Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Repurchase of Equity Securities

On April 23, 2024, the Company’s Board of Directors (the “Board”) authorized a stock repurchase program under which the Company may purchase up to $2.0 billion of the Company’s Class A Common Stock (“Common Stock”) during the three-year period ending on the close of business on April 28, 2027 (the “2024 Stock Repurchase Program”). The 2024 Stock Repurchase Program became effective on April 29, 2024. During the three months ended March 31, 2025, the Company repurchased 2.7 million shares of its Common Stock for $180.9 million under the 2024 Stock Repurchase Program. All of the repurchased shares during the first three months of 2025 were retired by the Company. From April 1, 2025 to April 22, 2025, the Company repurchased 0.7 million additional shares of its Common Stock for $43.9 million, and, as of April 22, 2025, the Company has remaining authorization to purchase up to $1,311.6 million of its Common Stock under the 2024 Stock Repurchase Program. The timing and amount of any future repurchases will depend on a number of factors, such as the levels of cash generation from operations, the volume of stock options exercised by employees, cash requirements for acquisitions, dividends paid, economic and market conditions and the price of the Common Stock.

The table below reflects the Company’s stock repurchases for the three months ended March 31, 2025, adjusted to give effect to the two-for-one stock split, which is discussed in Note 1 of the Notes to Condensed Consolidated Financial Statements:


				Total Number of	Maximum Dollar
(dollars in millions, except price per share)				Shares Purchased as	Value of Shares
	Total Number	Average		Part of Publicly	that May Yet be
	of Shares	Price Paid		Announced Plans or	Purchased Under the
Period	Purchased	per Share		Programs	Plans or Programs
January 1 to January 31, 2025	712,700	$	71.10	712,700	$	1,485.6
February 1 to February 28, 2025	883,100		68.77	883,100		1,424.9
March 1 to March 31, 2025	1,079,200		64.35	1,079,200	$	1,355.4
Total	2,675,000	$	67.61	2,675,000

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

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