filings.toolsItem 1A. Risk Factors
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Item 1A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 and Part II, Item 1A, "Risk Factors" in other reports we file with the Securities and Exchange Commission, from time to time, all of which could materially affect our business, financial condition or future results. There have been no material changes in our risk factors from those disclosed under the caption "Item 1A. Risk factors" to our annual report on Form 10-K for the year ended December 31, 2025.
| Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Securities |
The Company announced on February 4, 2016 that its Board approved a stock repurchase program (as updated from time to time, the "Program") authorizing the Company to repurchase its common stock from time to time until December 31, 2026. Since the beginning of the Program through March 31, 2026, 38,044,347 shares have been repurchased for an aggregate purchase price of $9.4 billion, leaving the Company up to $0.7 billion of remaining authorization available under the Program for future repurchases of shares of its common stock as of March 31, 2026. On April 23, 2026, the Board authorized an increase to the aggregate size of the Program by $1.0 billion to $11.1 billion.
The following table presents information as of March 31, 2026, with respect to purchases of common stock of the Company made during the three months ended March 31, 2026 by the Company as defined in Rule 10b-18(a)(3) under the Exchange Act.
| Period | Total Number of Shares Purchased****1 | Average Price Paid Per Share | Total Number of Shares Purchased as Part of the Publicly Announced Plan | Maximum Value that May Yet be Purchased Under the Publicly Announced Plan (in thousands) | ||||||||||||||||||||||
| January 1, 2026 through January 31, 2026 | 72,821 | $ | 301.75 | 72,821 | ||||||||||||||||||||||
| February 1, 2026 through February 28, 2026 | 1,167,919 | $ | 335.01 | 1,167,919 | ||||||||||||||||||||||
| March 1, 2026 through March 31, 2026 | 1,144,260 | $ | 325.75 | 1,144,260 | $ | 707,016 | ||||||||||||||||||||
| Total | 2,385,000 | $ | 329.55 | 2,385,000 |
| 1 During the quarter ended March 31, 2026, pursuant to our Stock Incentive Plan, we withheld 38,726 shares, at an average price per share of $334.32, in order to satisfy employees' tax withholding obligations in connection with the vesting of awards of restricted stock. |
| Item 3. Defaults Upon Senior Securities |
None.
| Item 4. Mine Safety Disclosures |
Not applicable.
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