Net Income Per Share and Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Reconciliation of earnings attributable to common stockholders, basic and diluted

The components of basic and diluted net income per share attributable to common stockholders are as follows:


	Three Months Ended March 31,
		2023		2022
		(in millions, except per share data)
Net income attributable to common stockholders		$	1,222	$	2,009
Participating share-based earnings (a)		(3)		(5)
Basic net income attributable to common stockholders		1,219		2,004

Adjustment to after-tax interest expense to reflect the dilutive impact attributable to Convertible Notes		1		1
Diluted net income attributable to common stockholders		$	1,220	$	2,005

Basic weighted average shares outstanding		235		243

Convertible Notes (b)		9		13
Diluted weighted average shares outstanding		244		256

Net income per share attributable to common stockholders:
Basic		$	5.19	$	8.25
Diluted		$	5.00	$	7.85

______________________

(a)Unvested Equity Awards represent participating securities because they participate in non-forfeitable dividends with the common equity owners of the Company. Participating share-based earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unvested Equity Awards do not participate in undistributed net losses as they are not contractually obligated to do so. The dilutive effect of the reallocation of participating share-based earnings to diluted net income attributable to common stockholders was negligible.

(b)Diluted weighted average common shares outstanding includes the dilutive effect had the Company's Convertible Notes been converted as of the beginning of the three months ended March 31, 2023 and 2022, respectively. If converted by the holder, the Company may settle in cash, shares of the Company's common stock or a combination thereof, at the Company's election. See Note 7 for additional information.

Dividends Declared

Base and variable dividends declared by the Board during the three months ended March 31, 2023 and 2022 are as follows:


	Base		Variable		Total		Total
	(per share)		(per share)		(per share)		(in millions)
2023:
First quarter	$	1.10	$	4.48	$	5.58	$	1,314




2022:
First quarter	$	0.78	$	3.00	$	3.78	$	922

Class of Treasury Stock

Expenditures to acquire shares under the stock repurchase program are as follows:


	Three Months Ended March 31,
		2023		2022
		(in millions)
Shares repurchased (a)		$	500	$	250

______________________

(a)During the three months ended March 31, 2023, 2.4 million shares were repurchased under the stock repurchase program, as compared to 1.1 million shares repurchased during the three months ended March 31, 2022. Expenditures for share repurchases during the three months ended March 31, 2023 exclude the one percent excise tax on all stock repurchases after December 31, 2022.