v3.26.3
Share-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2026
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, 2026 and 2025, which is primarily
included in compensation and benefits expense in the
Condensed Consolidated Statements of Income:
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
 
2026
2025
2026
2025
 
(in millions)
Share-based
compensation
expense before
income taxes
$47
$41
$134
$122
Schedule of Restricted Stock Activity The following table summarizes our restricted stock activity
for the nine months ended September 30, 2026:
Restricted Stock
 
Number of Awards
Weighted-Average
Grant Date Fair
Value
Unvested at December 31,
2025
3,920,464
$64.06
Granted
1,456,954
82.58
Vested
(1,306,736)
59.11
Forfeited
(198,074)
70.63
Unvested at September 30,
2026
3,872,608
$72.37
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, 2026 and 2025:
Year of grant date
2026
2025
Weighted-average risk-free
interest rate
3.80%
3.82%
Expected volatility
22.57%
23.27%
Weighted-average grant
date share price
$85.24
$76.10
Weighted-average fair value
at grant date
$100.20
$92.57
Schedule of PSU Activity The following table summarizes our PSU activity for the nine
months ended September 30, 2026:
PSUs
 
Number of
Awards
Weighted-
Average Grant
Date Fair Value
Unvested at December 31,
2025
2,378,130
$74.91
Granted
1,021,588
92.19
Vested
(778,716)
52.72
Forfeited
(19,640)
90.39
Unvested at September 30,
2026
2,601,362
$87.13
Schedule of Stock Option Activity A summary of our outstanding stock options at September
30, 2026 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
December 31, 2025
1,420,323
$41.79
Exercised
(806,451)
22.23
Outstanding at
  September 30, 2026
613,872
$67.49
5.3
$15