XML 40 R22.htm IDEA: XBRL DOCUMENT v3.24.0.1
Capital Stock
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Capital Stock
Note 13. Capital Stock

Our amended and restated articles of incorporation authorize 5.0 billion shares of Common Stock and 500 million shares of preferred stock. There were no preferred shares issued and outstanding at December 31, 2023, 2022 and 2021. Shares of Common Stock issued, in treasury and outstanding, were:
Shares IssuedTreasury SharesShares
Outstanding
Balance at January 1, 20211,996,537,778 (577,363,557)1,419,174,221 
Shares repurchased— (35,384,366)(35,384,366)
Exercise of stock options and issuance of
   other stock awards		— 7,840,684 7,840,684 
Balance at December 31, 20211,996,537,778 (604,907,239)1,391,630,539 
Shares repurchased— (31,556,510)(31,556,510)
Exercise of stock options and issuance of
   other stock awards		— 5,817,062 5,817,062 
Balance at December 31, 20221,996,537,778 (630,646,687)1,365,891,091 
Shares repurchased— (22,564,627)(22,564,627)
Exercise of stock options and issuance of
   other stock awards		— 5,156,241 5,156,241 
Balance at December 31, 20231,996,537,778 (648,055,073)1,348,482,705 

Stock plan awards to employees and non-employee directors are issued from treasury shares. At December 31, 2023, 64.7 million shares of Common Stock held in treasury were reserved for stock options and other stock awards.

Share Repurchase Program
Between 2013 and 2020, our Board of Directors authorized the repurchase of a total of $23.7 billion of our Common Stock and extended the program through December 31, 2023. Prior to January 1, 2023, we had repurchased approximately $22.0 billion of Common Stock pursuant to this authorization. Our Board of Directors approved a new program authorizing the repurchase of up to $6.0 billion of our Common Stock through December 31, 2025. This authorization, effective January 1, 2023, replaced our previous share repurchase program. Repurchases under the program are determined by management and are wholly discretionary.

During the year ended December 31, 2023, we repurchased approximately 22.6 million shares of Common Stock at an average cost of $69.49 per share, or an aggregate cost of approximately $1.6 billion, all of which was paid during the period except for approximately $20.9 million settled in January 2024. All share repurchases were funded through available cash and commercial paper issuances. As of December 31, 2023, we have approximately $4.4 billion in remaining share repurchase capacity.