Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Repurchase of Equity Securities
On April 23, 2024, the Company’s Board of Directors (the “Board”) authorized a stock repurchase program under which the Company may purchase up to $2.0 billion of the Company’s Class A Common Stock (“Common Stock”) during the three-year period ending on the close of business on April 28, 2027 (the “2024 Stock Repurchase Program”). The 2024 Stock Repurchase Program became effective on April 29, 2024. During the three months ended September 30, 2025, the Company repurchased 1.4 million shares of its Common Stock for $152.9 million under the 2024 Stock Repurchase Program. All of the repurchased shares under the 2024 Stock Repurchase Program during the three months ended September 30, 2025 have been retained in Treasury stock at the time of repurchase. From October 1, 2025 to October 21, 2025, the Company repurchased 0.3 million additional shares of its Common Stock for $39.5 million, and, as of October 21, 2025, the Company has remaining authorization to purchase up to $1,002.9 million of its Common Stock under the 2024 Stock Repurchase Program. The timing and amount of any future repurchases will depend on a number of factors, such as the levels of cash generation from operations, the volume of stock options exercised by employees, cash requirements for acquisitions, dividends paid, economic and market conditions and the price of the Common Stock.
The table below reflects the Company’s stock repurchases for the three months ended September 30, 2025:
Total Number of
Maximum Dollar
(dollars in millions, except price per share)
Shares Purchased as
Value of Shares
Total Number
Average
Part of Publicly
that May Yet be
of Shares
Price Paid
Announced Plans or
Purchased Under the
Period
Purchased
per Share
Programs
Plans or Programs
July 1 to July 31, 2025
444,600
$
100.06
444,600
$
1,150.9
August 1 to August 31, 2025
484,900
109.72
484,900
1,097.7
September 1 to September 30, 2025
472,200
116.94
472,200
$
1,042.4
Total
1,401,700
$
109.09
1,401,700
51
Table of Contents
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not Applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.