Share Repurchase Programs

12 Months Ended

Dec. 31, 2024

Effective April 1, 2022, our Board of Directors authorized the repurchase of up to 100 million shares of our common stock by March 31, 2025. As of December 31, 2024, we repurchased a total of 25.9 million shares of our common stock under the 2022 authorization. These repurchases may be made on the open market or through other transactions. Our management has sole discretion with respect to determining the timing and amount of these transactions.

The table below represents shares repurchased under repurchase programs during 2024 and 2023:


	Number of Shares Purchased		Average Price Paid
	2024	2023	2024		2023
First quarter	-	2,908,703	$	-	$	203.19
Second quarter	492,320	606,581	225.96		199.81
Third quarter	3,006,061	-	245.44		-
Fourth quarter	2,804,785	-	237.43		-
Total	6,303,166	3,515,284	$	240.35	$	202.61
Remaining number of shares that may be repurchased under current authority					74,088,861

Management's assessments of market conditions and other pertinent factors guide the timing, manner, and volume of all repurchases. We expect to fund any share repurchases under this program through cash generated from operations, the sale or lease of various operating and non-operating properties, debt issuances, and cash on hand. Open market repurchases are recorded in treasury stock at cost, which includes any applicable commissions, fees, and excise taxes.

On February 6, 2025, the Board of Directors approved a new share repurchase authorization, enabling the Company to buy up to 100 million shares of its common stock by March 31, 2028. The new authorization is effective April 1, 2025, and replaces the current authorization, which will expire on March 31, 2025.