−Removed: Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
+Added: Unregistered Sales of Equity Securities and Use of Proceeds
On October 1, 2021, our Board authorized a share repurchase program of up to $4 billion of our outstanding common stock, enabling us to opportunistically return value to shareholders.
The $4 billion authorization is effective for four years, beginning on January 1, 2022 and expiring on December 31, 2025, and does not require the purchase of any minimum number of shares.
−Removed: We did not repurchase any shares under this program during the third quarter of 2023.
−Removed: As of September 30, 2023, $3,164 million remained available for repurchase under the authorized share repurchase program.
−Removed: The share repurchase program was authorized prior to the issuance of the Inflation Reduction Act of 2022, which imposes a 1% excise tax on net share repurchases that occur after December 31, 2022.
−Removed: As of September 30, 2023, $3 million was included in additional paid-in capital related to the excise tax associated with shares repurchased during first nine months of 2023.
+Added: The following table summarizes shares repurchased by us under this program during the first quarter of 2024:
+Added: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Program Maximum Amount of Dollars that May Yet be Used to Purchase Shares Under the Program
+Added: January 1 to January 31 1,000,000 $ 31.46 1,000,000 $ 2,883,705,022
+Added: February 1 to February 29 2,000,000 30.94 2,000,000 2,821,831,184
+Added: March 1 to March 31 35,000,000 28.90 35,000,000 1,810,331,184
+Added: Total 38,000,000 $ 29.07 38,000,000 $ 1,810,331,184
+Added: In March 2024, JAB BevCo B.V., a subsidiary of JAB, sold 100 million shares of KDP’s common stock through an underwritten secondary offering.
+Added: In connection with this offering, we repurchased 35 million shares at the per-share price paid by the underwriter, which was effected under our existing share repurchase program.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.