Equity-based compensation expense, which is recorded in Selling and administrative expenses in the Consolidated Statements of Operations was as follows:


	Year Ended December 31,
	2024		2023		2022
Equity-based compensation expense	$	64.7	$	93.7	$	91.1
Income tax benefit(1)	(10.8)		(17.3)		(15.5)
Equity-based compensation expense, net of tax	$	53.9	$	76.4	$	75.6

(1)Represents equity-based compensation tax expense at the statutory tax rates. Excess tax benefits associated with equity awards are excluded from this disclosure and separately disclosed in Note 10 (Income Taxes).

The total unrecognized compensation cost related to non-vested awards was $108 million as of December 31, 2024 and is expected to be recognized over a weighted-average period of 2.1 years.

The 2021 Long-Term Incentive Plan (“2021 LTIP”) provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, bonus stock and performance awards. The maximum aggregate number of shares of the Company’s common stock that may be issued under the 2021 LTIP is 22.1 million shares. As of December 31, 2024, 6.2 million shares were available for issuance under the 2021 LTIP. Authorized but unissued shares are reserved for issuance in connection with equity-based awards.

The exercise price of a stock option granted is equal to the fair value of the underlying stock on the date of the grant. Stock options granted under the LTIPs have a contractual term of ten years and generally vest ratably over three years. To estimate the fair value of options granted, the Company uses the Black-Scholes option pricing model.


	Year Ended December 31,
	2024			2023			2022
Weighted average grant date fair value	$	76.21		$	64.77		$	43.20
Expected volatility(1)	29.32		%	29.94		%	27.50		%
Risk-free rate(2)	4.07		%	3.80		%	1.94		%
Expected dividend yield	1.08		%	1.24		%	1.17		%
Expected term (in years)(3)	5.4			5.5			6.0


	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding at January 1, 2024	3,190,946	$	126.40
Granted	82,881	245.62
Forfeited/Expired	(28,842)	195.04
Exercised(1)	(478,686)	98.11
Outstanding at December 31, 2024	2,766,299	134.15		5.28	$	132.3

Vested and exercisable at December 31, 2024	2,225,183	$	117.20	4.68	$	131.7
Expected to vest after December 31, 2024	541,116	$	203.77	7.73	$	0.6

(1)The total intrinsic value of stock options exercised during the years ended December 31, 2024, 2023 and 2022 was $66 million, $97 million and $40 million, respectively.

Restricted stock units represent the right to receive unrestricted shares of the Company’s stock at the time of vesting. RSUs granted under the LTIPs vest either ratably over three years or cliff-vest at the end of three years. The fair value of RSUs is equal to the closing price of the Company’s common stock on date of grant.


	Number of Units	Weighted-Average Grant-Date Fair Value
Non-vested at January 1, 2024	398,613	$	181.85
Granted(1)	328,768	203.24
Vested(2)	(207,350)	179.46
Forfeited	(28,679)	191.98
Non-vested at December 31, 2024	491,352	196.58

(1)The weighted-average grant date fair value of RSUs granted during the years ended December 31, 2024, 2023 and 2022 was $203.24, $189.30 and $169.11, respectively.

(2)The aggregate fair value of RSUs that vested during the years ended December 31, 2024, 2023 and 2022 was $37 million, $27 million and $16 million, respectively.

Performance share units represent the right to receive unrestricted shares of the Company’s stock at the time of vesting. PSUs granted under the LTIPs cliff-vest at the end of three years. The majority of the PSUs will vest between 0% to 200% of the number of PSUs granted based on the Company’s performance against a cumulative adjusted free cash flow measure and cumulative non-GAAP net income per diluted share measure over a three-year performance period.


	Number of Units	Weighted-Average Grant-Date Fair Value
Non-vested at January 1, 2024	394,882	$	188.76
Granted(1)	199,174	224.53
Attainment adjustment(2)	122,295	156.18
Vested(3)	(258,590)	163.89
Forfeited	(27,480)	201.13
Non-vested at December 31, 2024	430,281	210.22

(1)The weighted-average grant date fair value of PSUs granted during the years ended December 31, 2024, 2023 and 2022 was $224.53, $210.30 and $176.14, respectively.

(2)During the year ended December 31, 2024, the PSUs that vested at December 31, 2023 were adjusted to reflect final attainment.

(3)The aggregate fair value of PSUs that vested during the years ended December 31, 2024, 2023 and 2022 was $42 million, $35 million and $28 million, respectively.