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SHARE REPURCHASE PROGRAM | 9 Months Ended
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Sep. 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 nine months ended September 30, 2025 and 2024 (in thousands, except per share data): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Shares repurchased |  | ​ | 4,282 | ​ | ​ | 7,480 |  | ​ | 17,555 | ​ | ​ | 23,179
Average price per share | ​ | $ | 98.08 | ​ | $ | 72.29 | ​ | $ | 90.95 | ​ | $ | 69.22
Total investment | ​ | $ | 419,967 | ​ | $ | 540,713 | ​ | $ | 1,596,579 | ​ | $ | 1,604,494
​ As of September 30, 2025, the Company had $899 million remaining under its share repurchase authorization. Excise tax on shares repurchased, assessed at one percent of the fair market value of shares repurchased, was $16.0 million for the nine months ended September 30, 2025. ​ Subsequent to the end of the third quarter and through November 7, 2025, the Company repurchased 3.1 million additional shares of its common stock under its share repurchase program, at an average price of $97.60, for a total investment of $302.3 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 November 7, 2025, at an average price of $18.59, for a total aggregate investment of $27.2 billion.

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- Definition The entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505-30/tableOfContent + Details
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