Common Stock

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Common Stock

Common Stock

On March 23, 2022, the Board of Directors of the Company authorized an additional $5 billion in share repurchases. This is in addition to the Company's existing share repurchase program, which had approximately $1.3 billion of remaining authorization as of December 31, 2021.

During the first six months of 2022, the Company repurchased 7.0 million shares of its common stock for $1.1 billion. As of June 30, 2022, the Company remained authorized to repurchase up to approximately $5.2 billion in shares of its common stock. There is no time limit on the authorization.

During the first six months of 2021, the Company repurchased 3.4 million shares of its common stock for $445 million, of which approximately $434 million was paid through June 30, 2021.

The Company issued approximately 2.7 million and 2.6 million shares related to stock compensation and employee stock purchase plans during the first six months of 2022 and 2021, respectively.

In July 2022, the Board of Directors of the Company increased the quarterly dividend by 10% from $0.535 to $0.590 per share payable in the third quarter of 2022.