Stockholders’ Equity

9 Months Ended

Sep. 30, 2021

Stock Repurchase Program

Our stock repurchase programs are intended to programmatically offset the impact of dilution from our equity compensation programs and, subject to market conditions and other factors, to make opportunistic and programmatic repurchases of our common stock to reduce our outstanding share count. Any share repurchases under our stock repurchase programs may be made through open market transactions, block trades, privately negotiated transactions (including accelerated share repurchase transactions) or other means at times and in such amounts as management deems appropriate and will be funded from our working capital or other financing alternatives. Our stock repurchase programs may be limited or terminated at any time without prior notice. The timing and actual number of shares repurchased will depend on a variety of factors, including corporate and regulatory requirements, price and other market conditions and management’s determination as to the appropriate use of our cash.

In January 2020, our Board authorized an additional $5.0 billion stock repurchase program, in February 2021, our Board authorized an additional $4.0 billion stock repurchase program and in August 2021, our Board authorized an additional $3.0 billion stock repurchase program. These stock repurchase programs have no expiration from the date of authorization.

The following table summarizes stock repurchase activity under our stock repurchase programs for the period indicated (in millions, except per share amounts):


	Shares Repurchased (1)	Average Price per Share (2)		Value of Shares Repurchased (2)		Remaining Amount Authorized
Balance as of January 1, 2021						$	2,033
Authorization of additional plan in February 2021						4,000
Authorization of additional plan in August 2021						3,000
Repurchase of shares of common stock	60	$	67.11	$	4,042	(4,042)


Balance as of September 30, 2021						$	4,991

(1) These repurchased shares of common stock were recorded as treasury stock and were accounted for under the cost method. None of the repurchased shares of common stock have been retired.

(2) Excludes broker commissions.

Dividends

The Company paid a total of $116 million and $359 million in cash dividends during the three and nine months ended September 30, 2021, respectively, and $111 million and $337 million during the three and nine months ended September 30, 2020, respectively. In October 2021, our Board of Directors declared a cash dividend of $0.18 per share of common stock to be paid on December 17, 2021 to stockholders of record as of December 1, 2021.