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The Company has also adopted a code of business conduct that applies to the Company’s directors, officers and employees. A current copy of each of these codes is available on the Company’s website at </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:130%">www.moodys.com</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%"> under the headings “About Moody’s—Investor Relations—Corporate Governance—Charter Documents—Other Governance Documents.” A copy of each is also available in print to stockholders upon request, addressed to the Corporate Secretary of the Company at 7 World Trade Center at 250 Greenwich Street, New York, New York 10007. The Company intends to satisfy disclosure requirements regarding any amendments to, or waivers from, the code of ethics and the code of business conduct by posting such information on the Company’s website at </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:130%">www.moodys.com</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%"> under the headings “About Moody’s—Investor Relations—Corporate Governance—Charter Documents—Other Governance Documents.” </span></div><div style="margin-bottom:5pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">Our policies and procedures governing the purchase, sale and other dispositions of the Company’s securities by directors, officers and employees, and by the Company itself, are designed to promote compliance with insider trading laws, rules, regulations and listing standards applicable to the Company. The code of business conduct includes a section relating to insider trading and directs certain categories of stakeholders to our Securities Trading Policy (“STP”). </span></div><div style="margin-bottom:5pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">The STP, which applies to applies to all members of the Moody’s Board of Directors, all Moody’s Executive Officers, as well as generally to all full- and part-time employees of Moody’s and any of its majority or wholly-owned subsidiaries and their immediate family members, contains general prohibitions against: (i) trading in Moody’s securities or securities of another issuer while aware of material non-public information ("MNPI") about Moody’s or such other issuer; (ii) tipping MNPI about Moody’s or MNPI of other issuers acquired as a result of a person’s relationship with Moody’s; and (iii) “shadow trading,” by prohibiting trading while aware of MNPI relating to another issuer (including information about Moody’s that may reasonably be expected to have an effect on the market for another issuer’s security) that is obtained as a result of the employee’s employment or other relationship with Moody’s. </span></div><div style="margin-bottom:5pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">In addition, the STP includes requirements that apply to company insiders against trading in Moody’s securities or entering, amending or terminating 10b5-1 trading plans in respect of Moody’s securities outside of designated window periods, pre-clearance of trades in Moody’s securities, as well as general prohibitions relating to short-selling, hedging and pledging Moody’s securities. As a result of Moody’s Ratings' unique role as a credit rating agency, the STP also includes Monitored Employee </span></div><div style="margin-bottom:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">Requirements that impose additional restrictions, as well as reporting, trade pre-clearance and post-trade review obligations, relating to trading in non-Moody’s securities by certain rating personnel senior employees and other employees with access to MNPI about other issuers obtained as a result of the credit ratings process ("Moody's Non-Public Ratings Information").</span></div><div style="margin-bottom:5pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">The STP assigns an employee's position profile, and therefore whether they are subject to certain of the Monitored Employee Requirements, based on the Employee’s level of access to Moody's Non-Public Ratings Information.</span></div><div style="margin-bottom:5pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">With respect to the Company’s trading in its own securities, Moody’s has established procedures that it has followed for several years, now memorialized in the Company Trading Policy. Among other things, that policy requires that the Treasurer’s office confirm with the General Counsel that the Company is not aware of MNPI prior to and as a condition of share repurchases being commenced or a repurchase agreement being entered into. </span></div><div style="margin-bottom:5pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">The Company’s Securities Trading Policy and Company Trading Policy are attached as Exhibits 19.1 and 19.2, respectively, to the Company's 2025 Annual Report on Form 10-K.</span></div> true <div style="margin-bottom:5pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">Our policies and procedures governing the purchase, sale and other dispositions of the Company’s securities by directors, officers and employees, and by the Company itself, are designed to promote compliance with insider trading laws, rules, regulations and listing standards applicable to the Company. The code of business conduct includes a section relating to insider trading and directs certain categories of stakeholders to our Securities Trading Policy (“STP”). </span></div><div style="margin-bottom:5pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">The STP, which applies to applies to all members of the Moody’s Board of Directors, all Moody’s Executive Officers, as well as generally to all full- and part-time employees of Moody’s and any of its majority or wholly-owned subsidiaries and their immediate family members, contains general prohibitions against: (i) trading in Moody’s securities or securities of another issuer while aware of material non-public information ("MNPI") about Moody’s or such other issuer; (ii) tipping MNPI about Moody’s or MNPI of other issuers acquired as a result of a person’s relationship with Moody’s; and (iii) “shadow trading,” by prohibiting trading while aware of MNPI relating to another issuer (including information about Moody’s that may reasonably be expected to have an effect on the market for another issuer’s security) that is obtained as a result of the employee’s employment or other