The accompanying Condensed Consolidated Statements of Operations for the six months ended June 30, 2025 and 2024 include $41 million and $36 million, respectively, of pre-tax compensation costs related to our stock‑based compensation arrangements.

As of June 30, 2025, there were 186,497 stock options outstanding under our share-based compensation plans, which had a weighted average exercise price per share of $23.76. There was no activity related to our stock options during the six months ended June 30, 2025. During the six months ended June 30, 2024, 155,943 stock options were exercised with an aggregate intrinsic value of $13 million. Other than the exercise of these options, there was no activity related to our stock options during the six months ended June 30, 2024. All outstanding options were vested and exercisable at June 30, 2025, and the options collectively had an aggregate intrinsic value of $28 million.


	Number of RSUs	Weighted Average Grant Date Fair Value Per RSU
Unvested at December 31, 2024	1,481,999	$	83.84
Granted	596,923	$	138.06
Performance-based adjustment	202,045	$	78.52
Vested	(673,475)	$	79.62
Forfeited	(8,947)	$	95.13
Unvested at June 30, 2025	1,598,545	$	108.81

During the six months ended June 30, 2025, we granted 317,154 RSUs that will vest over periods ranging from one to four years. In addition, we granted 279,769 performance-based RSUs, the vesting of which is contingent on our achievement of specified performance goals for the years 2025 to 2028. Provided the goals are achieved, the performance‑based RSUs that could vest will range from 0% to 250% of the 279,769 units granted, depending on our level of achievement with respect to the performance goals. During the same period, we issued an additional 202,045 RSUs that vested immediately as a result of our level of achievement with respect to previously awarded performance-based RSUs.

During the six months ended June 30, 2024, we granted 274,716 RSUs that vest over periods ranging from one to three years. In addition, we granted 297,339 performance-based RSUs, the vesting of which is contingent on our achievement of specified performance goals for the years 2024 to 2026. Provided the goals are achieved, the performance‑based RSUs that could vest will range from 0% to 250% of the 297,339 units granted, depending on our level of achievement with respect to the performance goals. During the same period, we issued an additional 205,075 RSUs that vested immediately as a result of our level of achievement with respect to previously awarded performance-based RSUs.

The fair value of an RSU is based on our share price on the grant date. The fair value of an RSU with a market‑based condition is estimated through the use of a Monte Carlo simulation. Significant inputs used in our valuation of these RSUs included the following: