Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
(c) The following table discloses repurchases of our common stock made in the second quarter of 2026. All of the Company’s preferred stock outstanding has preference over the Company’s common stock with respect to the payment of dividends.
Issuer purchases of equity securities
| Share repurchases – second quarter of 2026 | Total shares repurchased as part of a publicly announced plan or program | Maximum approximate dollar value of shares that may yet be purchased under the publicly announced plans or programs at June 30, 2026 | |||||||||||||||||||||||||||
| (dollars in millions, except per share amounts; common shares in thousands) | Total shares repurchased | Average price per share | |||||||||||||||||||||||||||
| April 2026 | 1,673 | $ | 135.17 | 1,673 | $ | 10,588 | |||||||||||||||||||||||
| May 2026 | 3,784 | 135.53 | 3,784 | 10,075 | |||||||||||||||||||||||||
| June 2026 | 2,559 | 142.32 | 2,559 | 9,711 | |||||||||||||||||||||||||
| Second quarter of 2026 (a) | 8,016 | $ | 137.62 | 8,016 | $ | 9,711 | (b) |
(a) Includes 24 thousand shares repurchased at a purchase price of $3 million from employees, primarily in connection with the employees’ payment of taxes upon the vesting of restricted stock. The average price per share of open market repurchases was $137.64.
(b) Represents the maximum value of the shares to be repurchased under the share repurchase plan announced in April 2026 and includes shares repurchased in connection with employee benefit plans.
In April 2024, we announced a share repurchase authorization providing for the repurchase of $6.0 billion of common shares. In April 2026, we announced a new share repurchase authorization providing for the repurchase of $10.0 billion of common shares in addition to any remaining capacity under the existing April 2024 authorization.
Share repurchases may be executed through open market repurchases, in privately negotiated transactions or by other means, including through repurchase plans designed to comply with Rule 10b5-1 and other derivative, accelerated share repurchase and other structured transactions. The timing and exact amount of any common stock repurchases will depend on various factors, including market conditions and the common stock trading price; the Company’s capital position, liquidity and financial performance; alternative uses of capital; and legal and regulatory limitations and considerations.
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