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Deferred Compensation

3 Months Ended

Mar. 31, 2026

Compensation Related Costs [Abstract]

Deferred Compensation

Deferred Compensation

We have a Deferred Equity Participation Plan (which we refer to as the DEPP), a non-qualified plan that provides distributions to certain key executives when they reach age 62 (or the one-year grant anniversary for participants over age 61) or upon later actual retirement, and distributions to certain production staff on a vesting schedule. For details on the DEPP, please refer to Note 9 in our Annual Report on Form 10-K for the year ended December 31, 2025.

Deferred equity participation plan activity (in millions):

			Three-month period ended March 31
Awards and Compensation Expense			2026						2025
DEPP awards approved and contributed to rabbi trust			$	25					$	22
DEPP compensation expense recognized			5						4
DEPP distributions			$	14					$	11

We also have a Deferred Cash Participation Plan (which we refer to as the DCPP), a non-qualified plan for certain key employees, other than executive officers, generally providing for vesting and/or distributions no sooner than five years from the award date. For details on the DCPP, please refer to Note 9 of our Annual Report on Form 10-K for the year ended December 31, 2025.

Deferred cash participation plan activity (in millions):

			Three-month period ended March 31
			2026						2025
DCPP awards approved and contributed to rabbi trust			$	6					$	8
DCPP compensation expense recognized			4						5
DCPP distributions			11						—

At March 31, 2026 and December 31, 2025, we recorded $141 million (related to 1.8 million shares) and $81 million (related to 1.8 million shares), respectively, of unearned deferred compensation as a reduction of capital in excess of par value. Total intrinsic value of our unvested equity-based awards at March 31, 2026 and December 31, 2025 was $391 million and $475 million, respectively.

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- Definition

The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 710
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482969/710-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 710
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/710/tableOfContent

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