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Equity Based Compensation
9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Equity Based Compensation
Equity Based Compensation
Equity compensation expense was $29 million and $37 million for the nine months ended September 30, 2025 and 2024, respectively. In the first quarter of 2025, the Company granted 120,011 stock appreciation rights at $193.00 weighted average exercise price per share, 131,836 performance shares and 86,474 restricted stock units to employees. As of September 30, 2025, 1,281,263 share awards at a weighted average strike price per share of $124.33 were vested and exercisable with a remaining weighted average exercise period of 4.0 years. As of September 30, 2025, the total compensation cost of non-vested awards not yet recognized in the financial statements was $51 million. It is estimated that these costs will vest over a weighted average period of 1.7 years.