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Share-Based Compensation Plans (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of the changes in outstanding stock options | The following is a summary of the changes in outstanding stock options for the nine months ended September 30, 2025:
| Share units (in thousands) |  | Weighted Average Exercise Price / Share |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2025 | 1,182 |  |  | $ | 84.76 |  |  | 6.3 |  | $ | 40 |
Granted | 255 |  |  | 129.75 |  |  |  |  |
Exercised | (166) |  |  | 64.74 |  |  |  |  |
Forfeited and expired | (32) |  |  | 111.85 |  |  |  |  |
Outstanding at September 30, 2025 | 1,239 |  |  | $ | 96.01 |  |  | 6.2 |  | $ | 58 |
Options exercisable at September 30, 2025 | 815 |  |  | $ | 80.02 |  |  | 4.7 |  | $ | 51 |
Vested and expected to vest as of September 30, 2025 | 1,190 |  |  | $ | 94.68 |  |  | 6.1 |  | $ | 58 |
Stock option valuation assumptions | The following are weighted-average assumptions for 2025 grants:
Volatility | 26.70 |  | %
Risk-free interest rate | 4.10 |  | %
Dividend yield | 1.23 |  | %
Expected term (in years) | 5.5 |
Weighted-average fair value / share | $ | 36.94 |  |
Summary of restricted stock activity | The following is a summary of restricted stock unit activity for the nine months ended September 30, 2025. The fair value of the restricted share unit awards is determined using the closing price of our common stock on date of grant:
| Share units (in thousands) |  | Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2025 | 632 |  |  | $ | 111.33 |
Granted | 253 |  |  | 130.14 |
Vested | (317) |  |  | 105.95 |
Forfeited | (40) |  |  | 119.06 |
Outstanding at September 30, 2025 | 528 |  |  | $ | 122.84 |
Summary of performance based share grants | The following is a summary of our return on invested capital ("ROIC") and adjusted EBITDA grants for the nine months ended September 30, 2025. The fair value of the ROIC and adjusted EBITDA performance share units is determined using the closing share price on the date of the grant:
| Share units (in thousands) |  |  |  |  |  | Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2025 | 77 |  |  |  |  |  |  | $ | 105.02 |
Adjustment for Performance Condition Achieved (a) | 19 |  |  |  |  |  |  | 86.77 |
Vested | (44) |  |  |  |  |  |  | 86.77 |
Forfeited | (5) |  |  |  |  |  |  | 113.87 |
Outstanding at September 30, 2025 | 47 |  |  |  |  |  |  | $ | 113.89 |
(a) Represents an increase in the number of original ROIC performance share units awarded based on the final market condition achievement at the end of the performance period of such awards. The following is a summary of our Total Shareholder Return ("TSR") performance share unit grants for the nine months ended September 30, 2025:
| Share units (in thousands) |  |  |  |  |  | Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2025 | 155 |  |  |  |  |  |  | $ | 125.42 |
Granted | 54 |  |  |  |  |  |  | 180.70 |
Adjustment for Market Condition Achieved (a) | (14) |  |  |  |  |  |  | 71.15 |
Vested | (37) |  |  |  |  |  |  | 71.15 |
Forfeited | (12) |  |  |  |  |  |  | 150.24 |
Outstanding at September 30, 2025 | 146 |  |  |  |  |  |  | $ | 157.41 |
(a) Represents a decrease in the number of original TSR performance share units awarded based on the final market condition achievement at the end of the performance period of such awards.
Performance-based shares valuation assumptions | The following are weighted-average assumptions for 2025 grants:
Volatility | 25.80 |  | %
Risk-free interest rate | 4.01 |  | %
Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option | The following is a summary of our Revenue performance share unit grants for the nine months ended September 30, 2025 The fair value of the revenue performance share unit awards is determined using the closing price of our common stock on date of grant:
| Share units (in thousands) |  | Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2025 | 77 |  |  | $ | 105.06 |
Adjustment for Performance Condition Achieved (a) | 19 |  |  | 86.77 |
Vested | (44) |  |  | 86.77 |
Forfeited | (5) |  |  | 113.87 |
Outstanding at September 30, 2025 | 47 |  |  | $ | 113.89 |
(a) Represents an increase in the number of original revenue performance share units awarded based on the final market condition achievement at the end of the performance period of such awards. EPS Performance Share Unit Grants The following is a summary of our earnings per share ("EPS") performance share unit grants for the nine months ended September 30, 2025 The fair value of the EPS performance share unit awards is determined using the closing price of our common stock on date of grant:
| Share units (in thousands) |  | Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2025 | — |  |  | $ | — |
Granted | 54 |  |  | 129.81 |
Forfeited | (2) |  |  | 129.67 |
Outstanding at September 30, 2025 | 52 |  |  | $ | 129.82 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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