v3.26.3
Deferred Compensation
 9 Months Ended
Sep. 30, 2026
Compensation Related Costs [Abstract]  
Deferred Compensation Deferred Compensation
We have a Deferred Equity Participation Plan (which we refer to as the DEPP), a non-qualified plan that provides distributions to certain key executives when they reach age 62 (or the one-year grant anniversary for participants over age 61) or upon later actual retirement, and distributions to certain production staff on a vesting schedule. For details on the DEPP, please refer to Note 9 in our Annual Report on Form 10-K for the year ended December 31, 2025.
Deferred equity participation plan activity (in millions):
Three-month period ended September 30Nine-month period ended September 30
Awards and Compensation Expense2026202520262025
DEPP awards approved and contributed to rabbi trust$— $— $25 $24 
DEPP compensation expense recognized4 5 15 14 
DEPP distributions$1 $46 $25 $63 
We also have a Deferred Cash Participation Plan (which we refer to as the DCPP), a non-qualified plan for certain key employees, other than executive officers, generally providing for vesting and/or distributions no sooner than five years from the award date. For details on the DCPP, please refer to Note 9 of our Annual Report on Form 10-K for the year ended December 31, 2025.

Deferred cash participation plan activity (in millions):
Three-month period ended September 30Nine-month period ended September 30
2026202520262025
DCPP awards approved and contributed to rabbi trust$— $— $6 $8 
DCPP compensation expense recognized4 4 12 11 
DCPP distributions$— $4 $17 $27 

At September 30, 2026 and December 31, 2025, we recorded $123 million (related to 2.0 million shares) and $81 million (related to 1.8 million shares), respectively, of unearned deferred compensation as a reduction of capital in excess of par value. Total intrinsic value of our unvested equity-based awards at September 30, 2026 and December 31, 2025 was $447 million and $596 million, respectively.