Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Equity

14. EQUITY

EQUITY REPURCHASE PROGRAM

During the nine months ended September 30, 2022 and 2021, the Company repurchased $1.2 billion (17 million shares) and $1.2 billion (19 million shares), respectively, of common stock under the $3.0 billion share repurchase authorization that is effective until December 31, 2022 as authorized by the Board of Directors. In addition to this authorization, in July, 2022, the Board of Directors approved a share repurchase authorization for up to $3.0 billion effective from August 1, 2022 to December 31, 2024. As of September 30, 2022, the Company has $3.1 billion remaining for equity repurchases under both these share repurchase programs. During the period October 1, 2022 through October 26, 2022, the Company repurchased $98 (1.5 million shares) under these repurchase programs.

The timing of any repurchases is dependent on several factors, including the market price of the Company's securities, the Company's capital position, consideration of the effect of any repurchases on the Company's financial strength or credit ratings, the Company's blackout periods, and other considerations