Stockholders' Equity (Tables)

9 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

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:


	June 30, 2022					September 30, 2021
	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)
Series A preferred stock	—	(2)	100.0000		6	—	(2)	100.0000		7
Series B preferred stock	2		6.0550		15	2		6.3210		16
Series C preferred stock	3		6.8240		22	3		6.8340		22
Class A common stock(3)	1,637		—		1,637	1,677		—		1,677
Class B common stock	245		1.6059	(4)	394	245		1.6228	(4)	398
Class C common stock	10		4.0000		40	10		4.0000		41
Total					2,114					2,161

(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)The number of shares outstanding was less than one million.

(3)Class A common stock shares outstanding reflect repurchases that settled on or before June 30, 2022 and September 30, 2021, 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.

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

The following table presents the reduction in the number of as-converted class B common stock after deposit into the U.S. litigation escrow account for the nine months ended June 30, 2022. There was no comparable adjustment recorded for class B common stock for the nine months ended June 30, 2021.


	Nine Months Ended June 30, 2022
	(in millions, except per share data)
Reduction in equivalent number of class A common stock	4
Effective price per share(1)	$	205.06
Deposits under the U.S. retrospective responsibility plan	$	850

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

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

The following table presents the reduction in the number of as-converted series B and C preferred stock after the Company recovered VE territory covered losses through conversion rate adjustments:


	Nine Months Ended June 30, 2022					Nine Months Ended June 30, 2021
	Series B		Series C			Series B			Series C
	(in millions, except per share data)
Reduction in equivalent number of class A common stock	1		—		(1)	—		(1)	—		(1)
Effective price per share(2)	$	203.08	$	202.55		$	220.84		$	220.71
Recovery through conversion rate adjustment	$	135	$	6		$	35		$	20

(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 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 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.

Share Repurchase Program Disclosure

Common stock repurchases. The following table presents share repurchases in the open market:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2022		2021		2022		2021
	(in millions, except per share data)
Shares repurchased in the open market(1)	12		10		46		27
Average repurchase price per share(2)	$	202.81	$	227.11	$	208.30	$	213.02
Total cost(2)	$	2,433	$	2,200	$	9,486	$	5,709

(1)Shares repurchased in the open market reflect repurchases that settled during the three and nine months ended June 30, 2022 and 2021, 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 are calculated based on unrounded numbers.