STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Repurchases of Common Stock

During the quarter ended March 31, 2024, we repurchased 2.3 million shares of our common stock for $1.0 billion in open market purchases. The total remaining authorization for future common stock repurchases under our share repurchase program was $9.0 billion as of March 31, 2024. 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 $763 million ($3.15 per share) during the quarter ended March 31, 2024. The total amount of dividends 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, 2023	$	(8,704)	$	(99)	$	(8,803)
Other comprehensive income (loss) before reclassifications	—		(41)		(41)
Amounts reclassified from AOCL
Amortization of net actuarial losses (a)	47		—		47
Amortization of net prior service credits (a)	(28)		—		(28)
Other	—		14		14
Total reclassified from AOCL	19		14		33
Total other comprehensive income (loss)	19		(27)		(8)
Balance at March 31, 2024	$	(8,685)	$	(126)	$	(8,811)
Balance at December 31, 2022	$	(7,866)	$	(157)	$	(8,023)
Other comprehensive income (loss) before reclassifications	—		(29)		(29)
Amounts reclassified from AOCL
Amortization 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)

(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”.