v3.25.4

Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2025
Equity [Abstract] |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount | The non-cash compensation expenses recognized in our consolidated statements of income for stock options, restricted stock units and under our employee stock purchase plan were as follows (in millions):
| Year ended December 31,
| 2025 |  | 2024 |  | 2023
Classified as compensation and benefits expenses: |  |  |  |  |
Stock options and RSUs | $ | 223 |  |  | $ | 214 |  |  | $ | 201 |
ESPP | 15 |  |  | 14 |  |  | 13 |
Capitalized as software development costs | (26) |  |  | (21) |  |  | (18) |
Total | $ | 212 |  |  | $ | 207 |  |  | $ | 196 |
Classified as acquisition-related transaction and integration costs | 26 |  |  | 24 |  |  | 61 |
Total non-cash compensation expense | $ | 238 |  |  | $ | 231 |  |  | $ | 257 |
Schedule of Stock Options | The following is a summary of our stock option activity:
| Number of Options (in thousands) |  | Weighted Average Exercise Price per Option
Outstanding at January 1, 2023 | 2,787 |  |  | $ | 76.38 |
Granted | 280 |  |  | 107.66 |
Exercised | (508) |  |  | 58.05 |
Forfeited | (20) |  |  | 114.19 |
Outstanding at December 31, 2023 | 2,539 |  |  | $ | 83.20 |
Granted | 212 |  |  | 135.46 |
Exercised | (561) |  |  | 61.21 |
Outstanding at December 31, 2024 | 2,190 |  |  | $ | 93.90 |
Granted | — |  |  | — |
Exercised | (387) |  |  | 67.49 |
Outstanding at December 31, 2025 | 1,803 |  |  | $ | 99.59 |
Schedule of Stock Options Outstanding And Exercised | Details of stock options outstanding as of December 31, 2025 are as follows:
| Number of Options (in thousands) |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value (In millions)
Vested or expected to vest | 1,803 |  | $ | 99.59 |  | 4.8 |  | $ | 123
Exercisable | 1,571 |  | $ | 95.89 |  | 4.4 |  | $ | 113
Details of stock options exercised during 2025, 2024 and 2023 are as follows:
| Year Ended December 31,
Options exercised: | 2025 |  | 2024 |  | 2023
Total intrinsic value of options exercised (in millions) | $ | 41 |  |  | $ | 42 |  | $ | 25
| As of December 31,
Options outstanding: | 2025 |  | 2024 |  | 2023
Number of options exercisable (in thousands) | 1,571 |  |  | 1,715 |  |  | 2,000 |
Weighted-average exercise price | $ | 95.89 |  |  | $ | 85.59 |  |  | $ | 74.49 |
Schedule of Stock Options Valuation Assumptions | During 2024 and 2023, we used the assumptions in the table below to compute the value:
|  | Year Ended December 31,
Assumptions: |  |  | 2024 |  | 2023
Risk-free interest rate |  |  | 4.14% |  | 3.47%
Expected life in years |  |  | 6.0 |  | 6.1
Expected volatility |  |  | 24% |  | 24%
Expected dividend yield |  |  | 1.33% |  | 1.56%
Estimated weighted-average fair value of options granted per share |  |  | $37.56 |  | $27.39
Schedule of Nonvested Restricted Stock Options | The following is a summary of nonvested restricted shares under all plans discussed above:
| Number of Restricted Stock Shares (in thousands) |  | Weighted Average Grant-Date Fair Value per Share
Nonvested at January 1, 2023 | 2,946 |  | $ | 117.14 |
Granted | 3,561 |  | 110.96 |
Vested | (1,942) |  | 112.39 |
Forfeited | (269) |  | 114.88 |
Nonvested at December 31, 2023 | 4,296 |  | $ | 114.31 |
Granted | 1,761 |  | 136.03 |
Vested | (1,700) |  | 115.50 |
Forfeited | (258) |  | 120.94 |
Nonvested at December 31, 2024 | 4,099 |  | $ | 121.10 |
Granted | 1,480 |  | 167.54 |
Vested | (1,747) |  | 122.74 |
Forfeited | (170) |  | 138.08 |
Nonvested at December 31, 2025 | 3,662 |  | $ | 137.19 |
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Time-based restricted stock units granted (in thousands)(1) | 922 |  | 1,031 |  | 1,191
Total fair value of restricted stock vested under all restricted stock plans (in millions) | $ | 289 |  |  | $ | 227 |  |  | $ | 150 |
(1) The remaining shares granted are performance-based.

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