STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 25, 2023

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, 2022	$	(7,866)	$	(157)	$	(8,023)
Other comprehensive income (loss) before reclassifications	—		5		5

Amounts reclassified from AOCL

Amortization of net actuarial losses (b)	58		—		58
Amortization of net prior service credits (b)	(132)		—		(132)
Other	—		13		13
Total reclassified from AOCL	(74)		13		(61)
Total other comprehensive (loss) income	(74)		18		(56)
Balance at June 25, 2023	$	(7,940)	$	(139)	$	(8,079)

Balance at December 31, 2021	$	(10,964)	$	(42)	$	(11,006)
Other comprehensive income (loss) before reclassifications (a)	1,698		(121)		1,577
Amounts reclassified from AOCL
Pension settlement charge (a)	1,156		—		1,156
Amortization of net actuarial losses (b)	230		—		230
Amortization of net prior service credits (b)	(135)		—		(135)
Other	—		10		10
Total reclassified from AOCL	1,251		10		1,261
Total other comprehensive income (loss)	2,949		(111)		2,838
Balance at June 26, 2022	$	(8,015)	$	(153)	$	(8,168)

(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 $4.3 billion of our gross defined benefit pension obligations and related plan assets to an insurance company on June 24, 2022. See “Note 6 - Postretirement Benefit Plans.” Also as a result, during the quarter ended June 26, 2022, we recognized a noncash, non-operating pension settlement charge of $1.5 billion ($1.2 billion, or $4.33 per share, after-tax).

(b)These amounts include $(37) million and $47 million, net of tax, for the quarters ended June 25, 2023 and June 26, 2022, which are comprised of the amortization of net actuarial losses of $29 million and $115 million for the quarters ended June 25, 2023 and June 26, 2022, and the amortization of net prior service credits of $66 million and $68 million for the quarters ended June 25, 2023 and June 26, 2022.