XML 74 R12.htm IDEA: XBRL DOCUMENT
v3.25.1

STOCK-BASED COMPENSATION | 3 Months Ended
--- | ---
Mar. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Presented below is a summary of the stock-based compensation cost and associated tax benefit included in the accompanying consolidated statements of operations:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Stock-based compensation cost | $ | 57 |  |  | $ | 53 |  |  |  |  |
Tax benefit | $ | 12 |  |  | $ | 12 |  |  |  |  |
During the first quarter of 2025, the Company granted 0.1 million employee stock options, which had a weighted average grant date fair value of $163.59 per share. The Company also granted 0.4 million shares of restricted stock in the first quarter of 2025, which had a weighted average grant date fair value of $513.12 per share. Both the employee stock options and restricted stock generally vest ratably over four years. Additionally, the Company granted 0.1 million shares of performance-based awards whereby the number of shares that ultimately vest are based on the achievement of certain non-market-based performance metrics of the Company over three years. The weighted average grant date fair value of these awards was $501.88 per share. The following weighted average assumptions were used in determining the fair value using the Black-Scholes option-pricing model for options granted in 2025:
Expected dividend yield | 0.73 | %
Expected stock volatility | 27 | %
Risk-free interest rate | 4.51 | %
Expected holding period | 5.6 years
Unrecognized stock-based compensation expense at March 31, 2025 was $18 million and $390 million for unvested stock options and restricted stock, respectively, which is expected to be recognized over a weighted average period of 2.0 years and 2.8 years, respectively. Additionally, there was $77 million of unrecognized stock-based compensation expense relating to the aforementioned non-market-based performance-based awards, which is expected to be recognized over a weighted average period of 2.2 years. The following table summarizes information relating to stock option exercises and restricted stock vesting:
| Three Months Ended March 31,
| 2025 |  | 2024
Exercise of stock options: |  |  |
Proceeds from stock option exercises | $ | 18 |  |  | $ | 16 |
Aggregate intrinsic value | $ | 28 |  |  | $ | 21 |
Tax benefit realized upon exercise | $ | 6 |  |  | $ | 3 |
Number of shares exercised | 0.1 |  |  | 0.1 |
Vesting of restricted stock: |  |  |
Fair value of shares vested | $ | 229 |  |  | $ | 169 |
Tax benefit realized upon vesting | $ | 56 |  |  | $ | 41 |
Number of shares vested | 0.5 |  |  | 0.4 |
Vesting of performance-based restricted stock: |  |  |
Fair value of shares vested | $ | 8 |  |  | $ | 40 |
Tax benefit realized upon vesting | $ | 1 |  |  | $ | 9 |
Number of shares vested (1) | — |  |  | 0.1 |
(1) The number of shares vested in 2025 was approximately 15 thousand.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ShareBasedCompensationAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration