TREASURY STOCK AND DIVIDENDS

12 Months Ended

Dec. 31, 2024

At December 31, 2024 and 2023, the Company had a total remaining authorization of $7.7 billion and $13.7 billion, respectively, 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. 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. In January 2025, the Board authorized a program to repurchase up to an additional $20 billion of the Company's common stock. 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 years ended December 31, 2024, 2023, and 2022:


	Year Ended December 31,
(in millions, except for shares, which are reflected in thousands)	2024			2023			2022
	Shares	Amount		Shares	Amount		Shares	Amount
Authorized stock repurchase programs	1,581	$	6,104	3,660	$	10,249	3,320	$	6,526
General authorization for shares withheld on stock award vesting	98	347		72	194		80	167
Total	1,679	$	6,451	3,732	$	10,443	3,400	$	6,693

Stock repurchases of $20 million in December 2024 were settled in January 2025. Stock repurchases of $40 million in December 2023 were settled in January 2024. For the years ended December 31, 2024, 2023, and 2022, the Company remitted employee withholding taxes of $345 million, $194 million, and $165 million, respectively, to the tax authorities, which is different from the aggregate cost of the shares withheld for taxes for each year due to the timing in remitting the taxes. The cash remitted to the tax authorities is included in financing activities in the 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. As of December 31, 2024 and 2023, the Company recorded estimated liabilities of $56 million and $96 million, respectively, related to excise taxes on share repurchases, which are included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets. During the year ended December 31, 2024, the Company remitted excise taxes of $96 million to the tax authorities, which is included in financing activities in the Consolidated Statement of Cash Flows.

During 2024, the Board adopted a dividend policy pursuant to which the Company pays quarterly cash dividends on its common stock. Declaration of dividends will be subject to the Board's consideration of, among other things, the Company's financial performance, cash flows, capital needs, and liquidity. During the year ended December 31, 2024, the Board declared quarterly cash dividends of $8.75 per share of common stock and the Company paid cash dividends of $1.2 billion in total. In February 2025, the Board declared a cash dividend of $9.60 per share of common stock, payable on March 31, 2025 to stockholders of record as of the close of business on March 7, 2025.