Item 1A. Risk Factors.

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Item 1A. Risk Factors.

For the three months ended March 31, 2024 there were no material changes from risk factors disclosed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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

Issuer Purchases of Equity Securities


	(a)	(b)		(c)	(d)
Total Number of Shares Purchased	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Program		Approximate Dollar Value (in thousands) of Shares that may yet be Purchased under the Program


January 1 to January 31, 2024	59,834	$	1,183.61	59,834	$	2,487,610
February 1 to February 29, 2024	62,191	$	1,198.70	62,191	$	2,413,061
March 1 to March 31, 2024	51,675	$	1,299.03	51,675	$	2,345,932
Total	173,700	$	1,223.35	173,700	$	2,345,932

The Company has $2.3 billion of remaining availability for its share repurchase program as of March 31, 2024. We have purchased 31.9 million shares at an average price per share of $287.08 since the inception of the program through March 31, 2024.

During the three months ended March 31, 2024 and 2023, we spent $212.5 million and $250.0 million on the repurchase of 173,700 and 166,628 shares at an average price per share of $1,223.35 and $1,511.78, respectively. We reissued 4,898 shares and 47,849 shares held in treasury for the exercise of stock options and restricted stock units for the three months ended March 31, 2024 and 2023, respectively. In addition, the Company incurred $2.1 million and $1.9 million of excise tax during the three months ended March 31, 2024 and 2023, respectively, related to the Inflation Reduction Act which is reflected as a reduction in shareholders' equity in the Company's consolidated financial statements.

Item 3. Defaults Upon Senior Securities. None

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