Item 2. Unregistered Sales of Equity Securities
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Purchases of Equity Securities
We may repurchase shares of our common stock from time to time pursuant to our $4.0 billion common stock repurchase authorization, which was approved by our Board of Directors in July 2024. The authorization has no expiration date. During the three months ended March 31, 2025, we repurchased 9.7 million shares of our common stock at a total cost, including commissions and excise taxes, of $1.3 billion. At March 31, 2025, there was $1.2 billion remaining on the repurchase authorization. The following table sets forth additional information concerning our common stock repurchases during the quarter.
Period
Total Number of Shares Purchased
Average Price Paid per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that may yet be Purchased Under the Plans or Programs (1)
(In millions)
January 2025 3,469,813 $ 142.35 3,469,813 $ 2,040.0
February 2025 3,900,751 131.29 3,900,751 1,527.9
March 2025 2,286,010 129.95 2,286,010 1,230.8
Total 9,656,574 $ 134.95 9,656,574 $ 1,230.8
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(1) In April 2025, our Board of Directors authorized the repurchase of up to $5.0 billion of our common stock, replacing the previous authorization, which at that time had $1.1 billion remaining due to repurchases made subsequent to quarter end. The authorization has no expiration date.
The share repurchases may be effected through Rule 10b5-1 plans or open market purchases, each in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (Exchange Act). Shares repurchased in January 2025 included 2,853,558 shares purchased pursuant to a trading plan under Rule 10b5-1 of the Exchange Act.
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