Item 1A. Risk Factors

A description of the risk factors associated with our business is contained in the “Risk Factors” section of our Annual Report on Form 10-K for our fiscal year ended December 31, 2024. There have been no material changes to our Risk Factors as previously reported.

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

Issuer Purchases of Equity Securities

In August 2024, the Board of Directors approved a stock repurchase program providing for up to $1.5 billion of repurchases of our common stock. Repurchases under the program may be made on the open market, including pursuant to a Rule 10b5-1 plan, and in privately negotiated transactions. The repurchase program does not have an expiration date. We did not purchase any of our common stock during the second quarter of 2025 and, as of June 30, 2025, we had remaining authority to purchase $1.1 billion of common stock under our stock repurchase program.

In February 2025, we entered into a $250.0 million accelerated share repurchase (“ASR”) agreement and received, on February 14, 2025, an initial delivery of 2.6 million shares of our common stock, representing approximately 80 percent of the total contract value. The ASR agreement concluded on July 25, 2025 and we received an additional 0.9 million shares.