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Stockholders' Equity
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Dividends
The Company declared quarterly cash dividends on its Class A and Class B common stock as summarized below: 
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(in millions, except per share data)
Dividends declared per share $0.57 $0.49 $1.71 $1.47 
Total dividends declared$536 $472 $1,615 $1,423 
Common Stock Activity
The following table presents the changes in the Company’s outstanding Class A and Class B common stock:
Three Months Ended September 30,
20232022
 Outstanding SharesOutstanding Shares
 Class AClass BClass AClass B
(in millions)
Balance at beginning of period935.9 7.4 960.0 7.7 
Purchases of treasury stock(4.8)— (4.7)— 
Share-based payments0.5 — 0.1 — 
Conversion of Class B to Class A common stock— — — — 
Balance at end of period931.6 7.4 955.4 7.7 
Nine Months Ended September 30,
20232022
 Outstanding SharesOutstanding Shares
 Class AClass BClass AClass B
(in millions)
Balance at beginning of period948.4 7.6 972.1 7.8 
Purchases of treasury stock(19.2)— (18.3)— 
Share-based payments2.2 — 1.5 — 
Conversion of Class B to Class A common stock0.2 (0.2)0.1 (0.1)
Balance at end of period931.6 7.4 955.4 7.7 
In December 2022 and November 2021, the Company’s Board of Directors approved share repurchase programs of its Class A common stock authorizing the Company to repurchase up to $9.0 billion and $8.0 billion, respectively. The following table summarizes the Company’s share repurchases of its Class A common stock:
Nine Months Ended September 30,
20232022
(in millions, except per share data)
Dollar-value of shares repurchased 1
$7,200 $6,339 
Shares repurchased19.2 18.3 
Average price paid per share$375.34 $345.54 
1The dollar-value of shares repurchased does not include a 1% excise tax that became effective January 1, 2023. The incremental tax is recorded in treasury stock on the consolidated balance sheet and is payable annually beginning in 2024.
As of September 30, 2023, the remaining authorization under the share repurchase programs approved by the Company’s Board of Directors was $5.0 billion.