Common Stock

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Common Stock

Common Stock

During the first three months of 2023, the Company repurchased 1.8 million shares of its common stock for $300 million.

As of March 31, 2023, the Company remained authorized to repurchase up to approximately $4.0 billion in shares of its common stock. There is no time limit on the authorization. During the first three months of 2022, the Company repurchased 3.2 million shares of its common stock for $500 million.

The Company issued approximately 1.8 million shares related to stock compensation and employee stock purchase plans during the first three months of 2023 and 2022.

In January 2023, the Board of Directors of the Company declared a quarterly dividend of $0.59 per share on outstanding common stock, which was paid in February 2023. In March 2023, the Board of Directors of the Company declared an additional quarterly dividend of $0.59 per share on outstanding common stock, payable on May 15, 2023, to stockholders of record on April 5, 2023.