All of this success contributed to full year EBIT adjusted of $12.4 billion and adjusted auto free cash flow of $11.7 billion in 2023, which brings our total to more than $22 billion for '22 and '23. Almost 2/3 of that cash is being returned to shareholders through dividends and share repurchases, including the impact of the $10 billion accelerated share repurchase program that we announced in November. Through the ASR, we immediately retired 215 million common shares in the fourth quarter. Our current share count is less than 1.2 billion, and we are working to reduce this even further to less than 1 billion common shares outstanding, which would be about 600 million fewer than at our peak.

We began 2023 with $24 billion of auto cash and marketable securities, generated full year adjusted auto free cash flow of $11.7 billion and returned approximately $12 billion to our shareholders through dividends and share repurchases, including the impact of the $10 billion accelerated share repurchase program initiated in Q4. Coming into 2024, we are well positioned with roughly $20 billion of auto cash and marketable securities. And we'll appropriately balance our capital allocation priorities with the plan to continue to return capital to our shareholders through repurchases and our new higher dividend rate.

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I think the balance sheet is in really good shape. And there's no change to our stance of, call it, $18 billion or about $20 billion of cash on hand…That's kind of been our floor/targeted range. Obviously, we've carried quite a bit more than that over the last few years as we dealt with some of the uncertainty. But as we imagine -- or as we said in November when we announced the share repurchase with a lot of that uncertainty behind us, lower CapEx spending, we felt comfortable operating at that lower balance. So $18 billion to $20 billion feels very comfortable as the targeted range.

Excluding the cash that we keep on hand to operate our business, in keeping with our policy, we have $1 billion in excess cash, which will be allocated to international and digital acquisitions, high ROI capital projects, and share repurchases. We continue to see great value in our shares. And during the year, with a $2.3 billion repurchase of our shares, we reduced our share count by 14%. To close, I would briefly like to discuss our enterprise valuation and why we still believe share repurchases are a remunerative use of our capital. Consider the following. As of yesterday, our share price was $47, and we had 320 million shares outstanding. This equates to a market capitalization of $15.1 billion. And if we add our quarter end domestic net debt and subtract the market value of our 56% stake in MGM China and analyst consensus estimates for the value of our 50% of BetMGM, then we have the enterprise value of our operations less China and BetMGM of $10.6 billion. Divide this by our 2023 EBITDA adjusted for corporate expense, and we calculate an implied current trailing trading multiple of just 4.9x. We think this multiple represents a discount to the value that we see in our future cash flows, which provides us further conviction in returning capital to shareholders by repurchasing our shares at these levels.