filings.toolsItem 1A. Risk Factors
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Item 1A. Risk Factors
The risks that we believe are material to our investors are discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2024, under the caption “Risk Factors,” which is on file with the SEC.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
A summary of the share repurchase activity for the company’s third quarter of 2025 follows:
| Period | Total number of shares purchased | Average price paid per share (1) | Total number of shares purchased as part of publicly announced plans or programs (2) | Maximum dollar amount of shares that may yet be purchased under the plans or programs (1)(2) (in millions) | ||||||||||||||||||||||
| Fiscal July (Jun. 29 - Aug. 2) | — | $ | — | — | $ | 1,000 | ||||||||||||||||||||
| Fiscal August (Aug. 3 - Aug. 30) | — | — | — | 1,000 | ||||||||||||||||||||||
| Fiscal September (Aug. 31 - Sep. 27) | 2,116,219 | 472.54 | 2,116,219 | — | ||||||||||||||||||||||
| Total third quarter | 2,116,219 | $ | 472.54 | 2,116,219 | $ | — |
(1) Amounts exclude excise taxes and other transaction costs.
(2) On November 15, 2024, the Board of Directors announced that it replaced the existing authorization to repurchase the company’s common stock, of which $1.00 billion was remaining, with a new authorization to repurchase up to $4.00 billion of the company’s common stock. All of the shares of common stock repurchased by the company during the third quarter of 2025 were under this program, depleting the 2024 authorization.
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