Capital Stock

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Capital Stock

Capital Stock

Dividends

Common Stock

In February 2023, the Company’s Board of Directors approved an increase in the base quarterly dividend from $0.15 per share to $0.20 per share.

The following table summarizes the Company’s dividends on its common stock for each quarter in 2023 and 2022:

	Rate per share
	Fixed		Variable		Total		Total Dividends (In millions)
2023:
First quarter	$	0.20	$	0.37	$	0.57	$	438
Second quarter	0.20		—		0.20		153
Total year-to-date	$	0.40	$	0.37	$	0.77	$	591
2022:
First quarter	$	0.15	$	0.41	$	0.56	$	455
Second quarter	0.15		0.45		0.60		484
Total year-to-date	$	0.30	$	0.86	$	1.16	$	939

Treasury Stock

In February 2023, the Company’s Board of Directors approved a new share repurchase program which authorizes the purchase of up to $2.0 billion of the Company’s common stock.

During the six months ended June 30, 2023, the Company repurchased and retired 13 million shares for $328 million under its new repurchase program. As of June 30, 2023, the Company had $1.7 billion remaining under its current share repurchase program. During the six months ended June 30, 2022, the Company repurchased 20 million shares for $513 million under its previous share repurchase program.