Unregistered Sales of Equity Securities and Use of Proceeds.
−Removed: Our stock repurchase activity for each of the three months in the quarter ended September 30, 2024 was:
+Added: Our stock repurchase activity for each of the three months in the quarter ended March 31, 2025 was:
Issuer Purchases of Equity Securities
7 unchanged sentences
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (2)
−Removed: July 1-31, 2024 1,633,585 $ 66.12 1,626,064 $ 3,266
−Removed: August 1-31, 2024 3,537 66.19 600 3,266
−Removed: September 1-30, 2024 694 72.05 — 3,266
−Removed: For the Quarter Ended September 30, 2024 1,637,816 $ 66.12 1,626,664
+Added: January 1-31, 2025 24,391,743 $ 57.71 24,388,192 $ 7,592
+Added: February 1-28, 2025 373,450 62.26 — 7,592
+Added: March 1-31, 2025 744,342 64.47 741,252 7,545
+Added: For the Quarter Ended March 31, 2025 25,509,535 $ 57.97 25,129,444
(1) The total number of shares purchased (and the average price paid per share) reflects:
(i) shares purchased pursuant to the repurchase program described in (2) below;
−Removed: and (ii) shares tendered to us by employees who used shares to exercise options and to pay the related taxes for grants of deferred stock that vested, totaling 7,521 shares, 2,937 shares and 694 shares for the fiscal months of July, August and September 2024, respectively.
+Added: and (ii) shares tendered to us by employees who used shares to exercise options and to pay the related taxes for grants of deferred stock that vested, totaling 3,551 shares, 373,450 shares and 3,090 shares for the fiscal months of January, February and March 2025, respectively.
(2) Dollar values stated in millions.
−Removed: Effective January 1, 2023, our Board of Directors authorized a program for the repurchase of $6.0 billion of our Common Stock through December 31, 2025, excluding excise tax.
−Removed: During the year ended December 31, 2023, we repurchased approximately $1.6 billion of Common Stock pursuant to this authorization.
−Removed: During the nine months ended September 30, 2024, we repurchased $1.2 billion, and as of September 30, 2024, we had approximately $3.2 billion share repurchase authorization remaining.
+Added: Effective January 1, 2025, our Board of Directors authorized a program for the repurchase of up to $9.0 billion of our Common Stock through December 31, 2027, excluding excise tax.
+Added: During the three months ended March 31, 2025, we repurchased $1.5 billion, and as of March 31, 2025, we had approximately $7.5 billion share repurchase authorization remaining.
See related information in Note 11, Stock Plans .
(3) Our share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act.
−Removed: Any excise tax incurred on share repurchases is recognized as part of the cost basis of the shares acquired in the consolidated statements of equity.
+Added: Any excise tax incurred on share repurchases is recognized as part of the cost basis of the shares acquired.
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.