Common Stock

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Common Stock

Common Stock

The Company has a share repurchases program authorized by the Board of Directors.

In 2023, the Company repurchased 6.4 million shares of its common stock for $1.15 billion. At December 31, 2023, the Company remained authorized to repurchase up to approximately $3.2 billion in shares of its common stock. There is no time limit on the authorization. In 2022, the Company repurchased 12.2 million shares of its common stock for $1.9 billion.

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

The Company issued approximately 3.6 million and 3.5 million shares related to stock compensation and employee stock purchase plans during the years ended December 31, 2023 and 2022, respectively.

In January 2024, the Board of Directors of the Company declared a quarterly dividend of $0.710 per share on outstanding common stock, payable in February 2024.