Item 1A. Risk Factors

There have been no material changes in the Company's risk factors from those disclosed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.


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

Issuer Purchases of Equity Securities

On February 12, 2025, the Board of Directors approved and announced a stock repurchase program (the “2025 Program”) that authorizes the repurchase of up to $500.0 million of common stock and expires in February 2028. In the first quarter of 2026 the Company repurchased $172.5 million of shares, for which $167.5 million of those repurchases had cash-settled by quarter end. At March 31, 2026, our remaining share repurchase authorization was $327.5 million. Subject to numerous factors, including market conditions and alternative uses of cash, we may conduct discretionary repurchases through open market or privately negotiated transactions, which may include repurchases under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended.

The following table summarizes the Company's repurchase activity of common stock under the repurchase programs during the quarter ended March 31, 2026.


Period	Total Number of Shares of Common Stock Purchased (000s)(1)	Average Price Paid Per Share of Common Stock(1)		Approximate Value of Shares that May Yet be Purchased Under the Plans (in millions)		Total number of shares purchased as part of publicly announced plans (000s)
January 1, 2026 - January 31, 2026	—	$	—	$	500.0	—
February 1, 2026 - February 28, 2026	156	$	513.86	$	426.6	143
March 1, 2026 - March 31, 2026	205	$	482.87	$	327.5	205
TOTAL FOR THE QUARTER ENDED MARCH 31, 2026	361	$	496.23	$	327.5	348

(1) The total number of share repurchases include the surrender of the Company’s common shares in connection with the vesting of restricted stock awards.

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