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TREASURY STOCK AND DIVIDENDS | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
TREASURY STOCK AND DIVIDENDS | TREASURY STOCK AND DIVIDENDS At December 31, 2023, the Company had a total remaining authorization of $13.7 billion related to a program authorized by the Company's Board of Directors ("the Board") in 2023 to repurchase up to $20 billion of the Company's common stock. At September 30, 2024, the Company had a total remaining authorization of $8.8 billion to repurchase its common stock. The Company expects to complete the share repurchases under the remaining authorization by the end of 2026, assuming no major downturn in the travel market. 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 and nine months ended September 30, 2024 and 2023 (in millions, except for shares, which are reflected in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount
Authorized stock repurchase programs |  | 464 |  |  | $ | 1,767 |  |  | 867 |  |  | $ | 2,616 |  |  | 1,345 |  |  | $ | 4,978 |  |  | 2,856 |  |  | $ | 7,776 |
General authorization for shares withheld on stock award vesting |  | 2 |  |  | 9 |  |  | 3 |  |  | 9 |  |  | 94 |  |  | 330 |  |  | 70 |  |  | 185 |
Total |  | 466 |  | $ | 1,776 |  |  | 870 |  | $ | 2,625 |  |  | 1,439 |  | $ | 5,308 |  |  | 2,926 |  | $ | 7,961 |
Stock repurchases of $20 million in September 2024 were settled in October 2024. For the nine months ended September 30, 2024 and 2023, the Company remitted employee withholding taxes of $329 million and $185 million, respectively, to the tax authorities, which may differ 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. The Company recorded an estimated excise tax liability for share repurchases of $141 million and $96 million as of September 30, 2024 and December 31, 2023, respectively. The excise tax liability is included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets. During the nine months ended September 30, 2024, the Company paid cash dividends of $885 million. In October 2024, the Board declared a cash dividend of $8.75 per share of common stock, payable on December 31, 2024 to stockholders of record as of the close of business on December 6, 2024.

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- 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 -Topic 505 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505-30/tableOfContent + Details
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