Shareholders' equity

9 Months Ended

Sep. 30, 2026

Shareholders' equity

Stock-based compensation

During the nine months ended September 30, 2026, the Company granted 735 stock-settled restricted and performance stock units with an aggregate grant-date fair value of $118,130. Additionally, the Company granted 98 stock-settled stock appreciation rights with an aggregate grant-date fair value of $5,460.

As of September 30, 2026, the Company had $165,363 in total estimated but unrecognized stock-based compensation expense under the Company's equity compensation and employee stock purchase plans. The Company expects to recognize this expense over a weighted average remaining period of 1.4 years.

Share repurchases

The following table summarizes the Company's common stock repurchases during the three and nine months ended September 30, 2026:


	Three months ended September 30, 2026					Nine months ended September 30, 2026
	Shares repurchased	Amount paid(1)		Average amount(2)		Shares repurchased	Amount paid(1)		Average amount(2)
Open market repurchases:	411	$	74,678	$	180.27	2,775	$	443,207	$	158.49
Berkshire repurchases:	183	36,513		$	199.55	3,062	419,318		$	136.95
Total repurchases:	594	$	111,191	$	186.21	5,837	$	862,525	$	147.19

(1)Includes commissions and excise tax, as applicable. The excise tax is recorded as part of the cost basis of treasury shares repurchased and, as such, is included in stockholders’ equity.

(2)Excludes commissions and excise tax.

Subsequent to September 30, 2026 through October 27, 2026, the Company repurchased 479 shares of its common stock for $86,703 at an average price paid of $180.57 per share, inclusive of the shares repurchased from Berkshire Hathaway Inc. as discussed below.

The Company is authorized to make share repurchases pursuant to prior Board authorizations. This authorization allows the Company to make purchases from time to time in the open market or in privately negotiated transactions, including without limitation, through accelerated share repurchase transactions, derivative transactions, tender offers, Rule 10b5-1 plans or any combination of the foregoing, depending upon market conditions and other considerations.

As of October 27, 2026, the Company has a total of $1,212,423, excluding excise taxes, available under current authorizations for additional share repurchases. Although these share repurchase authorizations do not have an expiration date, the Company remains subject to share repurchase limitations, including under the terms of its senior secured credit facilities.

Berkshire share repurchase agreement

Pursuant to the April 30, 2024 share repurchase agreement with Berkshire Hathaway Inc. on behalf of itself and its affiliates (collectively, Berkshire), the Company had a repurchase obligation at September 30, 2026 to purchase shares from Berkshire for $54,714 in the aggregate, recorded as a payable and classified as due to related party on the Company's consolidated balance sheet. Subsequent to September 30, 2026, as the Company continued open market share repurchases, the obligation to Berkshire increased. On October 27, 2026, the Company settled the Berkshire repurchase obligation in total for 383 shares of common stock for $69,026, at an average price paid of $180.43 per share.

See Note 18 to the Company's consolidated financial statements included in the 2025 10-K for further discussion of the Company’s relationship with Berkshire and the share repurchase agreement.