On May 22, 2024, our shareholders approved the 2024 Performance Incentive Plan (the “2024 PIP”), which replaces our Amended and Restated 2005 Performance Incentive Plan (the “2005 Plan”). Under the 2024 PIP, we are now authorized to issue a maximum of 50.7 million shares of our Common Stock. As of May 22, 2024, we may not make any grants under the 2005 Plan. As of September 30, 2024, there were 50.7 million shares available to be granted under the 2024 PIP.


	Shares Subject to Option	Weighted- Average Exercise or Grant Price Per Share	Average Remaining Contractual Term	Aggregate Intrinsic Value
Balance at January 1, 2024	18,678,120	$49.96	5 years	$	420	million
Annual grant to eligible employees	2,261,810	73.13
Additional options issued	31,780	66.11
Total options granted	2,293,590	73.03
Options exercised (1)	(3,966,626)	43.20		$	118	million
Options canceled	(330,110)	62.48
Balance at September 30, 2024	16,674,974	54.50	5 years	$	320	million

(1)Cash received from options exercised was $74 million in the three months and $170 million in the nine months ended September 30, 2024. The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the option exercises totaled $8 million in the three months and $19 million in the nine months ended September 30, 2024.

Our performance share unit (PSU), deferred stock unit (DSU) and other stock-based activity is reflected below:


	Number of Shares	Grant Date	Weighted-Average Fair Value Per Share (4)	Weighted-Average Aggregate Fair Value (3)
Balance at January 1, 2024	4,553,166		$62.53
Annual grant to eligible employees:		Feb 27, 2024
Performance share units	787,110		75.05
Deferred stock units	571,490		73.13
Additional shares granted (1)	1,062,871	Various	63.35
Total shares granted	2,421,471		69.46	$	168	million
Vested (2) (3)	(2,004,358)		58.72	$	118	million
Forfeited (2)	(306,770)		66.22
Balance at September 30, 2024	4,663,509		67.52

(3)The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the shares vested was zero in the three months and $7 million in the nine months ended September 30, 2024.

(4)The grant date fair value of PSUs is determined based on the Monte Carlo simulation model for the market-based total shareholder return component and the closing market price of the Company’s stock on the grant date for performance-based components. The Monte Carlo simulation model incorporates the probability of achieving the total shareholder return market condition. Compensation expense is recognized using the grant date fair values regardless of whether the market condition is achieved, so long as the requisite service has been provided.

Effective January 1, 2023, our Board of Directors approved a program authorizing the repurchase of $6.0 billion of our Common Stock through December 31, 2025. During the year ended December 31, 2023, we repurchased approximately $1.6 billion of Common Stock pursuant to this authorization. Repurchases under the program are determined by management and are wholly discretionary.

During the nine months ended September 30, 2024, we repurchased approximately 17 million shares of Common Stock at an average cost of $70.09 per share, or an aggregate cost of approximately $1.2 billion, all of which was paid during the period. All share repurchases were funded through available cash and commercial paper issuances. As of September 30, 2024, we have approximately $3.2 billion in remaining share repurchase capacity.