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Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Equity-Based Compensation

Summary of RSUs

​

​	​	​	​	​	​
​	​	​	​	Weighted Average
​	​	​	​	Per Share
​		Units		Fair Value
Unvested as of January 1, 2024		371	​	$	139.37
Granted		237	​	$	209.86
Vested		(122)	​	$	119.10
Forfeited		(14)	​	$	163.18
Unvested as of December 31, 2024		472	​	$	179.25

Summary of PSUs

​

​	​	​	​	​	​
​		​		Weighted Average
​	​	​	​	Per Share
​		Units		Fair Value
Unvested as of January 1, 2024		881	​	$	150.77
Granted		281	​	$	255.98
Vested		(309)	​	$	122.58
Forfeited		(24)	​	$	200.21
Unvested as of December 31, 2024		829	​	$	195.49

Summary of Stock Options

​

​	​	​	​	​	​
​		​		Weighted Average
​	​	​	​	Per Share
​		Options		Exercise Price
Outstanding as of January 1, 2024		2,729	​	$	111.22
Granted		377	​	$	204.76
Exercised (a)		(693)	​	$	98.54
Forfeited or expired		(38)	​	$	149.97
Outstanding as of December 31, 2024 (b)		2,375	​	$	129.15
Exercisable as of December 31, 2024 (c)		1,596	​	$	106.79

(a) Includes approximately 118,000 stock options exercised pursuant to written trading plans that provided for net share settlement, resulting in the Company withholding approximately 89,000 shares of our common stock to cover the associated stock option exercise price and taxes.

(b) Stock options outstanding as of December 31, 2024 have a weighted average remaining contractual term of 5.9 years and an aggregate intrinsic value of $174 million based on the market value of our common stock on December 31, 2024.

(c) Stock options exercisable as of December 31, 2024 have an aggregate intrinsic value of $152 million based on the market value of our common stock on December 31, 2024.

Summary of Exercisable Stock Options

​

​	​	​	​	​	​	​	​
​		​		Weighted Average			​
​	​	​	​	Per Share		​	Weighted Average
Range of Exercise Prices		Options		Exercise Price			Remaining Years
$54.64 - $85.34		484	​	$	70.10		1.9
$85.35 - $110.80		516	​	$	106.48		5.4
$110.81 - $204.76		596	​	$	136.87		6.4
$54.64 - $204.76		1,596	​	$	106.79		4.7

Weighted Average Assumptions Used to Value Employee Stock Options Granted

​

​	​	​	​	​	​	​	​	​	​
​		2024			2023			2022
Expected option life		4.4	years		4.6	years		4.7	years
Expected volatility		20.7	%		22.3	%		23.4	%
Expected dividend yield		1.5	%		1.9	%		1.8	%
Risk-free interest rate		4.2	%		4.4	%		1.6	%

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