relationship with Moody’s. </span></div><div style="margin-bottom:5pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">In addition, the STP includes requirements that apply to company insiders against trading in Moody’s securities or entering, amending or terminating 10b5-1 trading plans in respect of Moody’s securities outside of designated window periods, pre-clearance of trades in Moody’s securities, as well as general prohibitions relating to short-selling, hedging and pledging Moody’s securities. As a result of Moody’s Ratings' unique role as a credit rating agency, the STP also includes Monitored Employee </span></div><div style="margin-bottom:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">Requirements that impose additional restrictions, as well as reporting, trade pre-clearance and post-trade review obligations, relating to trading in non-Moody’s securities by certain rating personnel senior employees and other employees with access to MNPI about other issuers obtained as a result of the credit ratings process ("Moody's Non-Public Ratings Information").</span></div><div style="margin-bottom:5pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">The STP assigns an employee's position profile, and therefore whether they are subject to certain of the Monitored Employee Requirements, based on the Employee’s level of access to Moody's Non-Public Ratings Information.</span></div>With respect to the Company’s trading in its own securities, Moody’s has established procedures that it has followed for several years, now memorialized in the Company Trading Policy. Among other things, that policy requires that the Treasurer’s office confirm with the General Counsel that the Company is not aware of MNPI prior to and as a condition of share repurchases being commenced or a repurchase agreement being entered into. <div style="margin-bottom:5pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">The STP, which applies to applies to all members of the Moody’s Board of Directors, all Moody’s Executive Officers, as well as generally to all full- and part-time employees of Moody’s and any of its majority or wholly-owned subsidiaries and their immediate family members, contains general prohibitions against: (i) trading in Moody’s securities or securities of another issuer while aware of material non-public information ("MNPI") about Moody’s or such other issuer; (ii) tipping MNPI about Moody’s or MNPI of other issuers acquired as a result of a person’s relationship with Moody’s; and (iii) “shadow trading,” by prohibiting trading while aware of MNPI relating to another issuer (including information about Moody’s that may reasonably be expected to have an effect on the market for another issuer’s security) that is obtained as a result of the employee’s employment or other relationship with Moody’s. </span></div><div style="margin-bottom:5pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">In addition, the STP includes requirements that apply to company insiders against trading in Moody’s securities or entering, amending or terminating 10b5-1 trading plans in respect of Moody’s securities outside of designated window periods, pre-clearance of trades in Moody’s securities, as well as general prohibitions relating to short-selling, hedging and pledging Moody’s securities. As a result of Moody’s Ratings' unique role as a credit rating agency, the STP also includes Monitored Employee </span></div><div style="margin-bottom:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">Requirements that impose additional restrictions, as well as reporting, trade pre-clearance and post-trade review obligations, relating to trading in non-Moody’s securities by certain rating personnel senior employees and other employees with access to MNPI about other issuers obtained as a result of the credit ratings process ("Moody's Non-Public Ratings Information").</span></div> false true <div style="margin-bottom:5pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.712%"><tr><td style="width:1.0%"></td><td style="width:5.095%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.995%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.376%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.995%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.376%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.995%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.376%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.995%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.376%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.995%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.376%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.995%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.376%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.995%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.376%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.995%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.813%"></td><td style="width:0.1%"></td></tr><tr style="height:32pt"><td colspan="3" rowspan="2" style="background-color:#0a1264;border-right:1.5pt solid #f0f0f1;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Year</span></td><td colspan="3" rowspan="2" style="background-color:#0a1264;border-left:1.5pt solid #f0f0f1;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Summary<br/>Compensation<br/>Table Total for<br/>CEO<br/>($)</span></td><td colspan="3" style="background-color:#0a1264;border-right:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="3" rowspan="2" style="background-color:#0a1264;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Compensation<br/>Actually Paid to CEO </span></div><div style="text-align:right"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">($)(1)(2)</span></div></td><td colspan="3" style="background-color:#0a1264;border-right:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="3" rowspan="2" style="background-color:#0a1264;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Average<br/>Summary<br/>Compensation<br/>Total for Other<br/>NEOs</span></div><div style="text-align:right"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">($)(3)</span></div></td><td colspan="3" style="background-color:#0a1264;border-right:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="3" rowspan="2" style="background-color:#0a1264;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Average<br/>Compensation<br/>Actually