SHARE REPURCHASE PROGRAM

6 Months Ended

Jun. 30, 2025

Share Repurchase Program

Share repurchase program

NOTE 9 – SHARE REPURCHASE PROGRAM

In January of 2011, the Company’s Board of Directors approved a share repurchase program. Under the program, the Company may, from time to time, repurchase shares of its common stock, solely through open market purchases effected through a broker dealer at prevailing market prices, based on a variety of factors such as price, corporate trading policy requirements, and overall market conditions.  The Company’s Board of Directors may increase or otherwise modify, renew, suspend, or terminate the share repurchase program at any time, without prior notice.  As announced on November 16, 2023, and November 22, 2024, the Company’s Board of Directors each time approved a resolution to increase the authorization amount under the share repurchase program by an additional $2.0 billion, resulting in a cumulative authorization amount of $27.8 billion.  The additional authorizations are effective for three years, beginning on their respective announcement date.

The following table identifies shares of the Company’s common stock that have been repurchased as part of the Company’s publicly announced share repurchase program for the three and six months ended June 30, 2025 and 2024 (in thousands, except per share data):

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Shares repurchased		6,804		11,764		13,273		15,699
Average price per share	$	90.71	$	67.48	$	88.65	$	67.76
Total investment	$	617,184	$	793,764	$	1,176,612	$	1,063,781

As of June 30, 2025, the Company had $1.3 billion remaining under its share repurchase authorization.  Excise tax on shares repurchased, assessed at one percent of the fair market value of shares repurchased, was $11.8 million for the six months ended June 30, 2025.

Subsequent to the end of the second quarter and through August 8, 2025, the Company repurchased 2.6 million additional shares of its common stock under its share repurchase program, at an average price of $93.94, for a total investment of $240.0 million.  The Company has repurchased a total of 1.5 billion shares of its common stock under its share repurchase program since the inception of the program in January of 2011 and through August 8, 2025, at an average price of $18.32, for a total aggregate investment of $26.7 billion.