As-converted class A common stock. The number of shares of each series and class, and the number of shares of class A common stock on an as-converted basis were as follows:


	March 31, 2021					September 30, 2020
	Shares Outstanding		Conversion Rate Into Class A Common Stock		As-converted Class A Common Stock(1)	Shares Outstanding		Conversion Rate Into Class A Common Stock		As-converted Class A Common Stock(1)
	(in millions, except conversion rates)
Series A preferred stock	—	(2)	100.0000		10	—	(2)	100.0000		35
UK&I preferred stock	2		6.3680		16	2		6.3870		16
Europe preferred stock	3		6.8530		22	3		6.8610		22
Class A common stock(3)	1,694		—		1,694	1,683		—		1,683
Class B common stock	245		1.6228	(4)	398	245		1.6228	(4)	398
Class C common stock	11		4.0000		43	11		4.0000		43
Total					2,183					2,197

(1)Figures in the table may not recalculate exactly due to rounding. As-converted class A common stock is calculated based on unrounded numbers.

(3)Class A common stock shares outstanding reflect repurchases that settled on or before March 31, 2021 and September 30, 2020, respectively.

(4)The class B to class A common stock conversion rate is presented on a rounded basis. Conversion calculations for dividend payments are based on a conversion rate rounded to the tenth decimal.

Reduction in as-converted shares. Under the terms of the Europe retrospective responsibility plan, the Company is entitled to recover VE territory covered losses through periodic adjustments to the class A common stock conversion rates applicable to the UK&I and Europe preferred stock. The recovery has the same economic effect on earnings per share as repurchasing the Company’s class A common stock, because it reduces the UK&I and Europe preferred stock conversion rates and consequently, reduces the as-converted class A common stock share count.

The following table presents the reduction in as-converted UK&I and Europe preferred stock after the Company recovered VE territory covered losses through conversion rate adjustments in the six months ended March 31, 2021. There were no conversion rate adjustments in the six months ended March 31, 2020.


	Six Months Ended March 31, 2021
	UK&I			Europe
	(in millions, except per share data)
Reduction in equivalent number of as-converted shares of class A common stock	—		(1)	—		(1)
Effective price per share(2)	$	209.89		$	209.89
Recovery through conversion rate adjustment	$	9		$	6

(2)Effective price per share for the quarter is calculated using the volume-weighted average price of the Company’s class A common stock over a pricing period in accordance with the Company’s current certificates of designations for its series B and C convertible participating preferred stock. Effective price per share is calculated using the weighted-average effective prices of the respective adjustments made during the year.


	Three Months Ended March 31,				Six Months Ended March 31,
	2021		2020		2021		2020
	(in millions, except per share data)
Shares repurchased in the open market(1)	8		18		17		31
Average repurchase price per share(2)	$	208.65	$	181.11	$	205.05	$	180.31
Total cost(2)	$	1,713	$	3,133	$	3,509	$	5,503

(1)Shares repurchased in the open market reflect repurchases that settled during the three and six months ended March 31, 2021 and 2020, respectively. All shares repurchased in the open market have been retired and constitute authorized but unissued shares.

(2)Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share and total cost is calculated based on unrounded numbers.

In January 2020, the Company’s board of directors authorized a $9.5 billion share repurchase program and in January 2021, authorized an additional $8.0 billion share purchase program. These authorizations have no expiration date. As of March 31, 2021, the Company’s repurchase programs had remaining authorized funds of $10.0 billion.

Dividends. On April 23, 2021, the Company’s board of directors declared a quarterly cash dividend of $0.32 per share of class A common stock (determined in the case of class B and C common stock and series A, UK&I and Europe preferred stock on an as-converted basis), which will be paid on June 1, 2021, to all holders of record as of May 14, 2021. The Company declared and paid dividends of $701 million and $668 million during the three months ended March 31, 2021 and 2020, respectively, and $1.4 billion and $1.3 billion during the six months ended March 31, 2021 and 2020, respectively.