STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 26, 2021

Schedule of Changes in the Balance of AOCL, Net of Tax

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



	Postretirement Benefit Plans		Other, net		AOCL
Balance at December 31, 2020	$	(16,155)	$	34	$	(16,121)
Other comprehensive income (loss) before reclassifications (a)	2,258		(55)		2,203

Amounts reclassified from AOCL
Pension settlement charge (b)	1,310		—		1,310
Recognition of net actuarial losses (c)	579		—		579
Amortization of net prior service credits (c)	(192)		—		(192)
Other	—		4		4
Total reclassified from AOCL	1,697		4		1,701
Total other comprehensive income (loss)	3,955		(51)		3,904
Balance at September 26, 2021	$	(12,200)	$	(17)	$	(12,217)

Balance at December 31, 2019	$	(15,528)	$	(26)	$	(15,554)
Other comprehensive loss before reclassifications	—		(40)		(40)
Amounts reclassified from AOCL
Recognition of net actuarial losses (c)	517		—		517
Amortization of net prior service credits (c)	(187)		—		(187)
Other			5		5
Total reclassified from AOCL	330		5		335
Total other comprehensive income (loss)	330		(35)		295
Balance at September 27, 2020	$	(15,198)	$	(61)	$	(15,259)

(a)Changes in AOCL before reclassifications related to our postretirement benefit plans represent the net actuarial gains from the interim remeasurement of certain defined benefit pension plans required as a result of the purchase of group annuity contracts to transfer $4.9 billion of our gross defined benefit pension obligations and related plan assets to an insurance company on August 3, 2021. See “Note 7 - Postretirement Benefit Plans”.

(b)During the quarter ended September 26, 2021, we recognized a noncash, non-operating pension settlement charge of $1.7 billion ($1.3 billion, or $4.72 per share, after-tax) in connection with the purchase of group annuity contracts to transfer $4.9 billion of our gross defined benefit pension obligations and related plan assets to an insurance company on August 3, 2021. See “Note 7 - Postretirement Benefit Plans”.

(c)Reclassifications from AOCL related to our postretirement benefit plans were recorded as a component of FAS expense (income) for each period presented. See “Note 7 - Postretirement Benefit Plans”. These amounts include $107 million and $110 million, net of tax, for the quarters ended September 26, 2021 and September 27, 2020, which are comprised of the recognition of net actuarial losses of $171 million and $173 million for the quarters ended September 26, 2021 and September 27, 2020, and the amortization of net prior service credits of $64 million and $63 million for the quarters ended September 26, 2021 and September 27, 2020.