filings.toolsItem 1A. RISK FACTORS
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Item 1A. RISK FACTORS
There have been no material changes to the risk factors described in the 2025 Form 10-K.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On September 22, 2021, the Company announced a stock repurchase program authorizing the Company to purchase up to $1 billion in the aggregate of its outstanding Class A Common Stock and Class B Common Stock (the “2021 Repurchase Program”). On July 15, 2025, the Company announced a new stock repurchase program authorizing the Company to purchase up to $1 billion in the aggregate of the Company’s outstanding Class A Common Stock and Class B Common Stock (the “2025 Repurchase Program” and, together with the 2021 Repurchase Program, the “Stock Repurchase Programs”), which is in addition to the remaining authorized amount under the 2021 Repurchase Program.
The manner, timing, number and share price of any repurchases will be determined by the Company at its discretion and will depend upon such factors as the market price of the stock, general market conditions, applicable securities laws, alternative investment opportunities and other factors. The Stock Repurchase Programs have no time limit and may be modified, suspended or discontinued at any time.
The following table details the Company’s monthly share repurchases during the three months ended December 31, 2025:
| Total Number of Shares Purchased**(a)** | Average Price Paid Per Share**(b)** | Total Number of Shares Purchased as Part of Publicly Announced Program | Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Program**(b)** | ||||||||||||||||||||||||||||||||
| Class A | Class B | Class A | Class B | ||||||||||||||||||||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||||||||||||||||||||
| September 29, 2025 - October 26, 2025 | 1.3 | 0.6 | $ | 27.21 | $ | 30.75 | 1.9 | $ | 1,162 | ||||||||||||||||||||||||||
| October 27, 2025 - November 30, 2025 | 1.7 | 0.7 | $ | 25.98 | $ | 29.64 | 2.4 | $ | 1,096 | ||||||||||||||||||||||||||
| December 1, 2025 - December 28, 2025 | 1.4 | 0.6 | $ | 26.00 | $ | 29.55 | 2.0 | $ | 1,044 | ||||||||||||||||||||||||||
| Total | 4.4 | 1.9 | $ | 26.35 | $ | 29.94 | 6.3 |
(a) The Company has not made any repurchases of Common Stock other than in connection with the publicly announced Stock Repurchase Programs described above.
(b) Amounts exclude taxes, fees, commissions or other costs associated with the repurchases.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
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