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 September 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 nine months ended September 30, 2018 | $ | — |
| | $ | 2,811 |
| | $ | 1,234 |
| | $ | 4,045 |
| Remaining authorization at December 31, 2018 | $ | 6,500 |
| | $ | 301 |
| | $ | — |
| | $ | 6,801 |
| Dollar value of shares repurchased during the nine months ended September 30, 2019 | $ | 5,202 |
| | $ | 301 |
| | $ | — |
| | $ | 5,503 |
| Remaining authorization at September 30, 2019 | $ | 1,298 |
| | $ | — |
| | $ | — |
| | $ | 1,298 |
| | | | | | | | | Shares repurchased during the nine months ended September 30, 2018 | — |
| | 14.6 |
| | 7.2 |
| | 21.8 |
| Average price paid per share during the nine months ended September 30, 2018 | $ | — |
| | $ | 192.82 |
| | $ | 171.11 |
| | $ | 185.64 |
| Shares repurchased during the nine months ended September 30, 2019 | 21.2 |
| | 1.6 |
| | — |
| | 22.8 |
| Average price paid per share during the nine months ended September 30, 2019 | $ | 245.25 |
| | $ | 188.38 |
| | $ | — |
| | $ | 241.27 |
| Cumulative shares repurchased through September 30, 2019 | 21.2 |
| | 20.6 |
| | 28.2 |
| | 70.0 |
| Cumulative average price paid per share | $ | 245.25 |
| | $ | 194.27 |
| | $ | 141.99 |
| | $ | 188.68 |
|
The following table presents the changes in the Company’s outstanding Class A and Class B common stock for the nine months ended September 30, 2019: | | | | | | | | Outstanding Shares | | Class A | | Class B | | (in millions) | Balance at December 31, 2018 | 1,018.6 |
| | 11.8 |
| Purchases of treasury stock | (22.8 | ) | | — |
| Share-based payments | 2.8 |
| | — |
| Conversion of Class B to Class A common stock | 0.3 |
| | (0.3 | ) | Balance at September 30, 2019 | 998.9 |
| | 11.5 |
|
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