Shareholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Common Stock

Declared Quarterly Cash Dividends on Common Stock (1)
Declaration Date	Record Date	Payment Date	Dividend Per Share
April 26, 2023	June 2, 2023	June 30, 2023	$	0.22
February 1, 2023	March 3, 2023	March 31, 2023	0.22

(1) In 2023, and through May 1, 2023.

During the three months ended March 31, 2023, the Corporation repurchased and retired 67 million shares of common stock, which reduced shareholders’ equity by $2.2 billion.

During the three months ended March 31, 2023, in connection with employee stock plans, the Corporation issued 68 million shares of its common stock and, to satisfy tax withholding obligations, repurchased 26 million shares of its common stock. At March 31, 2023, the Corporation had reserved 425 million unissued shares of common stock for future issuances under employee stock plans, convertible notes and preferred stock.

On April 26, 2023, the Board of Directors declared a quarterly common stock dividend of $0.22 per share.

Preferred Stock

During the three months ended March 31, 2023, the Corporation declared $505 million of cash dividends on preferred stock. For more information on the Corporation’s preferred stock, including liquidation preference, dividend requirements and redemption period, see Note 13 – Shareholders’ Equity to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.