Annual report [Section 13 and 15(d), not S-K Item 405]

STOCK-BASED COMPENSATION (Tables)

v3.25.4
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2025
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 2025:
Restricted Units
(in thousands)
Weighted-Average
Grant Date
Fair Value
Non-vested as of January 1, 2025 25  $ 177.76 
Vested (58) 121.77 
Granted 474  95.34 
Reinvested dividends 36  N/A
Forfeited / Expired (7) 96.39 
Non-vested as of December 31, 2025 470  $ 97.09 
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:
2025 2024 2023
Risk-free interest rate 3.86  % 4.43  % 3.89  %
Expected volatility 28.39  % 27.02  % 30.23  %
Weighted-average fair value of units granted $ 94.38  $ 156.73  $ 198.78 
Share payout 98.13  % 101.92  % 107.72  %
Share-Based Payment Arrangement, Performance Shares, Activity
The following table shows LTIP RPU activity during 2025:
RPUs
(in thousands)
Weighted-Average
Grant Date
Fair Value
Non-vested as of January 1, 2025 1,401  $ 174.12 
Vested (87) 175.93 
Granted 1,436  94.38 
Reinvested dividends 179  N/A
Performance adjustments (1)
(576) 197.99 
Forfeited / Expired (108) 135.12 
Non-vested as of December 31, 2025 2,245  $ 116.17 
(1)    Represents the incremental performance adjustment to RPUs with a performance period ending in 2025, which vested during the year.
Share-based Payment Arrangement, Option, Activity
The following table provides an analysis of activity 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 as of January 1, 2025 1,452  $ 130.08 
Exercised (24) 101.93 
Granted 290  95.89 
Forfeited / Expired (42) N/A
Outstanding as of December 31, 2025 1,676  $ 124.55  5.06 $
Options Vested and Expected to Vest 1,676  $ 124.55  5.06 $
Exercisable as of December 31, 2025 1,194  $ 123.78  3.65 $ — 
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:
2025 2024 2023
Expected dividend yield 5.21  % 3.96  % 3.54  %
Risk-free interest rate 4.08  % 4.25  % 3.70  %
Expected life in years 6.11 6.13 5.93
Expected volatility 30.35  % 28.94  % 28.31  %
Weighted-average fair value of options granted $ 18.72  $ 34.76  $ 41.08