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STOCKHOLDERS' EQUITY | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Repurchases of Common Stock During the six months ended June 30, 2024, we repurchased 4.2 million shares of our common stock for $1.9 billion in open market purchases. The total remaining authorization for future common stock repurchases under our share repurchase program was $8.2 billion as of June 30, 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 paid cash dividends of $1.5 billion ($6.30 per share) during the six months ended June 30, 2024. Additionally, we declared a third quarter 2024 dividend totaling approximately $751 million ($3.15 per share), which will be paid in September 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 |  | — |  |  | (32) |  |  | (32) |
Amounts reclassified from AOCL |  |  |  |  |  |
Amortization of net actuarial losses (a) |  | 94 |  |  | — |  |  | 94 |
Amortization of net prior service credits (a) |  | (56) |  |  | — |  |  | (56) |
Other |  | — |  |  | 28 |  |  | 28 |
Total reclassified from AOCL |  | 38 |  |  | 28 |  |  | 66 |
Total other comprehensive income (loss) |  | 38 |  |  | (4) |  |  | 34 |
Balance at June 30, 2024 |  | $ | (8,666) |  |  | $ | (103) |  |  | $ | (8,769) |
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 (a) |  | 58 |  |  | — |  |  | 58 |
Amortization of net prior service credits (a) |  | (132) |  |  | — |  |  | (132) |
Other |  | — |  |  | 13 |  |  | 13 |
Total reclassified from AOCL |  | (74) |  |  | 13 |  |  | (61) |
Total other comprehensive income (loss) |  | (74) |  |  | 18 |  |  | (56) |
Balance at June 25, 2023 |  | $ | (7,940) |  |  | $ | (139) |  |  | $ | (8,079) |
(a)Reclassifications from AOCL related to postretirement benefit plans were recorded as a component of FAS income for each period presented. These amounts include $19 million and $(37) million, net of tax, for the quarters ended June 30, 2024 and June 25, 2023, which are comprised of the amortization of net actuarial losses of $47 million and $29 million for the quarters ended June 30, 2024 and June 25, 2023, and the amortization of net prior service credits of $28 million and $66 million for the quarters ended June 30, 2024 and June 25, 2023. See “Note 6 - Postretirement Benefit Plans”.

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