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Net Income Per Share and Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Reconciliation of earnings attributable to common stockholders, basic and diluted The components of basic and diluted net income per share attributable to common shareholders are as follows:
 
Year Ended December 31,
 202320222021
 (in millions, except per share data)
Net income attributable to common shareholders$4,894 $7,845 $2,118 
Participating share-based earnings (a)(9)(15)(5)
Basic net income attributable to common shareholders4,885 7,830 2,113 
Adjustment to after-tax interest expense to reflect the dilutive impact attributable to Convertible Notes
3 6 6 
Diluted net income attributable to common shareholders$4,888 $7,836 $2,119 
Basic weighted average shares outstanding234 240 233 
Contingently issuable share-based compensation1 — 1 
Convertible Notes (b)
7 12 12 
Diluted weighted average shares outstanding242 252 246 
Net income per share attributable to common shareholders:
Basic$20.89 $32.61 $9.06 
Diluted$20.21 $31.13 $8.61 
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(a)Unvested Equity Awards and Liability 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 and Liability 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 shareholders 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 years ended December 31, 2023, 2022 and 2021, respectively. If converted by the holder, the Company may settle in cash, Company's common shares or a combination thereof, at the Company's election. See Note 6 for additional information.
Dividends Declared Dividends declared by the Board are as follows:
BaseVariableTotalTotal
(per share)(per share)(per share)(in millions)
2023:
First quarter$1.10 $4.48 $5.58 $1,314 
Second quarter1.25 2.09 3.34 784 
Third quarter1.25 0.59 1.84 429 
Fourth quarter1.25 1.95 3.20 772 
$4.85 $9.11 $13.96 $3,299 
2022:
First quarter$0.78 $3.00 $3.78 $922 
Second quarter0.78 6.60 7.38 1,788 
Third quarter1.10 7.47 8.57 2,053 
Fourth quarter1.10 4.61 5.71 1,357 
$3.76 $21.68 $25.44 $6,120 
2021:
First quarter$0.56 $— $0.56 $122 
Second quarter0.56 — 0.56 138 
Third quarter0.56 1.51 2.07 508 
Fourth quarter0.62 3.02 3.64 890 
$2.30 $4.53 $6.83 $1,658 
Class of Treasury Stock
Expenditures to acquire shares under the share repurchase programs are as follows:
Year Ended December 31,
202320222021
(in millions)
Shares repurchased (a)$624 $1,649 $250 
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(a)During the year ended December 31, 2023, the Company repurchased 3.0 million shares under the share repurchase programs, as compared to 7.2 million and 1.4 million shares repurchased during the years ended December 31, 2022 and 2021, respectively. Expenditures for share repurchases during the year ended December 31, 2023 exclude the one percent excise tax due on all share repurchases after December 31, 2022.