Stockholders' Equity (Tables)

12 Months Ended

Sep. 30, 2019

The number of shares of each series and class, and the number of shares of class A common stock on an as-converted basis at September 30, 2019 and 2018, are as follows:



	September 30, 2019				September 30, 2018
	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 rate)
UK&I preferred stock	2	12.9360		32	2	12.9550		32
Europe preferred stock	3	13.8840		44	3	13.8880		44
Class A common stock⁽²⁾	1,718	—		1,718	1,768	—		1,768
Class B common stock	245	1.6228	⁽³⁾	398	245	1.6298	⁽³⁾	400
Class C common stock	11	4.0000		45	12	4.0000		47
Total				2,237				2,291


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


⁽²⁾	Class A common stock shares outstanding reflect repurchases settled on or before September 30, 2019 and 2018.

⁽³⁾

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.

Effect of VE Territory Covered Losses Recovery on the Company Repurchasing its Common Stock

The following table presents as-converted UK&I and Europe preferred stock, after the Company recovered VE territory covered losses through conversion rate adjustments:



	For the Years Ended September 30,
	2019						2018						2017
	UK&I			Europe			UK&I			Europe			UK&I		Europe
	(in millions, except per share and conversion rate data)
Reduction in equivalent number of as-converted shares of class A common stock	—		⁽¹⁾	—		⁽¹⁾	—		⁽¹⁾	—		⁽¹⁾	2		—		⁽¹⁾
Effective price per share⁽²⁾	$	141.32		$	150.26		$	113.05		$	112.92		$	88.70	$	85.01
Recovery through conversion rate adjustment	$	6		$	2		$	35		$	21		$	190	$	1


⁽¹⁾	The reduction in equivalent number of shares of class A common stock was less than one million shares.

⁽²⁾

Effective price per share for each adjustment made during the year 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 for each fiscal year is calculated using the weighted-average effective prices of the respective adjustments made during the year.

Schedule of Share Repurchases in the Open Market

The following table⁽¹⁾ presents share repurchases in the open market for the following fiscal years:



	For the Years Ended September 30,
	2019		2018		2017
	(in millions, except per share data)
Shares repurchased in the open market⁽²⁾	56		58		77
Average repurchase price per share⁽³⁾	$	154.01	$	123.76	$	89.98
Total cost	$	8,607	$	7,192	$	6,891

⁽¹⁾

Shares repurchased in the open market reflect repurchases settled during fiscal 2019, 2018 and 2017. These amounts include repurchases traded but not yet settled on or before September 30, 2019, September 30, 2018 and September 30, 2017 for fiscal 2019, 2018 and 2017, respectively. Also, these exclude repurchases traded but not yet settled on or before September 30, 2019, September 30, 2018 and September 30, 2017 for fiscal 2019, 2018 and 2017, respectively.


⁽²⁾	All shares repurchased in the open market have been retired and constitute authorized but unissued shares.

⁽³⁾

Average repurchase price per share is calculated based on unrounded numbers.

Effect of U.S. Retrospective Responsibility Plan on the Company Class Common B As-Converted Shares [Table Text Block]

The following table presents as-converted class B common stock after deposits into the litigation escrow account for fiscal 2019 and 2018. There were no comparable adjustments recorded for as-converted class B common stock for fiscal 2017.



	For the Years Ended September 30,
	2019		2018
	(in millions, except per share data)
Reduction in equivalent number of as-converted shares of class A common stock	2		5
Effective price per share⁽¹⁾	$	174.73	$	132.32
Deposits under the U.S. retrospective responsibility plan	$	300	$	600

⁽¹⁾

Effective price per share 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 certificate of incorporation.