Common Stock

9 Months Ended

Sep. 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 nine months of 2022, the Company repurchased 10.1 million shares of its common stock for $1.6 billion. As of September 30, 2022, the Company remained authorized to repurchase up to approximately $4.7 billion in shares of its common stock. There is no time limit on the authorization. During the first nine months of 2021, the Company repurchased 5.3 million shares of its common stock for $734 million.

The Company issued approximately 3.1 million shares related to stock compensation and employee stock purchase plans during the first nine months of 2022 and 2021.

In September 2022, the Board of Directors of the Company declared a quarterly dividend of $0.590 per share on outstanding common stock, payable on November 15, 2022, to stockholders of record on October 7, 2022.

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