Stockholders' Equity

9 Months Ended

Sep. 30, 2019

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