v3.25.2
Share-Based Compensation Plans (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of the changes in outstanding stock options
The following is a summary of the changes in outstanding stock options for the six months ended June 30, 2025:
Share units
(in thousands)
Weighted
Average
Exercise
Price / Share		Weighted Average
Remaining
Contractual
Term (Years)
Aggregate Intrinsic Value
(in millions)
Outstanding at January 1, 20251,182 $84.76 6.3$40 
Granted253 129.64 
Exercised(118)63.65 
Forfeited and expired(30)110.86 
Outstanding at June 30, 20251,287 $94.87 6.4$43 
Options exercisable at June 30, 2025863 $79.28 5.0$42 
Vested and expected to vest as of June 30, 20251,229 $93.30 6.2$43 
Stock option valuation assumptions The following are weighted-average assumptions for 2025 grants:
Volatility26.70 %
Risk-free interest rate4.10 %
Dividend yield1.23 %
Expected term (in years)5.5
Weighted-average fair value / share$36.94 
Summary of restricted stock activity
The following is a summary of restricted stock unit activity for the six months ended June 30, 2025. The fair value of the restricted share unit awards is determined using the closing price of our common stock on date of grant:
Share units
(in thousands)
Weighted
Average
Grant Date
Fair Value / Share
Outstanding at January 1, 2025632 $111.33 
Granted235 129.39 
Vested(301)106.27 
Forfeited(33)118.19 
Outstanding at June 30, 2025533 $121.72 
Summary of performance based share grants
The following is a summary of our ROIC and EBITDA grants for the six months ended June 30, 2025. The fair value of the adjusted EBITDA performance share units is equal to the closing share price on the date of the grant:
Share units
 (in thousands)
Weighted
Average
Grant Date
Fair Value / Share
Outstanding at January 1, 202577 $105.02 
Adjustment for Performance Condition Achieved (a)19 86.77 
Vested(44)86.77 
Forfeited(5)113.55 
Outstanding at June 30, 202547 $113.92 
(a) Represents an increase in the number of original ROIC performance share units awarded based on the final market condition achievement at the end of the performance period of such awards.
The following is a summary of our Total Shareholder Return ("TSR") performance share unit grants for the six months ended June 30, 2025:
Share units
(in thousands)
Weighted
Average
Grant Date
Fair Value / Share
Outstanding at January 1, 2025155 $125.42 
Granted53 180.50 
Adjustment for Market Condition Achieved (a)(14)71.15 
Vested(37)71.15 
Forfeited(11)149.29 
Outstanding at June 30, 2025146 $157.27 
(a) Represents a decrease in the number of original TSR performance share units awarded based on the final market condition achievement at the end of the performance period of such awards.
Performance-based shares valuation assumptions The following are weighted-average assumptions for 2025 grants:
Volatility25.80 %
Risk-free interest rate4.01 %
Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option
The following is a summary of our Revenue performance share unit grants for the six months ended June 30, 2025:
Share units
 (in thousands)
Weighted
Average
Grant Date
Fair Value / Share
Outstanding at January 1, 202577 $105.06 
Adjustment for Performance Condition Achieved (a)19 86.77 
Vested(44)86.77 
Forfeited(5)113.56 
Outstanding at June 30, 202547 $113.92 
(a) Represents an increase in the number of original REV performance share units awarded based on the final market condition achievement at the end of the performance period of such awards.
EPS Performance Share Unit Grants
The following is a summary of our EPS performance share unit grants for the six months ended June 30, 2025:
Share units
 (in thousands)
Weighted
Average
Grant Date
Fair Value / Share
Outstanding at January 1, 2025— $— 
Granted53 129.67 
Forfeited(2)129.67 
Outstanding at June 30, 202551 $129.67