Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

The Company's Board of Directors has authorized a stock repurchase program of the Company's common stock from time to time on the open market or through privately negotiated transactions. In 2022, the Company's Board of Directors authorized increases under the program including $3,000 million in June 2022 and an additional $2,000 million in December 2022. With these increases, the Company is authorized to repurchase up to $6,000 million, inclusive of past authorizations. As of September 30, 2023, the Company had a remaining amount of $1,256 million available under the stock repurchase program. In October 2023, the Company repurchased an additional 397 thousand shares for $27 million.

The following represents the Company's share repurchase activity ($ in millions, shares in thousands):

		Three Months Ended September 30,						Nine Months Ended September 30,
		2023			2022 (2)			2023			2022 (2)
		Shares	Cost		Shares	Cost		Shares	Cost		Shares	Cost
Share buybacks		11,609	$	773	11,486	$	1,040	22,489	$	1,550	15,674	$	1,384
Income tax withholding		11	1		34	3		778	52		941	79
Total share repurchases (1)		11,620	$	774	11,520	$	1,043	23,267	$	1,602	16,615	$	1,463
(1)	Excludes share repurchase excise tax of $10 million accrued as of September 30, 2023.
(2)	Includes 8.6 million shares delivered as part of an accelerated share repurchase (ASR) agreement, representing 80% of the $1,000 million notional amount. Remaining shares were delivered in the fourth quarter of 2022 upon the settlement of the ASR.

Shares repurchased for income tax withholding are shares withheld in connection with employee stock plans to meet applicable tax withholding requirements. These shares are typically included in the Company's treasury stock.