Capital Stock

9 Months Ended

Sep. 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 of the first three quarters 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
Third quarter	0.20		—		0.20		153
	$	0.60	$	0.37	$	0.97	$	744
2022
First quarter	$	0.15	$	0.41	$	0.56	$	455
Second quarter	0.15		0.45		0.60		484
Third quarter	0.15		0.50		0.65		519
	$	0.45	$	1.36	$	1.81	$	1,458

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 nine months ended September 30, 2023, the Company repurchased and retired 15 million shares for $388 million under its new repurchase program. As of September 30, 2023, the Company had $1.6 billion remaining under its current share repurchase program. During the nine months ended September 30, 2022, the Company repurchased 28 million shares for $740 million under its previous share repurchase program.