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Stock-Based Compensation Plans | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Stock-Based Compensation Plans | 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 |  | 95,225 |  |  | 471.73
Settled |  | (14,839) |  |  | 526.31
Forfeited |  | (530) |  |  | 530.46
Outstanding as of June 30, 2025 |  | 613,303 |  |  | $ | 414.18 |
Stock-based compensation expense consists of the following:
(In millions) |  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Restricted stock units |  | $ | 11.3 |  |  | $ | 2.4 |  |  | $ | 21.9 |  |  | $ | 5.1 |
Stock options |  | 1.4 |  |  | 8.2 |  |  | 3.7 |  |  | 16.4 |
Total |  | $ | 12.7 |  |  | $ | 10.6 |  |  | $ | 25.6 |  |  | $ | 21.5 |
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 |  | $ | 24.1 |  |  |  |  |
2026 |  | 41.4 |  |  |  |  |
2027 |  | 32.9 |  |  |  |  |
2028 |  | 26.5 |  |  |  |  |
2029 |  | 18.7 |  |  |  |  |
Thereafter |  | 75.9 |  |  |  |  |
Total |  | $ | 219.5 |  |  |  |  |

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