Common Share Repurchases

6 Months Ended

Jun. 30, 2023

Treasury Stock Transactions, Excluding Value of Shares Reissued [Abstract]

Common Share Repurchases

COMMON SHARE REPURCHASES

During the three and six months ended June 30, 2023, the Company repurchased 2.2 million and 4.4 million common shares, respectively, under its share repurchase authorizations for total cost of $400 million and $800 million, respectively. The average cost per share repurchased was $180.13 and $181.68, respectively.  In addition, the Company acquired 820 shares and 0.3 million common shares for a total cost of approximately $146,000 and $62 million during the three and six months ended June 30, 2023, respectively, that were not part of its publicly announced share repurchase authorizations.  These shares consisted of shares retained to cover payroll withholding taxes in connection with the vesting of restricted stock unit awards and performance share awards, and shares used by employees to cover the price of certain stock options that were exercised.

On April 19, 2023, the Board of Directors approved a share repurchase authorization that added $5.0 billion of repurchase capacity. At June 30, 2023, the Company had $6.20 billion of capacity remaining under its share repurchase authorizations. Included in the cost of treasury stock acquired pursuant to common share repurchases is the 1% excise tax imposed as part of the Inflation Reduction Act.