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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity At December 31, 2024 and 2023, our authorized capital was composed of 1.5 billion shares of common stock and 50 million shares of series preferred stock. Of the 235 million and 242 million shares of common stock issued and outstanding as of December 31, 2024 and December 31, 2023, 234 million and 240 million shares were considered outstanding for consolidated balance sheet presentation purposes; the remaining shares were held in a separate trust. No shares of preferred stock were issued and outstanding at December 31, 2024 or 2023. Repurchases of Common Stock During 2024, we repurchased 7.5 million shares of our common stock in open market purchases for $3.7 billion. During 2023, we repurchased 13.4 million shares of our common stock for $6.0 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 $9.3 billion as of December 31, 2024, which includes the $3.0 billion increase to our share repurchase program authorized by our Board of Directors in October 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 dividends totaling $3.1 billion ($12.75 per share) in 2024, $3.1 billion ($12.15 per share) in 2023 and $3.0 billion ($11.40 per share) in 2022. We paid quarterly dividends of $3.15 per share during each of the first three quarters of 2024 and $3.30 per share during the fourth quarter of 2024; $3.00 per share during each of the first three quarters of 2023 and $3.15 per share during the fourth quarter of 2023; and $2.80 per share during each of the first three quarters of 2022 and $3.00 per share during the fourth quarter of 2022. Accumulated Other Comprehensive Loss Changes in the balance of AOCL, net of taxes, consisted of the following (in millions):
|  | Postretirement Benefit Plans (a) |  | Other, net |  | AOCL
Balance at December 31, 2021 |  | $ | (10,964) |  |  | $ | (42) |  |  | $ | (11,006) |
Other comprehensive income (loss) before reclassifications |  | 1,873 |  |  | (159) |  |  | 1,714 |
Amounts reclassified from AOCL |  |  |  |  |  |
Pension settlement charge (b) |  | 1,156 |  |  | — |  |  | 1,156 |
Recognition of net actuarial losses |  | 337 |  |  | — |  |  | 337 |
Amortization of net prior service credits |  | (268) |  |  | — |  |  | (268) |
Other |  | — |  |  | 44 |  |  | 44 |
Total reclassified from AOCL |  | 1,225 |  |  | 44 |  |  | 1,269 |
Total other comprehensive income (loss) |  | 3,098 |  |  | (115) |  |  | 2,983 |
Balance at December 31, 2022 |  | (7,866) |  |  | (157) |  |  | (8,023) |
Other comprehensive (loss) income before reclassifications |  | (689) |  |  | 23 |  |  | (666) |
Amounts reclassified from AOCL |  |  |  |  |  |
Recognition of net actuarial losses |  | 116 |  |  | — |  |  | 116 |
Amortization of net prior service credits |  | (265) |  |  | — |  |  | (265) |
Other |  | — |  |  | 35 |  |  | 35 |
Total reclassified from AOCL |  | (149) |  |  | 35 |  |  | (114) |
Total other comprehensive (loss) income |  | (838) |  |  | 58 |  |  | (780) |
Balance at December 31, 2023 |  | (8,704) |  |  | (99) |  |  | (8,803) |
Other comprehensive income (loss) before reclassifications |  | 340 |  |  | (104) |  |  | 236 |
Amounts reclassified from AOCL |  |  |  |  |  |
Recognition of net actuarial losses |  | 188 |  |  | — |  |  | 188 |
Amortization of net prior service credits |  | (112) |  |  | — |  |  | (112) |
Other |  | — |  |  | 39 |  |  | 39 |
Total reclassified from AOCL |  | 76 |  |  | 39 |  |  | 115 |
Total other comprehensive income (loss) |  | 416 |  |  | (65) |  |  | 351 |
Balance at December 31, 2024 |  | $ | (8,288) |  |  | $ | (164) |  |  | $ | (8,452) |
(a)AOCL related to postretirement benefit plans is shown net of tax benefits of $2.2 billion at December 31, 2024, $2.3 billion at December 31, 2023 and $2.1 billion at December 31, 2022. These tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes, which will be recognized on our tax returns in future years. See “Note 9 – Income Taxes” and “Note 11 – Postretirement Benefit Plans” for more information on our income taxes and postretirement benefit plans. (b)During 2022, we recognized a noncash, non-operating pension settlement charge of $1.5 billion ($1.2 billion, or $4.33 per share, after-tax) related to the accelerated recognition of actuarial losses included in AOCL for certain defined benefit pension plans that purchased a group annuity contract from an insurance company (see “Note 11 – Postretirement Benefit Plans”).

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