Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of quarterly cash dividends declared

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,
	2023		2022		2023		2022
	(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

Schedule of Changes in Common Stock Outstanding

The following table presents the changes in the Company’s outstanding Class A and Class B common stock:


	Three Months Ended September 30,
	2023		2022
	Outstanding Shares		Outstanding Shares
	Class A	Class B	Class A	Class B
	(in millions)
Balance at beginning of period	935.9	7.4	960.0	7.7
Purchases of treasury stock	(4.8)	—	(4.7)	—
Share-based payments	0.5	—	0.1	—
Conversion of Class B to Class A common stock	—	—	—	—
Balance at end of period	931.6	7.4	955.4	7.7


	Nine Months Ended September 30,
	2023		2022
	Outstanding Shares		Outstanding Shares
	Class A	Class B	Class A	Class B
	(in millions)
Balance at beginning of period	948.4	7.6	972.1	7.8
Purchases of treasury stock	(19.2)	—	(18.3)	—
Share-based payments	2.2	—	1.5	—
Conversion of Class B to Class A common stock	0.2	(0.2)	0.1	(0.1)
Balance at end of period	931.6	7.4	955.4	7.7

Schedule of share repurchases and authorizations

The following table summarizes the Company’s share repurchases of its Class A common stock:


	Nine Months Ended September 30,
	2023		2022
	(in millions, except per share data)
Dollar-value of shares repurchased 1	$	7,200	$	6,339
Shares repurchased	19.2		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.