Item 1A. Risk Factors

As of September 30, 2021, there have been no material changes to the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2020.

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

The Company had no sales of unregistered securities during the nine months ended September 30, 2021. The following table identifies all repurchases during the three months ended September 30, 2021, of any of the Company’s securities registered under Section 12 of the Securities Exchange Act of 1934, as amended, by or on behalf of the Company or any affiliated purchaser (in thousands, except per share data):


				Total Number of	Maximum Dollar Value
	Total	Average		Shares Purchased as	of Shares that May Yet
	Number of	Price Paid		Part of Publicly	Be Purchased Under the
Period	Shares Purchased	per Share		Announced Programs	Programs (1)
July 1, 2021, to July 31, 2021	213	$	593.29	213	$	1,791,392
August 1, 2021, to August 31, 2021	604		600.85	604		1,428,323
September 1, 2021, to September 30, 2021	766		592.85	766	$	974,416
Total as of September 30, 2021	1,583	$	595.96	1,583

(1)

Under the Company’s share repurchase program, as approved by its Board of Directors, the Company may, from time to time, repurchase shares of its common stock, solely through open market purchases effected through a broker dealer at prevailing market prices, based on a variety of factors such as price, corporate trading policy requirements and overall market conditions. The Company’s Board of Directors may increase or otherwise modify, renew, suspend or terminate the share repurchase program at any time, without prior notice. As announced on February 10, 2021, and May 27, 2021, the Company’s Board of Directors each time approved a resolution to increase the authorization amount under the share repurchase program by an additional $1.0 billion and $1.5 billion, respectively, resulting in a cumulative authorization amount of $17.3 billion. The additional authorizations are effective for a three-year period, beginning on their respective announcement dates. The authorization under the share repurchase program that currently has capacity is scheduled to expire on May 27, 2024. No other share repurchase programs existed during the nine months ended September 30, 2021.

Subsequent to the end of the third quarter and through November 8, 2021, the Company repurchased 0.4 million additional shares of its common stock under its share repurchase program, at an average price of $618.44, for a total investment of $246.9 million. The Company has repurchased a total of 85.2 million shares of its common stock under its share repurchase program since the inception of the program in January of 2011 and through November 8, 2021, at an average price of $193.88, for a total aggregate investment of $16.5 billion.

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