v3.25.3
Share-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense
The following table presents the total share-based compensation expense resulting from equity awards and the 15.0% discount for the ESPP for the three and nine months ended September 30, 2025 and 2024, which is included in compensation and benefits expense in the Condensed Consolidated Statements of Income:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
 (in millions)
Share-based compensation expense before income taxes$41 $37 $122 $105 
Schedule of Restricted Stock Activity
The following table summarizes our restricted stock activity for the nine months ended September 30, 2025:
Restricted Stock
 Number of AwardsWeighted-Average Grant Date Fair Value
Unvested at December 31, 2024
4,178,867 56.30 
Granted1,576,292 74.21 
Vested(1,451,059)54.04 
Forfeited(182,952)61.01 
Unvested at September 30, 2025
4,121,148 $63.74 
Schedule of Valuation Assumptions
The following weighted-average assumptions were used to determine the weighted-average fair values of the outstanding PSU awards granted under the three-year PSU program during the nine months ended September 30, 2025 and 2024:
Grant date
2025
2024
Weighted-average risk-free interest rate3.82%4.51%
Expected volatility
23.27%24.50%
Weighted-average grant date share price$76.10 $62.28 
Weighted-average fair value at grant date$92.57 $78.43 
Schedule of PSU Activity
The following table summarizes our PSU activity for the nine months ended September 30, 2025:
PSUs
Three-Year Program
 Number of AwardsWeighted-Average Grant Date Fair Value
Unvested at December 31, 2024
2,174,151 $64.83 
Granted886,656 90.84 
Vested(620,515)62.89 
Forfeited(54,200)68.92 
Unvested at September 30, 2025
2,386,092 $74.91 
Schedule of Stock Option Activity
A summary of our outstanding and exercisable stock options at September 30, 2025 is as follows:
 
Number of Stock Options
Weighted-Average Exercise Price
Weighted-
Average
Remaining
Contractual
Term (in
years)
Aggregate
Intrinsic
Value (in
millions)
Outstanding at September 30, 2025
1,420,323 $41.79 3.4$66 
Exercisable at September 30, 2025
806,451 $22.23 1.3$53