Paid<br/>to Other<br/>NEOs</span><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:700;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline"> </span></div><div style="text-align:right"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">($)(1)(3)</span></div></td><td colspan="3" style="background-color:#0a1264;border-right:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="12" style="background-color:#0a1264;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Value of Initial Fixed<br/>$100 Investment<br/>Based On:</span></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="3" rowspan="2" style="background-color:#0a1264;padding:0 1pt"></td></tr><tr style="height:57pt"><td colspan="3" style="background-color:#0a1264;border-right:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-right:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-right:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Moody’s<br/>Cumulative<br/>TSR<br/>($)</span></td><td colspan="3" style="background-color:#0a1264;border-top:1.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Russell 3000<br/>Financial<br/>Services Index<br/>Cumulative<br/>TSR<br/>($)</span></td><td colspan="3" style="background-color:#0a1264;border-top:1.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #f0f0f1;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Net<br/>Income<br/>($millions)</span></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #f0f0f1;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">MCO EPS for<br/>Compensation<br/>Purposes</span></div><div style="text-align:right"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">($)(4)</span></div></td></tr><tr style="height:5pt"><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2025</span></div></td><td colspan="2" style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">18,082,565</span><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="2" style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">26,294,538</span><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="2" style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">4,959,348</span><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="2" style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">5,415,758</span><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="2" style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">183</span><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="2" style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">216</span><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="2" style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2,461</span><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:0 1pt"></td><td colspan="2" style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">14.94</span><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#005eff;border-top:1.5pt solid #f0f0f1;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2024</span></div></td><td colspan="2" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">16,966,442 </span></div></td><td style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">35,252,457 </span></div></td><td style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">7,127,703 </span></div></td><td style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">9,311,638 </span></div></td><td style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">169 </span></div></td><td style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">187 </span></div></td><td style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2,058 </span></div></td><td style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">12.47 </span></div></td><td style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2023</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">14,387,659 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">23,499,543 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2,887,540 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2,635,366 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">138 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">144 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,607 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">9.90 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#f0f0f1;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2022</span></div></td><td colspan="2" style="background-color:#f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">11,619,773 </span></div></td><td style="background-color:#f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(4,692,319)</span></div></td><td style="background-color:#f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3,186,695 </span></div></td><td style="background-color:#f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(1,700,521)</span></div></td><td style="background-color:#f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">98 </span></div></td><td style="background-color:#f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">118 </span></div></td><td style="background-color:#f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,374 </span></div></td><td style="background-color:#f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">8.57 </span></div></td><td style="background-color:#f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2021</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">9,750,157 </span></div></td><td style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">21,584,082 </span></div></td><td style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3,056,066 </span></div></td><td style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">7,117,461 </span></div></td><td style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">136 </span></div></td><td style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">138 </span></div></td><td style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">2,214 </span></div></td><td style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">12.29 </span></div></td><td style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:0 1pt"></td></tr></table></div> 18082565 26294538 4959348 5415758 183 216 2461000000 14.94 16966442 35252457 7127703 9311638 169 187 2058000000 12.47 14387659 23499543 2887540 2635366 138 144 1607000000 9.90 11619773 -4692319 3186695 -1700521 98 118 1374000000 8.57 9750157 21584082 3056066 7117461 136 138 2214000000 12.29 