Stockholders’ Equity

At December 31, 2017 and 2016, our authorized capital was composed of 1.5 billion shares of common stock and 50 million shares of series preferred stock. Of the 285 million shares of common stock issued and outstanding as of December 31, 2017, 284 million shares were considered outstanding for consolidated balance sheet presentation purposes; the remaining shares were held in a separate trust. Of the 290 million shares of common stock issued and outstanding as of December 31, 2016, 289 million shares were considered outstanding for consolidated balance sheet presentation purposes; the remaining shares were held in a separate trust. No shares of preferred stock were issued and outstanding at December 31, 2017 or 2016.

Repurchases of Common Stock

During 2017, we repurchased 7.1 million shares of our common stock for $2.0 billion. During 2016 and 2015, we paid $2.1 billion and $3.1 billion to repurchase 8.9 million and 15.2 million shares of our common stock.

On September 28, 2017, our Board of Directors approved a $2.0 billion increase to our share repurchase program. Inclusive of this increase, the total remaining authorization for future common share repurchases under our program was $3.5 billion as of December 31, 2017. As we repurchase our common shares, we reduce common stock for the $1 of par value of the shares repurchased, with the excess purchase price over par value recorded as a reduction of additional paid-in capital. If additional paid-in capital is reduced to zero, we record the remainder of the excess purchase price over par value as a reduction of retained earnings. Due to the volume of repurchases made under our share repurchase program, additional paid-in capital was reduced to zero, with the remainder of the excess purchase price over par value of $1.6 billion and $1.7 billion recorded as a reduction of retained earnings in 2017 and 2016.

Dividends

We paid dividends totaling $2.2 billion ($7.46 per share) in 2017, $2.0 billion ($6.77 per share) in 2016 and $1.9 billion ($6.15 per share) in 2015. We paid quarterly dividends of $1.82 per share during each of the first three quarters of 2017 and $2.00 per share during the fourth quarter of 2017; $1.65 per share during each of the first three quarters of 2016 and $1.82 per share during the fourth quarter of 2016; and $1.50 per share during each of the first three quarters of 2015 and $1.65 per share during the fourth quarter of 2015.

Accumulated Other Comprehensive Loss

Changes in the balance of AOCL, net of income taxes, consisted of the following (in millions):



	Postretirement Benefit Plans ^(a)			Other, net			AOCL
Balance at December 31, 2014	$	(11,813	)	$	(57	)	$	(11,870	)
Other comprehensive loss before reclassifications	(351		)	(73		)	(424		)
Amounts reclassified from AOCL
Recognition of net actuarial losses	1,109			—			1,109
Amortization of net prior service credits	(259		)	—			(259		)
Total reclassified from AOCL	850			—			850
Total other comprehensive income (loss)	499			(73		)	426
Balance at December 31, 2015	(11,314		)	(130		)	(11,444		)
Other comprehensive loss before reclassifications	(1,232		)	—			(1,232		)
Amounts reclassified from AOCL
Recognition of net actuarial losses	938			—			938
Amortization of net prior service credits	(239		)	—			(239		)
Recognition of net prior service credits from divestiture of IS&GS segment ^(b)	(134		)	—			(134		)
Other	—			9			9
Total reclassified from AOCL	565			9			574
Total other comprehensive (loss) income	(667		)	9			(658		)
Balance at December 31, 2016	(11,981		)	(121		)	(12,102		)
Other comprehensive (loss) income before reclassifications	(1,380		)	120			(1,260		)
Amounts reclassified from AOCL
Recognition of net actuarial losses	1,030			—			1,030
Amortization of net prior service credits	(228		)	—			(228		)
Other	—			20			20
Total reclassified from AOCL	802			20			822
Total other comprehensive (loss) income	(578		)	140			(438		)
Balance at December 31, 2017	$	(12,559	)	$	19		$	(12,540	)

^(a)

AOCL related to postretirement benefit plans is shown net of tax benefits of $6.5 billion at both December 31, 2017 and 2016 and $6.2 billion at December 31, 2015. These tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes, which will be recognized on our tax returns in future years. See “Note 9 – Income Taxes” and “Note 11 – Postretirement Benefit Plans” for more information on our income taxes and postretirement benefit plans.


^(b)	Associated with the 2016 divestiture of the IS&GS business and included in net gain on divestiture of discontinued operations.