Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

STOCK-BASED COMPENSATION PLANS



Restricted Stock Units	Number of Restricted Stock Units	Weighted Average Grant-Date Fair Value Per Share
Outstanding as of December 31, 2024	533,447	$	407.15
Granted	82,143	472.13
Settled	(11,463)	527.89
Forfeited	(497)	530.62
Outstanding as of March 31, 2025	603,630	$	413.59

Stock-based compensation expense consists of the following:


(In millions)	For the Three Months Ended March 31,
	2025		2024
Restricted stock units	$	10.6	$	2.7
Stock options	2.3		8.2

Total	$	12.9	$	10.9

Pursuant to our Amended and Restated Incentive Compensation Plan, we can grant stock-based awards in the form of restricted stock, restricted stock units, and stock options to team members, officers, directors, and contractors. Instead of a short-term compensation program providing for rolling, annual equity awards to our executive officers and senior leaders, we utilize a multi-year compensation program that grants a one-time equity award at the beginning of the compensation program period that is intended to incentivize recipients over the multi-year compensation period. Our current compensation program for executive officers and senior leaders covers the 2025 through 2034 compensation period and included a one-time equity award in December 2024 (except in the case of our Chief Executive Officer, who received a one-time equity award in January 2025), with a vesting period of 10 years. Based on the stock-based awards that are currently outstanding, we expect to recognize future stock-based compensation expense as follows:


(in millions)
Year	Total Projected Stock-Based Compensation Expense
Remainder of 2025	$	35.9
2026	40.2
2027	31.8
2028	25.8
2029	18.3
Thereafter	74.3
Total	$	226.3