Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
A summary of the Company’s first quarter activity is as follows:
Period Total
Number of
Shares
Purchased Average
Price
Paid Per
Share Total Number of
Shares
Purchased as
Part of a
Publicly
Announced
Plan Maximum Number of
Shares That
May Yet Be
Purchased
Under the
Plan
January 1 - January 31
Share repurchase program (1)
550,000 $ 297.66 550,000 48,025,000
Employee transactions (2)
— $ — N/A
February 1 - February 28
Share repurchase program (1)
625,000 $ 277.51 625,000 47,400,000
Employee transactions (2)
124,481 $ 272.67 N/A
Shares sold (3)
(75,000) $ 293.73 N/A
March 1 - March 31
Share repurchase program (1)
275,000 $ 254.39 275,000 47,125,000
Employee transactions (2)
— $ — N/A
Quarter Total
Share repurchase program (1)
1,450,000 $ 280.77 1,450,000 47,125,000
Employee transactions (2)
124,481 $ 272.67 N/A
Shares sold (3)
(75,000) $ 293.73 N/A
(1) Shares were purchased through the Company’s publicly announced share repurchase program. There is no expiration date specified for the program.
(2) Shares were delivered to satisfy the exercise price and/or tax withholding obligations by employees who exercised stock options or had restricted stock units vest.
(3) In 2019, 900,000 shares were transferred from the Company’s terminated domestic defined benefit pension plan surplus assets to a suspense account held within a trust for the qualified replacement plan. In accordance with US GAAP (ASC Topic 715), the transferred shares were treated as treasury stock. In the three months ended March 31, 2022, the remaining 75,000 shares were sold.
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