Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Our stock repurchase activity for each of the three months in the quarter ended March 31, 2025 was:
Issuer Purchases of Equity Securities
Period Total
Number
of Shares
Purchased (1)
Average
Price Paid
per Share (1)
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs (2) (3)
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (2)
January 1-31, 2025 24,391,743 $ 57.71 24,388,192 $ 7,592
February 1-28, 2025 373,450 62.26 — 7,592
March 1-31, 2025 744,342 64.47 741,252 7,545
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; 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. 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. 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. Any excise tax incurred on share repurchases is recognized as part of the cost basis of the shares acquired.
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