Item 1A. Risk Factors.

For the three and six months ended June 30, 2025 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, 2024.

**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


April 1 to April 30, 2025	70,935	$	1,045.20	70,935	$	1,415,543
May 1 to May 31, 2025	69,260	$	1,123.97	69,260	$	1,337,695
June 1 to June 30, 2025	56,858	$	1,174.09	56,858	$	1,270,937
Total	197,053	$	1,110.08	197,053	$	1,270,937

The Company has $1.3 billion of remaining availability as of June 30, 2025. The Company have purchased 32.7 million shares at an average price per share of $312.57 since the inception of the program through June 30, 2025.

During the six months ended June 30, 2025 and 2024, the Company spent $437.5 million and $425.0 million on the repurchase of 368,010 and 330,492 shares at an average price per share of $1,188.80 and $1,285.94, respectively. The Company also reissued 17,589 shares and 23,538 shares held in treasury upon the exercise of stock options and vesting of restricted stock units during the six months ended June 30, 2025 and 2024, respectively. In addition, the Company incurred $2.1 million and $1.9 million of excise tax during the three months ended June 30, 2025 and 2024, respectively, and $4.1 million and $4.0 million of excise tax during the six months ended June 30, 2025 and 2024, 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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