Share-Based Compensation Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

The following table summarizes share-based compensation expense recognized in the Consolidated Statements of Income in Compensation and benefits (in millions):


	Years Ended December 31
	2025		2024		2023
Restricted share units	$	297	$	309	$	283
Performance share awards	124		155		143

Employee share purchase plans and other	11		10		12
Total share-based compensation expense	432		474		438
Tax benefit	87		101		91
Share-based compensation expense, net of tax	$	345	$	373	$	347

Restricted Share Units

RSUs generally vest between three to five years. The fair value of RSUs is based upon the market value of the Company’s class A ordinary shares at the date of grant, reduced by the present value of estimated dividends foregone during the vesting period where applicable. With certain limited exceptions, any break in continuous employment will cause the forfeiture of all non-vested awards. Compensation expense associated with RSUs is recognized on a straight-line basis over the requisite service period. Dividend equivalents are paid on certain RSUs, based on the initial grant amount.

The following table summarizes the status of the Company’s RSUs (shares in thousands, except fair value):


	Shares	Fair Value (1)
Non-vested balance at December 31, 2024	2,786	$	289
Granted	999	$	364
Vested	(1,020)	$	284
Forfeited	(160)	$	303
Non-vested balance at December 31, 2025	2,605	$	319

(1)Represents per share weighted average fair value of award at date of grant.

The weighted-average grant date fair value of the Company's RSU awards granted during the years ended December 31, 2025, December 31, 2024, and December 31, 2023 was $364, $300, and $302, respectively. The fair value of RSUs that vested during 2025, 2024, and 2023 was $385 million, $332 million, and $354 million, respectively.

Unamortized deferred compensation expense amounted to $544 million as of December 31, 2025, with a remaining weighted average amortization period of approximately 2.1 years.

Performance Share Awards

The vesting of PSAs is contingent upon the achievement of certain objectives. The most significant plan is the LPP for which payout is based on a cumulative level of adjusted diluted earnings per share related performance over a three-year period. The actual issuance of shares may range from 0-200% of the target number of LPPs granted, based on the terms of the plan and level of achievement of the related performance target. The grant date fair value of LPPs is based upon the market price of the Company’s class A ordinary shares at the date of grant, reduced by the present value of estimated dividends foregone during the vesting period. The performance conditions are not considered in the determination of the grant date fair value for these awards. Compensation expense is recognized over the performance period based on management’s estimate of the number of units expected to vest. Management evaluates its estimate of the actual number of shares expected to be issued at the end of the programs on a quarterly basis. The cumulative effect of the change in estimate is recognized in the period of change as an adjustment to Compensation and benefits in the Consolidated Statements of Income, if necessary. Dividend equivalents are not paid on PSAs.

The following table summarizes the status of the Company's LPPs at 100% of the targeted amount (shares in thousands, except fair value):


	Shares	Fair Value (1)
Non-vested balance at December 31, 2024	904	$	309
Granted	268	$	384
Vested	(285)	$	311
Forfeited	(24)	$	350
Non-vested balance at December 31, 2025	863	$	331

(1)Represents per share weighted average fair value of award at date of grant.

The per share weighted-average grant date fair value of the Company's LPP awards granted during the years ended December 31, 2025, December 31, 2024, and December 31, 2023 was $384, $319, and $298, respectively. The payout of shares in 2025 with respect to the LPP awards granted in 2022 based on performance for the three-year performance period ended 2024 was, in aggregate, 465 thousand shares. The fair value of LPPs that vested during 2025, 2024, and 2023 was $182 million, $226 million, and $296 million, respectively.

Unamortized compensation expense, based on current performance levels, amounted to $110 million as of December 31, 2025, with a remaining weighted average amortization period of approximately 1.3 years.