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Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Weighted-Average Assumptions using Monte Carlo simulation model

For the stock-options valued using the Black-Scholes option-pricing model, we used the following weighted-average assumptions:

 

 

Time-based stock options

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

Expected term to exercise (years)

 

 

4.0

 

 

 

4.0

 

 

 

4.0

 

 

Expected volatility

 

 

23.0

%

 

 

29.5

%

 

 

34.6

%

 

Risk-free interest rate

 

 

4.3

%

 

 

4.3

%

 

 

4.4

%

 

Expected dividend yield

 

 

1.1

%

 

 

1.5

%

 

 

1.4

%

 

 
Schedule of Stock-Based Compensation Expense Recognized

The amount of stock-based compensation expense recognized in our Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023 was as follows (in millions):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Consolidated Statements of Comprehensive Income Classification

 

Options

 

RSUs, PSUs

 

Total

 

 

Options

 

RSUs, PSUs

 

Total

 

 

Options

 

RSUs, PSUs

 

Total

 

Cost of software-enabled services

 

$

14.1

 

$

71.5

 

$

85.6

 

 

$

27.8

 

$

43.1

 

$

70.9

 

 

$

34.4

 

$

22.6

 

$

57.0

 

Cost of license, maintenance and other related

 

 

1.5

 

 

7.2

 

 

8.7

 

 

 

3.2

 

 

4.8

 

 

8.0

 

 

 

4.5

 

 

2.3

 

 

6.8

 

Total cost of revenues

 

 

15.6

 

 

78.7

 

 

94.3

 

 

 

31.0

 

 

47.9

 

 

78.9

 

 

 

38.9

 

 

24.9

 

 

63.8

 

Selling and marketing

 

14.4

 

 

43.7

 

 

58.1

 

 

17.1

 

 

18.3

 

 

35.4

 

 

19.7

 

 

9.3

 

 

29.0

 

Research and development

 

7.3

 

 

35.2

 

 

42.5

 

 

12.2

 

 

17.6

 

 

29.8

 

 

13.9

 

 

7.5

 

 

21.4

 

General and administrative

 

11.5

 

 

51.3

 

 

62.8

 

 

 

24.0

 

 

35.2

 

 

59.2

 

 

28.1

 

 

17.1

 

 

45.2

 

Total operating expenses

 

 

33.2

 

 

130.2

 

 

163.4

 

 

 

53.3

 

 

71.1

 

 

124.4

 

 

 

61.7

 

 

33.9

 

 

95.6

 

Total stock-based compensation expense

 

$

48.8

 

$

208.9

 

$

257.7

 

 

$

84.3

 

$

119.0

 

$

203.3

 

 

$

100.6

 

$

58.8

 

$

159.4

 
Summary of Stock Option and SAR Activity as well as RSU Activity

The following table summarizes stock option and SAR activity as well as RSU and PSU activity as of and for the years ended December 31, 2025, 2024 and 2023 (share data in millions):

 

 

Stock Options and SARs

 

 

PSUs and RSUs

 

 

 

 

Shares

 

 

Weighted-Average Exercise Price

 

 

Shares

 

 

Weighted-Average Grant Date Fair Value

 

 

Outstanding at December 31, 2022

 

 

43.6

 

 

$

55.91

 

 

 

3.4

 

 

$

58.71

 

 

Granted

 

 

0.6

 

 

$

58.75

 

 

 

1.4

 

 

$

58.54

 

 

Cancelled/forfeited

 

 

(1.9

)

 

$

68.89

 

 

 

(0.6

)

 

$

66.09

 

 

Exercised

 

 

(3.5

)

 

$

33.49

 

 

 

—

 

 

$

—

 

 

Vested

 

 

—

 

 

$

—

 

 

 

(0.7

)

 

$

52.72

 

 

Outstanding at December 31, 2023

 

 

38.8

 

 

$

57.38

 

 

 

3.5

 

 

$

59.04

 

 

Granted

 

 

2.0

 

 

$

65.83

 

 

 

3.5

 

 

$

65.04

 

 

Cancelled/forfeited

 

 

(1.6

)

 

$

71.97

 

 

 

(1.1

)

 

$

67.61

 

 

Exercised

 

 

(7.9

)

 

$

45.36

 

 

 

—

 

 

$

—

 

 

Vested

 

 

—

 

 

$

—

 

 

 

(1.1

)

 

$

54.77

 

 

Outstanding at December 31, 2024

 

 

31.3

 

 

$

60.22

 

 

 

4.8

 

 

$

62.69

 

 

Granted

 

 

1.8

 

 

$

88.76

 

 

 

2.9

 

 

$

88.07

 

 

Cancelled/forfeited

 

 

(1.0

)

 

$

76.39

 

 

 

(0.4

)

 

$

70.81

 

 

Exercised

 

 

(7.8

)

 

$

54.94

 

 

 

—

 

 

$

—

 

 

Vested

 

 

—

 

 

$

—

 

 

 

(2.3

)

 

$

61.01

 

 

Outstanding at December 31, 2025

 

 

24.3

 

 

$

63.39

 

 

 

5.0

 

 

$

77.88

 

 

 
Summary of Vested Stock Options and SARs Outstanding that are Currently Exercisable and Stock Options and SARs Outstanding that are Expected to Vest

The following table summarizes information about vested stock options outstanding that are currently exercisable and stock options outstanding that are exercisable and expected to vest at December 31, 2025:

Outstanding, Vested Stock Options Currently Exercisable

 

 

Outstanding Stock Options Exercisable and Expected to Vest

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

Weighted-

 

 

 

 

 

Average

 

 

 

 

Weighted-

 

 

 

 

 

Average

 

 

 

 

Average

 

 

Aggregate

 

 

Remaining

 

 

 

 

Average

 

 

Aggregate

 

 

Remaining

 

 

 

 

Exercise

 

 

Intrinsic

 

 

Contractual

 

 

 

 

Exercise

 

 

Intrinsic

 

 

Contractual

 

Shares

 

 

Price

 

 

Value

 

 

Term

 

 

Shares

 

Price

 

 

Value

 

 

Term

 

(In millions)

 

 

 

 

 

(In millions)

 

 

(Years)

 

 

(In millions)

 

 

 

 

(In millions)

 

 

(Years)

 

 

20.7

 

 

$

61.46

 

 

$

537.6

 

 

 

4.51

 

 

24.3

 

$

63.39

 

 

$

587.0

 

 

 

5.08

 
Performance Based Stock Units [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Weighted-Average Assumptions using Monte Carlo simulation model

For the PSUs with a market condition valued using the Monte Carlo simulation model, we used the following weighted-average assumptions:

 

 

PSUs

 

 

 

2025

 

 

2024

 

 

2023

 

Expected life (years)

 

 

2.9

 

 

 

2.9

 

 

2.8

 

Expected volatility

 

 

23.1

%

 

 

23.9

%

 

 

27.4

%

Risk-free interest rate

 

 

4.2

%

 

 

4.5

%

 

 

4.6

%

Expected dividend yield

 

 

1.1

%

 

 

1.5

%

 

 

1.4

%