TREASURY STOCK

6 Months Ended

Jun. 30, 2023

At December 31, 2022, the Company had a total remaining authorization of $3.9 billion related to a program authorized by the Company's Board of Directors ("the Board") in 2019 to repurchase up to $15.0 billion of the Company's common stock. In the first quarter of 2023, the Board authorized an additional program to repurchase up to $20.0 billion of the Company's common stock. At June 30, 2023, the Company had a total remaining authorization of $18.8 billion to repurchase its common stock. The Company expects to complete the share repurchases under the remaining authorization within four years from when the Company started the program in the first quarter of 2023, assuming no major downturn in the travel market. Additionally, the Board has given the Company the general authorization to repurchase shares of its common stock withheld to satisfy employee withholding tax obligations related to stock-based compensation.

The following table summarizes the Company's stock repurchase activities during the three and six months ended June 30, 2023 and 2022 (in millions, except for shares, which are reflected in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Authorized stock repurchase programs	1,177	$	3,138	612	$	1,271	1,989	$	5,160	1,026	$	2,219
General authorization for shares withheld on stock award vesting	1	3		1	3		67	176		74	155
Total	1,178	$	3,141	613	$	1,274	2,056	$	5,336	1,100	$	2,374

Stock repurchases of $110 million in June 2023 were settled in July 2023.

For the six months ended June 30, 2023 and 2022, the Company remitted employee withholding taxes of $176 million and $154 million, respectively, to the tax authorities, which may differ from the aggregate cost of the shares withheld for taxes for each period due to the timing in remitting the taxes. The cash remitted to the tax authorities is included in financing activities in the Unaudited Consolidated Statements of Cash Flows. Effective January 1, 2023, the Inflation Reduction Act of 2022 has mandated a 1% excise tax on share repurchases. Excise tax obligations that result from the Company's share repurchases are accounted for as a cost of the treasury stock transaction. As of June 30, 2023, the Company recorded an estimated excise tax liability of $47 million for stock repurchases during the six months ended June 30, 2023, which is included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheet.