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Capital Stock | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Capital Stock | Capital Stock At December 31, 2024, we had 12 billion shares of authorized common stock; issued, repurchased and outstanding shares of common stock consisted of the following:
| Shares Issued |  | Shares Repurchased |  | Shares Outstanding
Balances, December 31, 2021 | 2,805,961,317 |  |  | (982,785,699) |  |  | 1,823,175,618 |
Stock award activity | — |  |  | 514,816 |  |  | 514,816 |
Repurchases of common stock | — |  |  | (38,156,312) |  |  | (38,156,312) |
Balances, December 31, 2022 | 2,805,961,317 |  |  | (1,020,427,195) |  |  | 1,785,534,122 |
Stock award activity | — |  |  | 676,495 |  |  | 676,495 |
Repurchases of common stock | — |  |  | (22,748,842) |  |  | (22,748,842) |
Balances, December 31, 2023 | 2,805,961,317 |  |  | (1,042,499,542) |  |  | 1,763,461,775 |
Stock award activity | — |  |  | 687,715 |  |  | 687,715 |
Repurchases of common stock | — |  |  | (73,497,623) |  |  | (73,497,623) |
Balances, December 31, 2024 | 2,805,961,317 |  |  | (1,115,309,450) |  |  | 1,690,651,867 |
At December 31, 2024, we had 23,991,145 shares of common stock reserved for stock-based awards under our stock plans. At December 31, 2024, we had 10 million authorized shares of serial preferred stock, $1.00 par value; no shares of serial preferred stock have been issued. ▪Dividends: In the third quarter of 2024, our Board of Directors (“Board of Directors” or “Board”) approved a 4.1% increase in the quarterly dividend rate to $1.02 per share of our common stock versus the previous rate of $0.98 per share. The current annualized dividend rate is $4.08 per share. Future dividend payments remain subject to the discretion of our Board. ▪Share Repurchases: In January 2023, our Board authorized a $1.0 billion share repurchase program (“January 2023 share repurchase program”), which we completed in December 2023. In January 2024, our Board authorized a $1.0 billion share repurchase program that it increased to $3.4 billion in March 2024 (as increased, “January 2024 share repurchase program”). We subsequently entered into ASR Agreements to repurchase shares of our common stock having an aggregate value of $2.4 billion (“Repurchase Price”). In the first half of 2024, we paid the Repurchase Price and received 53.9 million shares of our common stock. The total number of shares repurchased under the ASR Agreements was based on volume-weighted average prices of our common stock during the term of the ASR transactions, less a discount. We funded the ASR transactions with proceeds from the ABI Transaction. The ASR transactions were accounted for as equity transactions and included in cost of repurchased stock on our consolidated balance sheet when the shares were received. We completed the January 2024 share repurchase program in December 2024. In January 2025, our Board authorized a new $1.0 billion share repurchase program, which we expect to complete by December 31, 2025. The timing of share repurchases under this program depends upon marketplace conditions and other factors, and the program remains subject to the discretion of our Board. Our total share repurchase activity was as follows for the years ended December 31:
|  | January 2024 Share Repurchase Program | January 2023 Share Repurchase Program | January 2021 Share Repurchase Program
(in millions, except per share data) |  | 2024 (1) | 2023 | 2022 (2)
Total number of shares repurchased | 73.5 |  | 22.7 |  | 38.1 |
Aggregate cost of shares repurchased | $ | 3,400 |  | $ | 1,000 |  | $ | 1,825 |
Average price per share of shares repurchased | $ | 46.26 |  | $ | 43.96 |  | $ | 47.83 |
(1) Includes 53.9 million shares repurchased under the ASR Agreements at an average price per share of $44.50. (2) In January 2021, our Board authorized a $2.0 billion share repurchase program that it expanded to $3.5 billion in October 2021, which we completed in December 2022.

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