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">For each year, “Compensation Actually Paid” reflects the Summary Compensation Table (SCT) total for the CEO, and the average SCT total for the other NEOs, adjusted in accordance with SEC rules, as shown below for 2025. Information on adjustments for prior years are included in our 2024 and 2025 Proxy Statements. </span><div style="margin-bottom:5pt;padding-left:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As a result, “Compensation Actually Paid” does not reflect the value that was or may actually be realized by the NEOs. </span></div><div style="margin-bottom:5pt;padding-left:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Equity values are calculated in accordance with FASB ASC Topic 718, and the valuation assumptions used to calculate fair values of RSUs did not materially differ from those disclosed at the time of the grant. In calculating the year-over-year change in the value of unvested option awards as well as the change in value to mid-year vesting dates, options were valued at each measurement date using a lattice model with the following inputs. </span></div><div style="margin-bottom:5pt;padding-left:54pt;text-indent:-18pt"><span style="color:#005eff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%;padding-left:14.85pt">Stock price: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">based on the closing stock price on the measurement date. If a mid-year vesting date was not a trading day, the first trading day following the vesting date was used as the measurement date. If a fiscal year-end date was not a trading day (e.g., December 31, 2023), the most recent trading day prior to the fiscal year-end date was used (e.g., December 29, 2023). </span></div><div style="margin-bottom:5pt;padding-left:54pt;text-indent:-18pt"><span style="color:#005eff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%;padding-left:14.85pt">Expected life: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">based on the original expected life established at grant date, as used for financial reporting purposes, with adjustments to reflect the amount by which the options were in-the-money / out-of-the-money on the relevant measurement date. </span></div><div style="margin-bottom:5pt;padding-left:54pt;text-indent:-18pt"><span style="color:#005eff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%;padding-left:14.85pt">Stock price volatility: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">based on historical volatility for a trailing term to match the remaining contractual term as of each measurement date. </span></div><div style="margin-bottom:5pt;padding-left:54pt;text-indent:-18pt"><span style="color:#005eff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%;padding-left:14.85pt">Risk-free rate: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">based on an interpolated U.S. Constant Maturity Treasury yield as of each measurement date. </span></div><div style="margin-bottom:5pt;padding-left:54pt;text-indent:-18pt"><span style="color:#005eff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%;padding-left:14.85pt">Dividend yield: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">based on the yield as of each measurement date. </span></div>In valuing performance share awards, we calculated the fair value of unearned or earned but unvested awards, based on probable and/or final payout factors, as of the relevant measurement date. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">The amounts deducted and added in calculating the “Compensation Actually Paid” for Mr. Fauber for 2025 and for 2024, which reflects the correction of an inadvertent scrivener's error on his 2024 pension service cost, are as follows:</span><div style="margin-bottom:5pt;margin-top:5pt;padding-left:22.5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.689%"><tr><td style="width:1.0%"></td><td style="width:71.122%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.851%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.212%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.851%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.212%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.852%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#0a1264;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">2025<br/>($)</span></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">2024 <br/>($)</span></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td></tr><tr style="height:5pt"><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Reported SCT Total Compensation</span></div></td><td colspan="3" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">18,082,565 </span></div></td><td style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">16,966,442 </span></div></td><td style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Subtract: Equity Award Values Reported in the SCT</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(14,199,983)</span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(12,699,940)</span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#f0f0f1;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Add: Year End Fair Value of Equity Awards Granted in the Year</span></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">15,556,905 </span></div></td><td style="background-color:#f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">21,059,622 </span></div></td><td style="background-color:#f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Add/Subtract: Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">6,375,878 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">10,074,983 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#f0f0f1;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Add/Subtract: Change in Fair Value From Prior Year End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year</span></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">786,012 </span></div></td><td style="background-color:#f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(104,277)</span></div></td><td style="background-color:#f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Subtract: Pension Values Reported in the SCT</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(514,370)</span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(240,561)</span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#f0f0f1;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Add: Pension Service Cost Attributable to Year</span></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">207,531 </span></div></td><td style="background-color:#f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">196,188 </span></div></td><td style="background-color:#f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#005eff;border-bottom:1.5pt solid #0a1264;border-top:1.