Stockholders' Equity

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Stockholders' Equity

The Company’s Board of Directors have approved share repurchase programs authorizing the Company to repurchase shares of its Class A Common Stock. These programs become effective after the completion of the previously authorized share repurchase program.

The following table summarizes the Company’s share repurchase authorizations of its Class A common stock through June 30, 2019, as well as historical purchases:

Board authorization dates	December 2018		December 2017		December 2016
Date program became effective	January 2019		March 2018		April 2017		Total
	(in millions, except average price data)
Board authorization	$	6,500	$	4,000	$	4,000	$	14,500
Dollar value of shares repurchased during the six months ended June 30, 2018	$	—	$	1,647	$	1,234	$	2,881
Remaining authorization at December 31, 2018	$	6,500	$	301	$	—	$	6,801
Dollar value of shares repurchased during the six months ended June 30, 2019	$	3,440	$	301	$	—	$	3,741
Remaining authorization at June 30, 2019	$	3,060	$	—	$	—	$	3,060
Shares repurchased during the six months ended June 30, 2018	—		9.0		7.2		16.2
Average price paid per share during the six months ended June 30, 2018	$	—	$	183.84	$	171.11	$	178.16
Shares repurchased during the six months ended June 30, 2019	14.8		1.6		—		16.4
Average price paid per share during the six months ended June 30, 2019	$	232.42	$	188.38	$	—	$	228.13
Cumulative shares repurchased through June 30, 2019	14.8		20.6		28.2		63.6
Cumulative average price paid per share	$	232.42	$	194.27	$	141.99	$	179.98

The following table presents the changes in the Company’s outstanding Class A and Class B common stock for the six months ended June 30, 2019:

	Outstanding Shares
	Class A		Class B
	(in millions)
Balance at December 31, 2018	1,018.6		11.8
Purchases of treasury stock	(16.4	)	—
Share-based payments	2.4		—
Conversion of Class B to Class A common stock	0.3		(0.3	)
Balance at June 30, 2019	1,004.9		11.5