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Equity Based Compensation
6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Equity Based Compensation
Equity Based Compensation
Equity compensation expense was $25 million and $26 million for the six months ended June 30, 2025 and 2024, respectively. In the first quarter of 2025, the Company granted 120,011 stock appreciation rights at $193.00 weighted average exercise price per share, 131,836 performance shares and 86,474 restricted stock units to employees. As of June 30, 2025, 1,292,554 share awards at a weighted average strike price per share of $124.28 were vested and exercisable with a remaining weighted average exercise period of 4.2 years. As of June 30, 2025, the total compensation cost of non-vested awards not yet recognized in the financial statements was $66 million. It is estimated that these costs will vest over a weighted average period of 0.8 years.