2 unchanged sentences
ISSUER PURCHASES OF EQUITY SECURITIES
+Added: 2023 Calendar Month Total
Purchased Average
6 unchanged sentences
Plans or Programs
−Removed: January 229,106 $ 129.54 800,854 24,199,146
−Removed: February 19,038 141.51 819,892 24,180,108
−Removed: March 2,135 143.18 822,027 24,177,973
+Added: April 11,395 $ 137.02 833,422 24,166,578
+Added: May - prior authorization 9,321 131.48 842,743 —
+Added: May - current authorization 13,816 132.32 13,816 24,986,184
+Added: June 21,351 130.48 35,167 24,964,833
Total 55,883 $ 132.43
In May 2023, the Board of Directors approved an authorization for the Company to repurchase up to 25 million of its common shares.
−Removed: This authorization does not have an expiration date.
+Added: This authorization, which does not have an expiration date, terminated the 24,157,257 shares that remained under the Board’s May 2022 authorization to repurchase 25 million shares.
Share repurchases under this authorization may be accomplished through open market purchases, including trading plans entered into with one or more brokerage firms in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, through privately negotiated transactions, pursuant to our equity incentive awards, or otherwise.
−Removed: During the first quarter 2023, all repurchases were accomplished in conjunction with our equity incentive awards at the then-current market prices;
−Removed: there were no open market purchases during the quarter.
+Added: During the second quarter 2023, all repurchases were accomplished in conjunction with our equity incentive awards or through the open market at the then-current market prices.
Progressive’s financial policies state that we will repurchase shares to neutralize dilution from equity-based compensation in the year of issuance and as an option to effectively use underleveraged capital.
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.