Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.25.0.1
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Share-based Payment Arrangement, Restricted Stock Unit, Activity
The following table shows the change in non-vested Restricted Units under our equity compensation programs other than the LTIP (defined below) in 2024:
Restricted Units
(in thousands)
Weighted-Average
Grant Date
Fair Value
Non-vested as of January 1, 2024 58  $ 176.68 
Vested (83) 169.01 
Granted 14  147.22 
Reinvested dividends 41  N/A
Forfeited / Expired (5) 154.27 
Non-vested as of December 31, 2024 25  $ 177.76 
Schedule of Share-based Payment Award, Performance Units, Valuation Assumptions
The weighted-average assumptions used in our Monte Carlo models for each award year were as follows:
2024 2023 2022
Risk-free interest rate 4.43  % 3.89  % 2.35  %
Expected volatility 27.02  % 30.23  % 31.92  %
Weighted-average fair value of units granted $ 156.73  $ 198.78  $ 227.00 
Share payout 101.92  % 107.72  % 107.37  %
Share-Based Payment Arrangement, Performance Shares, Activity
The following table shows LTIP RPU activity during the year ended December 31, 2024:
RPUs
(in thousands)
Weighted-Average
Grant Date
Fair Value
Non-vested as of January 1, 2024 1,268  $ 210.04 
Vested (296) 214.27 
Granted 918  156.73 
Reinvested dividends 90  N/A
Performance adjustments (1)
(320) 226.71 
Forfeited / Expired (259) 184.89 
Non-vested as of December 31, 2024 1,401  $ 174.12 
(1)    Represents the incremental performance adjustment to RPUs with a performance period ending in 2024, which vested during the year.
Share-based Payment Arrangement, Option, Activity
The following table provides an analysis of activity during 2024 relating to options to purchase shares of class A common stock:
Options
(in thousands)
Weighted-Average
Exercise
Price
Weighted-Average Remaining
Contractual Term
(in years)
Aggregate Intrinsic
Value
(in millions)
Outstanding at January 1, 2024 1,382  $ 127.91 
Exercised (34) 99.69 
Granted 153  154.76 
Forfeited / Expired (49) N/A
Outstanding as of December 31, 2024 1,452  $ 130.08  5.08 $ 19 
Options Vested and Expected to Vest 1,452  $ 130.08  5.08 $ 19 
Exercisable as of December 31, 2024 1,128  $ 119.92  4.26 $ 18 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The fair value of each option grant is estimated using the Black-Scholes option pricing model. The weighted-average assumptions used by year, and the calculated weighted-average fair values of options, are as follows:
2024 2023 2022
Expected dividend yield 3.96  % 3.54  % 2.35  %
Risk-free interest rate 4.25  % 3.70  % 2.39  %
Expected life in years 6.13 5.93 7.50
Expected volatility 28.94  % 28.31  % 25.04  %
Weighted-average fair value of options granted $ 34.76  $ 41.08  $ 48.45