Share-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-based compensation costs of $44 million, $57 million, and $38 million, were recorded for the years ended December 31, 2024, 2023, and 2022, respectively. The total income tax benefits recognized in the consolidated statements of income for share-based compensation arrangements were approximately $12 million, $15 million, and $10 million for 2024, 2023, and 2022, respectively. At December 31, 2024, total compensation cost related to nonvested awards not yet recognized was approximately $68 million. There have been no modifications to valuation methodologies or methods during the years ended December 31, 2024, 2023, or 2022.

As of December 31, 2024, there were 6 million shares of common stock available for issuance pursuant to future equity-based compensation awards.

A summary of our restricted stock units activity and related information is as follows:


Nonvested Share Awards (RSUs)	Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Nonvested at beginning of year	888	$	144.46
Granted	460	$	155.62
Vested	(370)	$	135.29
Forfeited	(97)	$	149.31
Nonvested at end of year	881	$	152.71	1.6	$	102,853

A summary of our stock appreciation rights activity and related information is as follows:


Stock Appreciation Rights (SARs)	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at beginning of year	224	$	93.36
Granted	—	$	—
Exercised	(119)	$	91.71
Forfeited	(2)	$	90.34
Outstanding at end of year	103	$	95.32	1.20	$	2,211
Exercisable at end of year	103	$	95.32	1.20	$	2,211

The aggregate intrinsic value of SARs exercised and RSUs vested during the years ended December 31, 2024, 2023, and 2022 was $68 million, $89 million, and $62 million, respectively. The fair value of RSUs is based on the price of our stock on the date of grant. The fair value of SARs is estimated using a Black-Scholes option pricing model. We ceased issuing SARs in 2017. The total fair value of SARs and RSUs vested during the years ended December 31, 2024, 2023, and 2022 were $51 million, $41 million, and $29 million, respectively.