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STOCKHOLDERS' EQUITY | 9 Months Ended
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Sep. 24, 2023
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Repurchases of Common Stock During the nine months ended September 24, 2023, we repurchased 6.7 million shares of our common stock for $3.0 billion pursuant to accelerated share repurchase (ASR) agreements and open market purchases. We also retired an additional 1.5 million shares received for no additional consideration in the first quarter of 2023 upon final settlement of an ASR agreement executed in the fourth quarter of 2022. The total remaining authorization for future common stock repurchases under our share repurchase program was $7.0 billion as of September 24, 2023. In October 2023, subsequent to our third quarter, our Board of Directors authorized an increase of $6.0 billion to our share repurchase program, increasing our total authorization of the current program to $13 billion for future purchases. 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 $2.3 billion ($9.00 per share) and $2.2 billion ($8.40 per share) during the nine months ended September 24, 2023 and September 25, 2022. On October 6, 2023, subsequent to our third quarter, we authorized a fourth quarter 2023 dividend payment of $3.15 per share, an increase of $0.15 per share over our third quarter 2023 dividend of $3.00 per share, which we declared in the second quarter of 2023. 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, 2022 |  | $ | (7,866) |  |  | $ | (157) |  |  | $ | (8,023) |
Other comprehensive income (loss) before reclassifications |  | — |  |  | (41) |  |  | (41) |
Amounts reclassified from AOCL |  |  |  |  |  |
Amortization of net actuarial losses (b) |  | 88 |  |  | — |  |  | 88 |
Amortization of net prior service credits (b) |  | (199) |  |  | — |  |  | (199) |
Other |  | — |  |  | 29 |  |  | 29 |
Total reclassified from AOCL |  | (111) |  |  | 29 |  |  | (82) |
Total other comprehensive (loss) income |  | (111) |  |  | (12) |  |  | (123) |
Balance at September 24, 2023 |  | $ | (7,977) |  |  | $ | (169) |  |  | $ | (8,146) |
Balance at December 31, 2021 |  | $ | (10,964) |  |  | $ | (42) |  |  | $ | (11,006) |
Other comprehensive income (loss) before reclassifications (a) |  | 1,860 |  |  | (254) |  |  | 1,606 |
Amounts reclassified from AOCL |  |  |  |  |  |
Pension settlement charge (a) |  | 1,156 |  |  | — |  |  | 1,156 |
Amortization of net actuarial losses (b) |  | 295 |  |  | — |  |  | 295 |
Amortization of net prior service credits (b) |  | (202) |  |  | — |  |  | (202) |
Other |  | — |  |  | 17 |  |  | 17 |
Total reclassified from AOCL |  | 1,249 |  |  | 17 |  |  | 1,266 |
Total other comprehensive income (loss) |  | 3,109 |  |  | (237) |  |  | 2,872 |
Balance at September 25, 2022 |  | $ | (7,855) |  |  | $ | (279) |  |  | $ | (8,134) |
(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 $(2) million, net of tax, for the quarters ended September 24, 2023 and September 25, 2022, which are comprised of the amortization of net actuarial losses of $30 million and $65 million for the quarters ended September 24, 2023 and September 25, 2022, and net prior service credits of $67 million in both the quarters ended September 24, 2023 and September 25, 2022.

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