Item 1A. Risk Factors.

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Item 1A. Risk Factors.

There have been no material changes to the risk factors previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025.

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

The following table summarizes common stock repurchases made during the second quarter of 2026 (shares in millions):


					Total Number of
		Total			Shares Purchased as	Approximate Maximum
		Number of	Average		Part of Publicly	Dollar Value of Shares that
		Shares	Price Paid		Announced Plans or	May Yet be Purchased Under
Period		Purchased	per Share		Programs	the Plans or Programs
April 1 — 30		0.9	$	231.02	0.9	$	2.5 billion
May 1 — 31		0.8	$	221.12	0.8	$	2.3 billion
June 1 — 30		1.3	$	220.96	1.3	$	2.0 billion	(a)
Total		3.0	$	223.94	3.0

	(a)	As of June 30, 2026, the Company has authorization for $2.0 billion of future share repurchases. The amount of future share repurchases executed under our Board of Directors’ authorization is determined in management’s discretion, based on various factors, including our leverage level, net earnings, financial condition and cash required for future business plans, growth and acquisitions.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Information concerning mine safety and other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this quarterly report.

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