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STOCKHOLDERS' EQUITY | 6 Months Ended
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Jun. 29, 2025
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Repurchases of Common Stock During the six months ended June 29, 2025, we repurchased 2.7 million shares of our common stock in open market purchases for $1.3 billion. The total remaining authorization for future common stock repurchases under our share repurchase program was $8.1 billion as of June 29, 2025. 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 $1.6 billion ($6.60 per share) during the six months ended June 29, 2025. Additionally, we declared a third quarter 2025 dividend totaling approximately $770 million ($3.30 per share), which will be paid in September 2025. 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, 2024 |  | $ | (8,288) |  |  | $ | (164) |  |  | $ | (8,452) |
Other comprehensive income before reclassifications |  | — |  |  | 142 |  |  | 142 |
Amounts reclassified from AOCL |  |  |  |  |  |
Amortization of net actuarial losses (a) |  | 110 |  |  | — |  |  | 110 |
Amortization of net prior service costs (a) |  | 18 |  |  | — |  |  | 18 |
Other |  | — |  |  | 25 |  |  | 25 |
Total reclassified from AOCL |  | 128 |  |  | 25 |  |  | 153 |
Total other comprehensive income |  | 128 |  |  | 167 |  |  | 295 |
Balance at June 29, 2025 |  | $ | (8,160) |  |  | $ | 3 |  |  | $ | (8,157) |
Balance at December 31, 2023 |  | $ | (8,704) |  |  | $ | (99) |  |  | $ | (8,803) |
Other comprehensive (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) |
(a)Reclassifications from AOCL related to postretirement benefit plans were recorded as a component of FAS (expense) income for each period presented. These amounts include $64 million and $19 million, net of tax, for the quarters ended June 29, 2025 and June 30, 2024, which are comprised of the amortization of net actuarial losses of $55 million and $47 million, and the amortization of net prior service costs (credits) of $9 million and $(28) million, for the quarters ended June 29, 2025 and June 30, 2024. See “Note 6 - Postretirement Benefit Plans”.

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