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Equity Based Compensation
3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Equity Based Compensation
Equity Based Compensation
Equity compensation expense was $6 million and $4 million for the three months ended March 31, 2024 and 2023, respectively. In the first quarter of 2024, the Company granted 106,233 stock appreciation rights at $185.28 weighted average exercise price per share, 116,883 performance shares and 81,527 restricted stock units to employees. As of March 31, 2024, 1,464,521 share awards at a weighted average strike price per share of $119.44 were vested and exercisable with a remaining weighted average exercise period of 4.6 years. As of March 31, 2024, the total compensation cost of non-vested awards not yet recognized in the financial statements was $61 million. It is estimated that these costs will vest over a weighted average period of 1.0 years.