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Stockholders' Equity
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Stockholders' Equity

6.   Stockholders’ Equity

The following table summarizes common share repurchases, issuances and dividends paid.

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(Dollars and shares in millions, except per share amounts)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Common stock repurchased(1)

 

 

6.3

 

 

 

7.0

 

 

 

19.4

 

 

 

26.9

 

Common stock repurchased (in dollars)(1)

 

$

95

 

 

$

150

 

 

$

315

 

 

$

450

 

Average purchase price per share(1)

 

$

15.19

 

 

$

21.42

 

 

$

16.25

 

 

$

16.71

 

Remaining common stock repurchase authority(1)

 

$

685

 

 

$

150

 

 

$

685

 

 

$

150

 

Shares repurchased related to employee stock-

   based compensation plans(2)

 

 

—

 

 

 

.2

 

 

 

1.1

 

 

 

3.0

 

Average purchase price per share(2)

 

$

—

 

 

$

21.36

 

 

$

17.91

 

 

$

13.59

 

Common shares issued(3)

 

 

—

 

 

 

.6

 

 

 

2.4

 

 

 

4.8

 

Dividends paid

 

$

22

 

 

$

26

 

 

$

69

 

 

$

82

 

Dividends per share

 

$

.16

 

 

$

.16

 

 

$

.48

 

 

$

.48

 

 

(1) 

Common shares purchased under our share repurchase program. Our board of directors authorized a $1 billion multi-year share repurchase program in December 2021.

(2) 

Comprises shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs.

(3) 

Common shares issued under our various compensation and benefit plans.

 

The closing price of our common stock on September 30, 2022 was $14.69.