XML 31 R18.htm IDEA: XBRL DOCUMENT
v3.23.1

TREASURY STOCK | 3 Months Ended
--- | ---
Mar. 31, 2023
Equity [Abstract] |
TREASURY STOCK | TREASURY STOCK At December 31, 2022, the Company had a total remaining authorization of $3.9 billion related to a program authorized by the Company's Board of Directors ("the Board") in 2019 to repurchase up to $15.0 billion of the Company's common stock. In the first quarter of 2023, the Board authorized an additional program to repurchase up to $20.0 billion of the Company's common stock. At March 31, 2023, the Company had a total remaining authorization of $21.9 billion to repurchase its common stock. The Company expects to complete repurchases under the two authorizations within the next four years, assuming the Company remains in compliance with the applicable maximum leverage ratio covenant under the credit facility amendment (see Note 9). Additionally, the Board has given the Company the general authorization to repurchase shares of its common stock withheld to satisfy employee withholding tax obligations related to stock-based compensation. The following table summarizes the Company's stock repurchase activities during the three months ended March 31, 2023 and 2022 (in millions, except for shares, which are reflected in thousands):
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2023 |  | 2022
|  |  |  |  |  |  |  |  |  | Shares |  | Amount |  | Shares |  | Amount
Authorized stock repurchase programs |  |  |  |  |  |  |  |  |  | 812 |  |  | $ | 2,022 |  |  | 414 |  |  | $ | 948 |
General authorization for shares withheld on stock award vesting |  |  |  |  |  |  |  |  |  | 66 |  |  | 173 |  |  | 73 |  |  | 152 |
Total |  |  |  |  |  |  |  |  |  | 878 |  | $ | 2,195 |  |  | 487 |  | $ | 1,100 |
Stock repurchases of $100 million in March 2023 were settled in April 2023. For the three months ended March 31, 2023 and 2022, the Company remitted employee withholding taxes of $158 million and $131 million, respectively, to the tax authorities, which is different from the aggregate cost of the shares withheld for taxes for each period due to the timing in remitting the taxes. The cash remitted to the tax authorities is included in financing activities in the Unaudited Consolidated Statements of Cash Flows. Effective January 1, 2023, the Inflation Reduction Act of 2022 has mandated a 1% excise tax on share repurchases. Excise tax obligations that result from the Company's share repurchases are accounted for as a cost of the treasury stock transaction.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2208821 + Details
Name: | us-gaap_TreasuryStockTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration