v3.23.2
Stockholders' Equity
 9 Months Ended
Jun. 30, 2023
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
Note 9—Stockholders’ Equity
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, 2023September 30, 2022
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 8 — 
(2)
100.0000 16 
Series B preferred stock2 2.9370 7 2 2.9710 7 
Series C preferred stock3 3.6290 11 3 3.6450 12 
Class A common stock1,607 — 1,607 1,635 — 1,635 
Class B common stock245 1.5902 
(3)
390 245 1.6059 
(3)
394 
Class C common stock10 4.0000 38 10 4.0000 39 
Total2,061 2,103 
(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)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.
Reduction in 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 under the U.S. retrospective responsibility plan:
Nine Months Ended
June 30,
20232022
(in millions, except per share data)
Reduction in equivalent number of class A common stock4 4 
Effective price per share(1)
$219.70 $205.06 
Deposits into the U.S. litigation escrow account$850 $850 
(1)Effective price per share for the period represents the weighted-average price calculated using the effective prices per share of the respective adjustments made during the period. Effective price per share for each adjustment 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.
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 under the Europe retrospective responsibility plan:
Nine Months Ended
June 30, 2023		Nine Months Ended
June 30, 2022
Series BSeries CSeries BSeries 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)
$219.12 $215.28 $203.08 $202.55 
Recovery through conversion rate adjustment
$19 $11 $135 $6 
(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 period represents the weighted-average price calculated using the effective prices per share of the respective adjustments made during the period. Effective price per share for each adjustment 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.
Common stock repurchases. The following table presents share repurchases in the open market:
Three Months Ended
June 30,		Nine Months Ended
June 30,
2023202220232022
(in millions, except per share data)
Shares repurchased in the open market(1)
13 12 39 46 
Average repurchase cost per share(2)
$229.00 $202.81 $214.44 $208.30 
Total cost(2)
$3,064 $2,433 $8,395 $9,486 
(1)Shares repurchased in the open market reflect repurchases that settled during the three and nine months ended June 30, 2023 and 2022, 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 cost per share and total cost are calculated based on unrounded numbers and include applicable taxes.
In October 2022, the Company’s board of directors authorized a $12.0 billion share repurchase program. This authorization has no expiration date. As of June 30, 2023, the Company’s repurchase program had remaining authorized funds of $8.8 billion. All share repurchase programs authorized prior to October 2022 have been completed.
Dividends. During the three months ended June 30, 2023 and 2022, the Company declared and paid dividends of $937 million and $798 million, respectively. During the nine months ended June 30, 2023 and 2022, the Company declared and paid dividends of $2.8 billion and $2.4 billion, respectively. On July 25, 2023, the Company’s board of directors declared a quarterly cash dividend of $0.45 per share of class A common stock (determined in the case of class B and C common stock and series A, B and C preferred stock on an as-converted basis), payable on September 1, 2023, to all holders of record as of August 11, 2023.