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Stockholders' Equity | 6 Months Ended
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Mar. 31, 2020
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Note 10—Stockholders’ Equity As-converted class A common stock. The following table presents the number of shares of each series and class of stock and the number of shares of class A common stock on an as-converted basis:
| March 31, 2020 |  | September 30, 2019
| Shares Outstanding |  | Conversion Rate Into Class A Common Stock |  | As-converted Class A Common Stock(1) |  | Shares Outstanding |  | Conversion Rate Into Class A Common Stock |  | As-converted Class A Common Stock(1)
| (in millions, except conversion rates)
UK&I preferred stock | 2 |  |  | 12.9360 |  |  | 32 |  |  | 2 |  |  | 12.9360 |  |  | 32 |
Europe preferred stock | 3 |  |  | 13.8840 |  |  | 44 |  |  | 3 |  |  | 13.8840 |  |  | 44 |
Class A common stock(2) | 1,693 |  |  | — |  |  | 1,693 |  |  | 1,718 |  |  | — |  |  | 1,718 |
Class B common stock | 245 |  |  | 1.6228 |  | (3) | 398 |  |  | 245 |  |  | 1.6228 |  | (3) | 398 |
Class C common stock | 11 |  |  | 4.0000 |  |  | 43 |  |  | 11 |  |  | 4.0000 |  |  | 45 |
Total |  |  |  |  | 2,210 |  |  |  |  |  |  | 2,237 |
(1) | Figures in the table may not recalculate exactly due to rounding. As-converted class A common stock is calculated based on unrounded numbers.
(2) | Class A common stock shares outstanding reflect repurchases that settled on or before March 31, 2020 and September 30, 2019.
(3) | The class B to class A common stock conversion rate is presented on a rounded basis. Conversion calculations for dividend payments are based on a conversion rate rounded to the tenth decimal.
Reduction in as-converted shares. Under the terms of the Europe retrospective responsibility plan, the Company is entitled to recover VE territory covered losses through periodic adjustments to the class A common stock conversion rates applicable to the UK&I and Europe preferred stock. The recovery has the same economic effect on earnings per share as repurchasing the Company’s class A common stock, because it reduces the UK&I and Europe preferred stock conversion rates and consequently, reduces the as-converted class A common stock share count. There were no conversion rate adjustments in the six months ended March 31, 2020. See Note 5—U.S. and Europe Retrospective Responsibility Plans.
Common stock repurchases. The following table presents share repurchases in the open market for the following periods:
| Three Months Ended March 31, |  | Six Months Ended March 31,
| 2020 |  | 2019 |  | 2020 |  | 2019
| (in millions, except per share data)
Shares repurchased in the open market(1) | 18 |  |  | 14 |  |  | 31 |  |  | 31 |
Average repurchase price per share(2) | $ | 181.11 |  |  | $ | 144.94 |  |  | $ | 180.31 |  |  | $ | 141.08 |
Total cost(2) | $ | 3,133 |  |  | $ | 1,938 |  |  | $ | 5,503 |  |  | $ | 4,331 |
(1) | Shares repurchased in the open market reflect repurchases that settled during the three and six months ended March 31, 2020 and 2019. All shares repurchased in the open market have been retired and constitute authorized but unissued shares.
(2) | Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share and total cost is calculated based on unrounded numbers.
In January 2019, the Company’s board of directors authorized an $8.5 billion share repurchase program and in January 2020, authorized an additional $9.5 billion share purchase program. These authorizations have no expiration date. As of March 31, 2020, the Company’s January 2020 share repurchase program had remaining authorized funds of $8.1 billion for share repurchase. All share repurchase programs authorized prior to January 2020 have been completed. Dividends. O n April 21, 2020, the Company’s board of directors declared a quarterly cash dividend of $0.30 per share of class A common stock (determined in the case of class B and C common stock and UK&I and Europe preferred stock on an as-converted basis). The cash dividend will be paid on June 2, 2020, to all holders of record as of May 14, 2020. The Company declared and paid $668 million and $569 million during the three months ended March 31, 2020 and 2019, respectively and $1.3 billion and $1.1 billion during the six months ended March 31, 2020 and 2019, respectively, in dividends to holders of the Company’s common and preferred stocks.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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