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Issuer Purchases of Equity Securities
−Removed: The following table provides information about our purchases of equity securities that are registered by us pursuant to Section 12 of the Exchange Act during the quarter ended June 30, 2024.
+Added: The following table provides information about our purchases of equity securities that are registered by us pursuant to Section 12 of the Exchange Act during the quarter ended September 30, 2024.
2024 Total Number of Shares Purchased
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(dollars in millions)
−Removed: April 1 - April 30 186 $ 100.27 — $ 976
−Removed: May 1 - May 31 139 105.18 — 976
−Removed: June 1 - June 30 161 103.70 — 976
+Added: July 1 - July 31 (1)
+Added: 527 $ 106.81 391 $ 976
+Added: August 1 - August 31 126 118.90 — 976
+Added: September 1 - September 30 (2)
Total 653 $ 112.63 391
+Added: (1) Total Number of Shares Purchased and Total Number of Shares Purchased as Part of a Publicly Announced Program include approximately 0.4 million shares received from the settlement of the first tranche of the accelerated share repurchase (ASR) agreement.
+Added: (2) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program includes the cash settlement from the second tranche of the ASR agreement.
On October 21, 2023, our Board of Directors authorized a share repurchase program for up to $11 billion of our common stock, replacing the previous program announced on December 12, 2022.
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On October 24, 2023, we entered into accelerated share repurchase (ASR) agreements with certain financial institution counterparties to repurchase shares of our common stock for an aggregate purchase price of $10 billion.
−Removed: Pursuant to the ASR agreements, in 2023 we made aggregate payments of $10 billion, and received initial deliveries of approximately 108.4 million shares which, at that time, represented approximately 85% of the shares expected to be repurchased.
−Removed: The final number of shares to be repurchased will be based on the average of the daily volume-weighted average prices of our common stock during the term of the ASR agreements, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR agreements.
−Removed: Upon final settlement of the ASR, under certain circumstances, each of the counterparties may be required to deliver additional shares of common stock, or we may be required to deliver shares of common stock or to make a cash payment to the counterparties, at our election.
−Removed: The final settlement of each transaction under the ASR agreements is scheduled to occur no later than the third quarter of 2024 and in each case may be accelerated at the option of the applicable counterparty.
+Added: The ASR agreements provided for the repurchase of our common stock based on the average of the daily volume-weighted average prices of our common stock during the term of such ASR agreement, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR agreement.
+Added: Pursuant to the ASR agreements, we made aggregate payments of $10 billion on October 26, 2023, and received initial deliveries of approximately 108.4 million shares of our common stock at a price of $78.38 per share, which, on that date, represented approximately 85% of the shares expected to be repurchased.
+Added: The aggregate purchase price was recorded as a reduction to Shareowners’ equity, consisting of an $8.5 billion increase in Treasury stock and a $1.5 billion decrease in Common stock.
+Added: The shares associated with the remaining portion of the aggregate purchase price have been settled over two tranches.
+Added: In July 2024, the first tranche was settled upon final delivery to us of approximately 0.4 million shares of common stock.
+Added: In September 2024, with respect to the second tranche, we owed approximately 2.2 million shares of common stock that we elected to cash settle for $261 million.
+Added: The cash payment required as a result of the second tranche settlement was due to the significant increase in the price of our common stock during the ASR term.
+Added: The final average price under the ASR was $94.28 per share.
We may also reacquire shares outside of the program in connection with the surrender of shares to cover taxes on vesting of restricted stock and as required under our employee savings plan.
Our ability to repurchase shares is subject to applicable law.
−Removed: During the quarter ended June 30, 2024, we repurchased 486 thousand shares outside of the program related to our employee savings plan.
+Added: During the quarter ended September 30, 2024, we repurchased 262 thousand shares outside of the program related to our employee savings plan.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.