STOCKHOLDERS’ EQUITY

Repurchases of Common Stock

During the quarter ended March 25, 2018, we repurchased 0.9 million shares of our common stock for $300 million. The total remaining authorization for future common share repurchases under our share repurchase program was $3.2 billion as of March 25, 2018. 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. Due to the volume of repurchases made under our share repurchase program, additional paid-in capital was reduced to zero, with the remainder of the excess purchase price over par value of $274 million and $469 million recorded as a reduction of retained earnings during the quarters ended March 25, 2018 and March 26, 2017.

Dividends

We declared cash dividends totaling $573 million ($2.00 per share) and $531 million ($1.82 per share) during the quarters ended March 25, 2018 and March 26, 2017. Dividends paid during the quarters ended March 25, 2018 and March 26, 2017 are higher than dividends declared due to dividend-equivalents paid to holders of RSUs. These dividend-equivalents are accrued during the RSU vesting period and are paid upon the vesting of the RSU.

Restricted Stock Unit Grants

During the quarter ended March 25, 2018, we granted certain employees approximately 0.4 million RSUs with a grant date fair value of $354.60 per RSU. The grant date fair value of these RSUs is equal to the closing market price of our common stock on the grant date less a discount to reflect the delay in payment of dividend-equivalent cash payments that are made only upon vesting, which is generally three years from the grant date. We recognize the grant date fair value of RSUs, less estimated forfeitures, as compensation expense ratably over the requisite service period, which is shorter than the vesting period if the employee is retirement eligible on the date of grant or will become retirement eligible before the end of the vesting period.

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, 2017	$	(12,559	)	$	20		$	(12,539	)
Other comprehensive income before reclassifications	—			55			55
Amounts reclassified from AOCL
Recognition of net actuarial losses ^(a)	364			—			364
Amortization of net prior service credits ^(a)	(64		)	—			(64		)
Other	—			3			3
Total reclassified from AOCL	300			3			303
Total other comprehensive income	300			58			358
Reclassification of income tax effects from tax reform ^(b)	(2,396		)	(12		)	(2,408		)
Balance at March 25, 2018	$	(14,655	)	$	66		$	(14,589	)

Balance at December 31, 2016	$	(11,981	)	$	(121	)	$	(12,102	)
Other comprehensive income before reclassifications	3			4			7
Amounts reclassified from AOCL
Recognition of net actuarial losses ^(a)	258			—			258
Amortization of net prior service credits ^(a)	(56		)	—			(56		)
Other	—			1			1
Total reclassified from AOCL	202			1			203
Total other comprehensive income	205			5			210
Balance at March 26, 2017	$	(11,776	)	$	(116	)	$	(11,892	)


^(a)	Reclassifications from AOCL related to our postretirement benefit plans were recorded as a component of net periodic benefit cost for each period presented (see “Note 7 – Postretirement Benefit Plans”).


^(b)	We reclassified the impact of the income tax effects related to the Tax Cuts and Jobs Act of 2017 (the Tax Act) from AOCL during the quarter ended March 25, 2018 to retained earnings by the same amount with zero impact to total equity. See ASU 2018-02 in “Note 12 – Recent Accounting Pronouncements” for additional information.