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:4.5pt"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Compensation Actually Paid</span></div></td><td colspan="3" style="background-color:#005eff;border-bottom:1.5pt solid #0a1264;border-top:1.5pt solid #ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#005eff;border-bottom:1.5pt solid #0a1264;border-top:1.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">26,294,538</span><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#005eff;border-bottom:1.5pt solid #0a1264;border-top:1.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#005eff;border-bottom:1.5pt solid #0a1264;border-top:1.5pt solid #ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#005eff;border-bottom:1.5pt solid #0a1264;border-top:1.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">35,252,457</span><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#005eff;border-bottom:1.5pt solid #0a1264;border-top:1.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#005eff;border-bottom:1.5pt solid #0a1264;border-top:1.5pt solid #ffffff;padding:0 1pt"></td></tr></table></div> 18082565 16966442 -14199983 -12699940 15556905 21059622 6375878 10074983 786012 -104277 -514370 -240561 207531 196188 26294538 35252457 For 2024, other NEOs include Messrs. Steele, Tulenko and West, and Ms Heuland and Ms Sullivan. For 2023, other NEOs include Messrs. Kaye, Goggins, Steele, Tulenko and West and Ms Sullivan. For 2022 and 2021, other NEOs include Messrs. Kaye, Goggins, Tulenko and West. <div style="margin-bottom:5pt;padding-left:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The amounts deducted and added in calculating the average “Compensation Actually Paid” for the other NEOs for 2025 and for 2024, which reflects the correction of an inadvertent error calculating the average value of their outstanding equity awards as of the end of 2024, are as follows:</span><span style="color:#ff0090;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%"> </span></div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.689%"><tr><td style="width:1.0%"></td><td style="width:70.972%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.700%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.362%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.851%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.362%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.853%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#0a1264;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">2025<br/>($)</span></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">2024<br/>($)</span></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td></tr><tr style="height:5pt"><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;border-left:1.5pt solid #ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#0a1264;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Average Reported SCT Total Compensation</span></div></td><td colspan="3" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">4,959,348 </span></div></td><td style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">7,127,703 </span></div></td><td style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Subtract: Average Equity Award Values Reported in the SCT</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(3,087,325)</span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(5,205,278)</span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#f0f0f1;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Add: Average Year End Fair Value of Equity Awards Granted in the Year</span></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2,423,712 </span></div></td><td style="background-color:#f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">6,411,982 </span></div></td><td style="background-color:#f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Add/Subtract: Average Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">1,637,474 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">1,007,983 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#f0f0f1;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Add/Subtract: Average Change in Fair Value From Prior Year End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Year</span></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">177,611 </span></div></td><td style="background-color:#f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(10,021)</span></div></td><td style="background-color:#f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Subtract: Fair Value of Equity Compensation Forfeited in Current Fiscal Year Determined at End of Prior Fiscal Year</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(561,100)</span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#f0f0f1;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Subtract: Average Pension Values Reported in the SCT</span></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(181,666)</span></div></td><td style="background-color:#f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"></td><td colspan="2" style="background-color:#f0f0f1;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(54,252)</span></div></td><td style="background-color:#f0f0f1;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#f0f0f1;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Add: Average Pension Service Cost Attributable to Year</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">47,704 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">33,521 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#005eff;border-bottom:1.5pt solid #0a1264;border-top:1.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:4.5pt"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Average Compensation Actually Paid</span></div></td><td colspan="3" style="background-color:#005eff;border-bottom:1.5pt solid #0a1264;border-top:1.5pt solid #ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#005eff;border-bottom:1.5pt solid #0a1264;border-top:1.