STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 26, 2023

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Repurchases of Common Stock

During the quarter ended March 26, 2023, we entered into an accelerated share repurchase (ASR) agreement to

purchase $500 million of our common stock. Under the terms of the ASR agreement, we paid $500 million and received an initial delivery of 0.9 million shares of our common stock. Subsequent to our first quarter 2023, upon final settlement of the ASR agreement in April 2023, we received an additional 0.2 million shares of our common stock for no additional consideration. In addition, in April 2023, we received an additional 1.5 million shares of our common stock for no additional consideration upon final settlement of the ASR we entered into in the fourth quarter of 2022.

The total remaining authorization for future common share repurchases under our share repurchase program was $9.5 billion as of March 26, 2023. 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 declared cash dividends totaling $768 million ($3.00 per share) during the quarter ended March 26, 2023. The total amount declared may differ from the total amount of dividends paid during a period due to the timing of dividend-equivalents paid on RSUs and PSUs. These dividend-equivalents are accrued during the vesting period and are paid upon the vesting of the RSUs and PSUs, which primarily occurs in the first quarter each year.

Accumulated Other Comprehensive Loss

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, 2022	$	(7,866)	$	(157)	$	(8,023)
Other comprehensive income (loss) before reclassifications	—		(29)		(29)
Amounts reclassified from AOCL
Recognition of net actuarial losses (a)	29		—		29
Amortization of net prior service credits (a)	(66)		—		(66)
Other	—		3		3
Total reclassified from AOCL	(37)		3		(34)
Total other comprehensive income (loss)	(37)		(26)		(63)
Balance at March 26, 2023	$	(7,903)	$	(183)	$	(8,086)
Balance at December 31, 2021	$	(10,964)	$	(42)	$	(11,006)
Other comprehensive income (loss) before reclassifications	—		(22)		(22)
Amounts reclassified from AOCL
Recognition of net actuarial losses (a)	115		—		115
Amortization of net prior service credits (a)	(67)		—		(67)
Other	—		1		1
Total reclassified from AOCL	48		1		49
Total other comprehensive income (loss)	48		(21)		27
Balance at March 27, 2022	$	(10,916)	$	(63)	$	(10,979)

(a)Reclassifications from AOCL related to postretirement benefit plans were recorded as a component of FAS income for each period presented. See “Note 6 - Postretirement Benefit Plans”.