Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

At December 31, 2021 and 2020, our authorized capital was composed of 1.5 billion shares of common stock and 50 million shares of series preferred stock. Of the 272 million and 280 million shares of common stock issued and outstanding as of December 31, 2021 and December 31, 2020, 271 million and 279 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, 2021 or 2020.

Repurchases of Common Stock

During 2021, we repurchased 9.4 million shares of our common stock for $4.1 billion, which included 9.2 million shares of our common stock repurchased for $4.0 billion under accelerated share repurchase (ASR) agreements. The 9.2 million shares of our common stock repurchased under ASR agreements during 2021 included the ASR agreement we entered into in October 2021 to repurchase $2.0 billion of our common stock through January 21, 2022. Under the terms of the October 2021 ASR agreement, we paid $2.0 billion and received an initial delivery of 3.6 million shares of our common stock. Subsequent to our fourth quarter 2021, upon final settlement of the ASR agreement on January 21, 2022, we received an additional 2.2 million shares of our common stock for no additional consideration. During 2020, we paid $1.1 billion to repurchase 3.0 million shares of our common stock, including 1.4 million shares of our common stock repurchased for $500 million under an ASR agreement. During 2019, we paid $1.2 billion to repurchase 3.5 million shares of our common stock.

The total remaining authorization for future common share repurchases under our share repurchase program was $3.9 billion as of December 31, 2021, including a $5.0 billion increase to the program authorized by our Board of Directors on September 23, 2021. 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.

Dividends

We paid dividends totaling $2.9 billion ($10.60 per share) in 2021, $2.8 billion ($9.80 per share) in 2020 and $2.6 billion ($9.00 per share) in 2019. We paid quarterly dividends of $2.60 per share during each of the first three quarters of 2021 and $2.80 per share during the fourth quarter of 2021; $2.40 per share during each of the first three quarters of 2020 and $2.60 per share during the fourth quarter of 2020; and $2.20 per share during each of the first three quarters of 2019 and $2.40 per share during the fourth quarter of 2019.

Accumulated Other Comprehensive Loss

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

	Postretirement   Benefit Plans (a)		Other, net		AOCL
Balance at December 31, 2018	$	(14,254)	$	(67)	$	(14,321)
Other comprehensive (loss) income before reclassifications	(2,182)		18		(2,164)
Amounts reclassified from AOCL
Recognition of net actuarial losses	1,148		—		1,148
Amortization of net prior service credits	(240)		—		(240)
Other	—		23		23
Total reclassified from AOCL	908		23		931
Total other comprehensive (loss) income	(1,274)		41		(1,233)
Balance at December 31, 2019	(15,528)		(26)		(15,554)
Other comprehensive (loss) income before reclassifications	(1,067)		56		(1,011)
Amounts reclassified from AOCL
Recognition of net actuarial losses	689		—		689
Amortization of net prior service credits	(249)		—		(249)
Other	—		4		4
Total reclassified from AOCL	440		4		444
Total other comprehensive (loss) income	(627)		60		(567)
Balance at December 31, 2020	(16,155)		34		(16,121)
Other comprehensive income before reclassifications	3,404		(85)		3,319
Amounts reclassified from AOCL
Pension settlement charge (b)	1,310				1,310
Recognition of net actuarial losses	733		—		733
Amortization of net prior service credits	(256)		—		(256)
Other	—		9		9
Total reclassified from AOCL	1,787		9		1,796
Total other comprehensive income (loss)	5,191		(76)		5,115
Balance at December 31, 2021	$	(10,964)	$	(42)	$	(11,006)

(a)AOCL related to postretirement benefit plans is shown net of tax benefits of $3.0 billion at December 31, 2021, $4.4 billion at December 31, 2020 and $4.2 billion at December 31, 2019. 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 10 – Income Taxes” and “Note 12 – Postretirement Benefit Plans” for more information on our income taxes and postretirement benefit plans.

(b)During 2021, we recognized a noncash pension settlement charge of $1.7 billion ($1.3 billion after-tax) related to the accelerated recognition of actuarial losses included in AOCL for certain defined benefit pension plans that purchased a group annuity contract from an insurance company (see “Note 12 – Postretirement Benefit Plans”).