Stockholders' Equity

6 Months Ended

Jun. 30, 2020

Stockholders' Equity Note [Abstract]

Stockholders' Equity [Text Block]

STOCKHOLDERS' EQUITY

Treasury Stock - In November 2019, the Company's board of directors authorized an increase in the Company's stock repurchase program from $2.2 billion to $3.2 billion and an extension of the term of the program to October 31, 2024. Repurchases are made from time to time at management's discretion in accordance with applicable federal securities laws. For the six months ended June 30, 2020, the Company repurchased 390,904 shares at an aggregate cost of $84 million. For the six months ended June 30, 2019, the Company repurchased 429,940 shares at an aggregate cost of $88 million. For the six months ended June 30, 2019, the Company also settled for cash $48 million of shares repurchased in the prior year. The cost of purchased shares is recorded as treasury stock in the unaudited condensed consolidated statements of financial position.

Dividends - The Company declared cash dividends per share of $1.03 and $0.86 for the three months ended June 30, 2020 and 2019, respectively. The Company declared cash dividends per share of $2.06 and $1.72 for the six months ended June 30, 2020 and 2019, respectively. The Company paid cash dividends totaling $84 million and $72 million for the six months ended June 30, 2020 and 2019, respectively.

Accumulated Other Comprehensive Loss - Other comprehensive income (loss) refers to gains and losses recorded as an element of stockholders' equity but excluded from net earnings. The accumulated other comprehensive loss as of June 30, 2020, was comprised of unamortized benefit plan costs of $1,373 million and other comprehensive loss items of $3 million. The accumulated other comprehensive loss as of December 31, 2019, was comprised of unamortized benefit plan costs of $1,407 million and other comprehensive loss items of $2 million.

The changes in accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2020 and 2019, were as follows:

($ in millions)	Benefit Plans		Other		Total
Balance as of March 31, 2019	$	(1,264)	$	(5)	$	(1,269)
Amounts reclassified from accumulated other comprehensive loss
Amortization of prior service credit1	(2)		—		(2)
Amortization of net actuarial loss1	26		—		26
Tax expense for items of other comprehensive income	(6)		—		(6)
Net current period other comprehensive income	18		—		18
Balance as of June 30, 2019	$	(1,246)	$	(5)	$	(1,251)
Balance as of March 31, 2020	(1,390)		(4)		(1,394)
Other comprehensive income (loss) before reclassifications	—		1		1
Amounts reclassified from accumulated other comprehensive loss
Amortization of prior service credit1	(3)		—		(3)
Amortization of net actuarial loss1	26		—		26
Tax expense for items of other comprehensive income	(6)		—		(6)
Net current period other comprehensive income	17		1		18
Balance as of June 30, 2020	$	(1,373)	$	(3)	$	(1,376)

($ in millions)	Benefit Plans		Other		Total
Balance as of December 31, 2018	$	(1,283)	$	(5)	$	(1,288)
Amounts reclassified from accumulated other comprehensive loss
Amortization of prior service credit1	(2)		—		(2)
Amortization of net actuarial loss1	51		—		51
Tax expense for items of other comprehensive income	(12)		—		(12)
Net current period other comprehensive income	37		—		37
Balance as of June 30, 2019	$	(1,246)	$	(5)	$	(1,251)
Balance as of December 31, 2019	$	(1,407)	$	(2)	$	(1,409)
Other comprehensive income (loss) before reclassifications	—		(1)		(1)
Amounts reclassified from accumulated other comprehensive loss
Amortization of prior service credit1	(5)		—		(5)
Amortization of net actuarial loss1	51		—		51
Tax expense for items of other comprehensive income	(12)		—		(12)
Net current period other comprehensive income (loss)	34		(1)		33
Balance as of June 30, 2020	$	(1,373)	$	(3)	$	(1,376)

¹ These accumulated comprehensive loss components are included in the computation of net periodic benefit cost. See Note 17: Employee Pension and Other Postretirement Benefits. The tax benefit associated with amounts reclassified from accumulated other comprehensive loss for each of the three months ended June 30, 2020 and 2019, was $6 million. The tax benefit associated with amounts reclassified from accumulated other comprehensive loss for each of the six months ended June 30, 2020 and 2019, was $12 million.