Stockholders' Equity (Tables)

12 Months Ended

Sep. 30, 2022

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:


	September 30,
	2022					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		16	—	(2)	100.0000		7
Series B preferred stock	2		2.9710		7	2		6.3210		16
Series C preferred stock	3		3.6450		12	3		6.8340		22
Class A common stock(3)	1,635		—		1,635	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		39	10		4.0000		41
Total					2,103					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 September 30, 2022 and 2021.

(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 series B and C preferred stock after the Company recovered VE territory covered losses through conversion rate adjustments and completed its Sixth Anniversary Release in fiscal 2022 and fourth anniversary release in fiscal 2020 (collectively Anniversary Releases):


	For the Years Ended September 30,
	2022				2021						2020
	Series B		Series C		Series B			Series C			Series B		Series C
	(in millions, except per share data)

Reduction in equivalent number of class A common stock	8		10		—		(1)	—		(1)	16		22
Effective price per share(2)	$	197.93	$	197.50	$	220.84		$	220.71		$	194.31	$	194.33
Recovery through conversion rate adjustment	$	135	$	6	$	35		$	20		$	72	$	92
Anniversary Releases	$	1,510	$	1,982	$	—		$	—		$	3,084	$	4,216

(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 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.

Effect of U.S. Retrospective Responsibility Plan on the Company Class Common B As-Converted Shares

The following table presents the reduction in the number of as-converted class B common stock after deposits into the U.S. litigation escrow account for fiscal 2022. There was no comparable adjustment recorded for class B common stock for fiscal 2021 and 2020.


	For the Year Ended September 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.

Schedule of Share Repurchases in the Open Market

The following table presents share repurchases in the open market:


	For the Years Ended September 30,
	2022		2021		2020
	(in millions, except per share data)
Shares repurchased in the open market(1)	56		40		44
Average repurchase price per share(2)	$	206.47	$	219.03	$	183.00
Total cost(2)	$	11,589	$	8,676	$	8,114

(1)Shares repurchased in the open market reflect repurchases that settled during fiscal 2022, 2021 and 2020. 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.