June 30, 2021, the Company repurchased 386,463 shares at an aggregate cost of $70 million. The cost of purchased shares is recorded as treasury stock in the unaudited condensed consolidated statements of financial position.

Dividends - The Company paid cash dividends totaling $94 million and $92 million for the six months ended June 30, 2022 and 2021, respectively.

Accumulated Other Comprehensive Loss - Other comprehensive income (loss) refers to gains and losses recorded as an element of stockholders' equity but excluded from net earnings. The accumulated other comprehensive loss as of June 30, 2022, was comprised of unamortized benefit plan costs of $977 million and other comprehensive loss of $1 million. The accumulated other comprehensive loss as of December 31, 2021, was comprised of unamortized benefit plan costs of $923 million.

The changes in accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2022 and 2021, were as follows:

($ in millions)	Benefit Plans		Other		Total
Balance as of March 31, 2021	$	(1,524)	$	1	$	(1,523)
Other comprehensive income before reclassifications	—		—		—
Amounts reclassified from accumulated other comprehensive loss
Amortization of prior service cost1	3		—		3
Amortization of net actuarial loss1	27		—		27
Tax expense for items of other comprehensive income	(8)		—		(8)
Net current period other comprehensive income	22		—		22
Balance as of June 30, 2021	$	(1,502)	$	1	$	(1,501)
Balance as of March 31, 2022	$	(987)	$	—	$	(987)
Other comprehensive loss before reclassifications	—		(1)		(1)
Amounts reclassified from accumulated other comprehensive loss
Amortization of prior service cost1	5		—		5
Amortization of net actuarial loss1	8		—		8
Tax benefit for items of other comprehensive (loss) income	(3)		—		(3)
Net current period other comprehensive loss	10		(1)		9
Balance as of June 30, 2022	$	(977)	$	(1)	$	(978)

($ in millions)	Benefit Plans		Other		Total
Balance as of December 31, 2020	$	(1,546)	$	(1)	$	(1,547)
Other comprehensive income before reclassifications	—		2		2
Amounts reclassified from accumulated other comprehensive loss
Amortization of prior service cost1	6		—		6
Amortization of net actuarial loss1	53		—		53
Tax expense for items of other comprehensive income	(15)		—		(15)
Net current period other comprehensive income	44		2		46
Balance as of June 30, 2021	$	(1,502)	$	1	$	(1,501)
Balance as of December 31, 2021	$	(923)	$	—	$	(923)
Other comprehensive income before reclassifications	(97)		(1)		(98)
Amounts reclassified from accumulated other comprehensive loss
Amortization of prior service cost1	8		—		8
Amortization of net actuarial loss1	16		—		16
Tax expense for items of other comprehensive income	19		—		19
Net current period other comprehensive income	(54)		(1)		(55)
Balance as of June 30, 2022	$	(977)	$	(1)	$	(978)

1 These accumulated comprehensive loss components are included in the computation of net periodic benefit cost. See Note 12: Employee Pension and Other Postretirement Benefits. The tax benefit associated with amounts reclassified from accumulated other comprehensive loss for the three months ended June 30, 2022 and 2021, was $3 million and $8 million, respectively. The tax benefit associated with amounts reclassified from accumulated other comprehensive loss for the six months ended June 30, 2022 and 2021, was $6 million and $15 million, respectively.