Common Stock

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Common Stock

Common Stock

During the first nine months of 2023, the Company repurchased 5.1 million shares of its common stock for $900 million. As of September 30, 2023, the Company remained authorized to repurchase up to approximately $3.4 billion in shares of its common stock. There is no time limit on the authorization. During the first nine months of 2022, the Company repurchased 10.1 million shares of its common stock for $1.6 billion.

The Company issued approximately 3.3 million and 3.1 million shares related to stock compensation and employee stock purchase plans during the first nine months of 2023 and 2022, respectively.

In January and March of 2023, the Board of Directors of the Company declared quarterly dividends of $0.59 per share on outstanding common stock, which were paid in February 2023 and May 2023, respectively. In July 2023, the Board of Directors of the Company declared a quarterly dividend of $0.71 per share on outstanding common stock, paid in the third quarter of 2023.

In September 2023, the Board of Directors of the Company declared a quarterly dividend of $0.71 per share on outstanding common stock, payable in November 2023.