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">5,415,758</span><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#005eff;border-bottom:1.5pt solid #0a1264;border-top:1.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#005eff;border-bottom:1.5pt solid #0a1264;border-top:1.5pt solid #ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#005eff;border-bottom:1.5pt solid #0a1264;border-top:1.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">9,311,638</span><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#005eff;border-bottom:1.5pt solid #0a1264;border-top:1.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#005eff;border-bottom:1.5pt solid #0a1264;border-top:1.5pt solid #ffffff;padding:0 1pt"></td></tr></table> 4959348 7127703 -3087325 -5205278 2423712 6411982 1637474 1007983 177611 -10021 -561100 0 -181666 -54252 47704 33521 5415758 9311638 MCO EPS for Compensation Purposes is the Company’s adjusted diluted EPS. The Company selected MCO EPS for Compensation Purposes as the company-selected measure because, as the main metric in the performance share program, it is the most important financial performance metric for executive compensation purposes. Refer to the Company’s Annual Reports on Form 10-K filed in respect of the years ended December 31, 2021, December 31, 2022, December 31, 2023, December 31, 2024 and December 31, 2025, for a reconciliation of diluted EPS to adjusted diluted EPS for each year shown. MCO EPS for Compensation Purposes <div style="margin-bottom:5pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">As illustrated in the table above and the charts below, the “Compensation Actually Paid” (calculated as required under SEC rules) for the Company’s NEOs over the past five fiscal years has directionally aligned with the Company’s TSR, net income and MCO EPS for Compensation Purposes. For 2022, “Compensation Actually Paid” is a negative number for both Mr. Fauber and the average of the other NEOs. Principally this reflects the impact of the change in Moody’s share price between December 31, 2021, and December 31, 2022 as well as updates to the anticipated performance share payout factors between fiscal year-ends. </span></div><div style="margin-bottom:5pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">Along with Compensation Actually Paid, the chart below outlines our one-year, two-year, three-year, four-year and five-year TSR as compared to the one-year, two-year, three-year, four-year and five-year TSR of the Russell 3000 Financial Services Index. In each case, TSR is measured starting from December 31, 2021:</span></div><div style="text-align:center"><span style="color:#ff0090;font-family:'Times New Roman',serif;font-size:1pt;font-weight:400;line-height:100%"> </span></div><div style="margin-bottom:10pt;text-align:center"><img alt="4938" id="i-67" src="mco-20260304_g36.jpg" style="height:336px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"/></div> <div style="margin-bottom:5pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">As illustrated in the table above and the charts below, the “Compensation Actually Paid” (calculated as required under SEC rules) for the Company’s NEOs over the past five fiscal years has directionally aligned with the Company’s TSR, net income and MCO EPS for Compensation Purposes. For 2022, “Compensation Actually Paid” is a negative number for both Mr. Fauber and the average of the other NEOs. Principally this reflects the impact of the change in Moody’s share price between December 31, 2021, and December 31, 2022 as well as updates to the anticipated performance share payout factors between fiscal year-ends. </span></div><div style="margin-bottom:5pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">Along with Compensation Actually Paid, the chart below outlines our one-year, two-year, three-year, four-year and five-year TSR as compared to the one-year, two-year, three-year, four-year and five-year TSR of the Russell 3000 Financial Services Index. In each case, TSR is measured starting from December 31, 2021:</span></div><div style="text-align:center"><span style="color:#ff0090;font-family:'Times New Roman',serif;font-size:1pt;font-weight:400;line-height:100%"> </span></div><div style="margin-bottom:10pt;text-align:center"><img alt="4938" id="i-67" src="mco-20260304_g36.jpg" style="height:336px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"/></div> <div style="margin-bottom:5pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">The chart below illustrates the relationship between Compensation Actually Paid and Moody’s net income. </span></div><div style="margin-bottom:20pt;text-align:center"><img alt="5045" id="i-68" src="mco-20260304_g37.jpg" style="height:336px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"/></div> <div style="margin-bottom:5pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:130%">The chart below illustrates the relationship between Compensation Actually Paid and MCO EPS for Compensation Purposes.</span></div><div style="text-align:center"><span style="color:#ff0090;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%"> </span><img alt="5167" id="i-69" src="mco-20260304_g38.jpg" style="height:336px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"/></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</span>Reflects Moody’s “MCO EPS For Compensation Purposes” <div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#0a1264;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Performance Measure</span></td></tr><tr><td colspan="3" style="background-color:#f0f0f1;border-top:1.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">MIS Operating Income</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">MA Operating Income</span></div></td></tr><tr><td colspan="3" style="background-color:#f0f0f1;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">MA ARR</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">MCO EPS for Compensation Purposes</span></div></td></tr><tr><td colspan="3" style="background-color:#f0f0f1;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">MA Cumulative Revenue</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1.5pt solid #0a1264;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;padding-left:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">MIS Ratings Performance</span></div></td></tr></table></div> MIS Operating Income MA Operating Income MA ARR MCO EPS for Compensation Purposes MA Cumulative Revenue MIS Ratings Performance