14 unchanged sentences
These shares were not acquired pursuant to any repurchase plan or program.
−Removed: (2) On January 24, 2024, our Board of Directors authorized a $1.5 billion share repurchase program, and repurchases under this program began in March 2024.
−Removed: We have paused repurchases under the program due to our pending acquisition of H&E.
−Removed: As discussed in note 19 to the consolidated financial statements, on January 13, 2025, we entered into a definitive merger agreement to acquire H&E, which is expected to close in the first quarter of 2025.
−Removed: We currently intend to complete the share repurchase program;
−Removed: however, we will re-evaluate the timing over which we expect to do so as we integrate H&E and assess other potential uses of capital.
+Added: (2) On April 23, 2025, our Board of Directors authorized a $1.5 billion share repurchase program.
+Added: Subsequent to the enactment of the new federal tax legislation discussed below (see note 13 to the consolidated financial statements) in July 2025, and with consideration of the expected cash flow benefit associated with the legislation, our Board of Directors approved an increase in the size of the share repurchase program, from $1.5 billion to $2.0 billion.
+Added: We expect to complete this program in the first quarter of 2026.
+Added: On January 28, 2026, our Board of Directors authorized a new $5.0 billion share repurchase program.
+Added: The program is expected to commence after completion of the current program, and does not have an established expiration date.
+Added: We intend to repurchase $1.15 billion under the program in 2026.
+Added: The amount in the table above reflects the remaining authorization as of December 31, 2025 under the current $2.0 billion share repurchase program.
A 1 percent excise tax is imposed on “net repurchases” (certain purchases minus certain issuances) of common stock.
−Removed: The repurchases above (as well as the total program size) do not include the excise tax, which totaled $13 million for the year ended December 31, 2024.
+Added: The repurchases above (as well as the program sizes) do not include the excise tax, which totaled $18 million for the year ended December 31, 2025 (the total excise tax amount relates to both the open program above and our prior $1.5 billion share repurchase program that was completed in the first quarter of 2025).
Equity Compensation Plans
For information regarding equity compensation plans, see Item 12 of this annual report on Form 10-K.
−Removed: Selected Financial Data
−Removed: Not applicable.
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.