Item 2. Unregistered Sales of Equity Securities
ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
REPURCHASES OF EQUITY SECURITIES
In July 2018, our Board of Directors authorized a stock repurchase program that provides for the repurchase of up to $10 billion of our common stock, with no expiration from the date of authorization. In June 2022, our Board of Directors authorized an additional stock repurchase program that provides for the repurchase of up to $15 billion of our common stock, with no expiration from the date of authorization. Our stock repurchase programs are intended to offset the impact of dilution from our equity compensation programs and, subject to market conditions and other factors, may also be used to make opportunistic repurchases of our common stock to reduce outstanding share count. Any share repurchases under our stock repurchase programs may be made through open market transactions, block trades, privately negotiated transactions including accelerated share repurchase agreements or other means at times and in such amounts as management deems appropriate, and will be funded from our working capital or other financing alternatives. Moreover, any stock repurchases are subject to market conditions and other uncertainties and we cannot predict if or when any stock repurchases will be made. We may terminate our stock repurchase programs at any time without prior notice.
The stock repurchase activity under our stock repurchase programs during the three months ended September 30, 2022 is summarized below:
Total number of shares purchased Average price
paid per share (1)
Total number of shares purchased as part of publicly announced plans or programs Approximate dollar value of shares that may yet be purchased under the plans or programs
(In millions, except per share amounts)
Balance as of June 30, 2022 $ 17,810
July 1, 2022 through July 31, 2022 — $ — — 17,810
August 1, 2022 through August 31, 2022 4.8 $ 96.41 4.8 17,346
September 1, 2022 through September 30, 2022
5.2 $ 91.62 5.2 16,871
Balance as of September 30, 2022
10.0 10.0 $ 16,871
(1) Average price paid per share for open market purchases includes broker commissions.
ITEM 3: DEFAULTS UPON SENIOR SECURITIES
None.
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ITEM 4: MINE SAFETY DISCLOSURES
Not applicable.
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