TREASURY STOCK

3 Months Ended

Mar. 31, 2023

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.