| Stockholders' Equity Dividends The Company declared quarterly cash dividends on its Class A and Class B common stock as summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in millions, except per share data) | | Dividends declared per share | | $ | 0.66 | | | $ | 0.57 | | | $ | 1.32 | | | $ | 1.14 | | | Total dividends declared | | $ | 611 | | | $ | 538 | | | $ | 1,226 | | | $ | 1,079 | |
Common Stock Activity The following table presents the changes in the Company’s outstanding Class A and Class B common stock: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | | 2024 | | 2023 | | | | Outstanding Shares | | Outstanding Shares | | | | Class A | | Class B | | Class A | | Class B | | | (in millions) | | Balance at beginning of period | | 924.2 | | | 7.1 | | | 941.4 | | | 7.5 | | | Purchases of treasury stock | | (5.8) | | | — | | | (6.5) | | | — | | | Share-based payments | | 0.1 | | | — | | | 0.9 | | | — | | | Conversion of Class B to Class A common stock | | — | | | — | | | 0.1 | | | (0.1) | | | Balance at end of period | | 918.5 | | | 7.1 | | | 935.9 | | | 7.4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | | 2024 | | 2023 | | | | Outstanding Shares | | Outstanding Shares | | | | Class A | | Class B | | Class A | | Class B | | | (in millions) | | Balance at beginning of period | | 927.3 | | | 7.2 | | | 948.4 | | | 7.6 | | | Purchases of treasury stock | | (10.2) | | | — | | | (14.4) | | | — | | | Share-based payments | | 1.3 | | | — | | | 1.7 | | | — | | | Conversion of Class B to Class A common stock | | 0.1 | | | (0.1) | | | 0.2 | | | (0.2) | | | Balance at end of period | | 918.5 | | | 7.1 | | | 935.9 | | | 7.4 | |
In December 2023 and 2022, the Company’s Board of Directors approved share repurchase programs of its Class A common stock authorizing the Company to repurchase up to $11.0 billion and $9.0 billion, respectively. The following table summarizes the Company’s share repurchases of its Class A common stock: | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | | 2024 | | 2023 | | | (in millions, except per share data) | Dollar-value of shares repurchased 1 | | $ | 4,631 | | | $ | 5,294 | | | Shares repurchased | | 10.2 | | | 14.4 | | | Average price paid per share | | $ | 454.92 | | | $ | 367.00 | |
1The dollar-value of shares repurchased does not include a 1% excise tax. The incremental tax is recorded in treasury stock on the consolidated balance sheet. As of June 30, 2024, the remaining authorization under the share repurchase programs approved by the Company’s Board of Directors was $9.5 billion.
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