filings.toolsItem 1A. Risk Factors
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Item 1A. Risk Factors
Item 1A. of our Annual Report on Form 10-K for the year ended December 31, 2024 includes a discussion of our risk factors. There have been no material changes in the risk factors described in that report.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The table below sets forth the information with respect to purchases made by or on behalf of the Company of its common stock during the third quarter of 2025.
| ISSUER PURCHASES OF EQUITY SECURITIES | ||||||||||||||||||||||||||||||||
| Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in thousands) | ||||||||||||||||||||||||||||
| July 1, 2025 – July 31, 2025 | ||||||||||||||||||||||||||||||||
| Share Repurchase Program (A) | 220,867 | $ | 169.78 | 220,867 | $ | 848,415 | ||||||||||||||||||||||||||
| Employee Transactions (B) | 862 | $ | 169.06 | N/A | N/A | |||||||||||||||||||||||||||
| August 1, 2025 - August 31, 2025 | ||||||||||||||||||||||||||||||||
| Share Repurchase Program (A) | 588,957 | $ | 178.16 | 588,957 | $ | 743,485 | ||||||||||||||||||||||||||
| Employee Transactions (B) | 4,824 | $ | 176.88 | N/A | N/A | |||||||||||||||||||||||||||
| September 1, 2025 – September 30, 2025 | ||||||||||||||||||||||||||||||||
| Share Repurchase Program (A) | 42,070 | $ | 179.82 | 42,070 | $ | 735,920 | ||||||||||||||||||||||||||
| Employee Transactions (B) | 162 | $ | 184.13 | N/A | N/A | |||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||
| Share Repurchase Program (A) | 851,894 | $ | 176.07 | 851,894 | $ | 735,920 | ||||||||||||||||||||||||||
| Employee Transactions (B) | 5,848 | $ | 175.93 | N/A | N/A |
(A)Since the share repurchase program’s inception in May 2003, our Board of Directors has authorized $13 billion of share repurchases of our common stock through September 30, 2025. The share repurchase authorization has no set expiration or termination date.
(B)Includes: (1) shares delivered or attested to in satisfaction of the exercise price and/or tax withholding obligations by holders of stock options (granted under the Company’s Amended and Restated Employee Long-Term Incentive Plan) who exercised options; and (2) shares withheld (under the terms of grants under the Amended and Restated Employee Long-Term Incentive Plan) to offset tax withholding obligations that occur upon the delivery of outstanding common shares underlying restricted stock units and performance share units.
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