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STOCKHOLDERS' EQUITY | 6 Months Ended
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Jun. 24, 2018
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Repurchases of Common Stock During the six months ended June 24, 2018, we repurchased 1.9 million shares of our common stock for $623 million, of which $13 million was settled subsequent to the end of the second quarter. The total remaining authorization for future common share repurchases under our share repurchase program was $2.9 billion as of June 24, 2018. 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. Due to the volume of repurchases and the prices at which these were made, additional paid-in capital was reduced to zero, with the remainder of the excess purchase price over par value of $460 million and $828 million recorded as a reduction of retained earnings during the six months ended June 24, 2018 and June 25, 2017. Dividends We declared cash dividends totaling $572 million ($2.00 per share) and $1.1 billion ($4.00 per share) during the quarter and six months ended June 24, 2018. We declared cash dividends totaling $1.1 billion ($3.64 per share) and $1.6 billion ($5.46 per share) during the quarter and six months ended June 25, 2017. The 2017 dividend amounts include the declaration of our 2017 third quarter dividend of $1.82 per share, which totaled $528 million. On June 28, 2018, subsequent to the end of our second quarter, we declared our 2018 third quarter dividend of $2.00 per share. Restricted Stock Unit Grants During the six months ended June 24, 2018, we granted certain employees approximately 0.4 million RSUs with a grant date fair value of $354.54 per RSU. The grant date fair value of these RSUs is equal to the closing market price of our common stock on the grant date less a discount to reflect the delay in payment of dividend-equivalent cash payments that are made only upon vesting, which is generally three years from the grant date. We recognize the grant date fair value of RSUs, less estimated forfeitures, as compensation expense ratably over the requisite service period, which is shorter than the vesting period if the employee is retirement eligible on the date of grant or will become retirement eligible before the end of the vesting period. 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, 2017 |  | $ | (12,559 | ) |  | $ | 20 |  |  | $ | (12,539 | )
Other comprehensive income before reclassifications |  | — |  |  | (62 | ) |  | (62 | )
Amounts reclassified from AOCL |  |  |  |  |  |
Recognition of net actuarial losses (a) |  | 728 |  |  | — |  |  | 728 |
Amortization of net prior service credits (a) |  | (128 | ) |  | — |  |  | (128 | )
Other |  | — |  |  | 14 |  |  | 14 |
Total reclassified from AOCL |  | 600 |  |  | 14 |  |  | 614 |
Total other comprehensive income |  | 600 |  |  | (48 | ) |  | 552 |
Reclassification of income tax effects from tax reform (b) |  | (2,396 | ) |  | (12 | ) |  | (2,408 | )
Balance at June 24, 2018 |  | $ | (14,355 | ) |  | $ | (40 | ) |  | $ | (14,395 | )
Balance at December 31, 2016 |  | $ | (11,981 | ) |  | $ | (121 | ) |  | $ | (12,102 | )
Other comprehensive income before reclassifications |  | 3 |  |  | 53 |  |  | 56 |
Amounts reclassified from AOCL |  |  |  |  |  |
Recognition of net actuarial losses (a) |  | 516 |  |  | — |  |  | 516 |
Amortization of net prior service credits (a) |  | (114 | ) |  | — |  |  | (114 | )
Other |  | — |  |  | 7 |  |  | 7 |
Total reclassified from AOCL |  | 402 |  |  | 7 |  |  | 409 |
Total other comprehensive income |  | 405 |  |  | 60 |  |  | 465 |
Balance at June 25, 2017 |  | $ | (11,576 | ) |  | $ | (61 | ) |  | $ | (11,637 | )
(a) | Reclassifications from AOCL related to our postretirement benefit plans were recorded as a component of net periodic benefit cost for each period presented (see “Note 7 – Postretirement Benefit Plans”). These amounts include $300 million and $200 million, net of tax, for the quarters ended June 24, 2018 and June 25, 2017, which are comprised of the recognition of net actuarial losses of $364 million and $258 million for the quarters ended June 24, 2018 and June 25, 2017 and the amortization of net prior service credits of $(64) million and $(58) million for the quarters ended June 24, 2018 and June 25, 2017.
(b) | We reclassified the impact of the income tax effects related to the Tax Cuts and Jobs Act of 2017 (the Tax Act) from AOCL during the first quarter of 2018 to retained earnings by the same amount with zero impact to total equity. See ASU 2018-02 in “Note 12 – Recent Accounting Pronouncements” for additional information.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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