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STOCK-BASED COMPENSATION
6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
 
The Company maintains equity incentive plans that include broad-based grants of restricted stock units, performance share units granted to officers and certain other employees, and stock options granted to certain employees.

Restricted stock units and performance share units granted by the Company during the six months ended June 30, 2024 had an aggregate grant-date fair value of $620 million. Restricted stock units and performance share units that vested during the six months ended June 30, 2024 had an aggregate fair value at vesting of $716 million. At June 30, 2024, there was $991 million of estimated total future stock-based compensation expense related to unvested restricted stock units and performance share units to be recognized over a weighted-average period of 2.1 years.

The following table summarizes the activity in restricted stock units and performance share units for employees and non-employee directors during the six months ended June 30, 2024: 
Restricted Stock UnitsPerformance Share Units
SharesWeighted-average Grant-date Fair ValueSharesWeighted-average Grant-date Fair Value
Unvested at December 31, 2023 (1)
291,404$2,404233,026$2,467
Granted (2)
139,749$3,51235,301$3,660
Vested(128,741)$2,327(76,070)$2,452
Performance shares adjustment (3)
(102)$3,429
Forfeited(8,110)$2,689(3,994)$2,532
Unvested at June 30, 2024294,302$2,957188,161$2,695
(1)    Excludes 4,399 performance share units awarded during the year ended December 31, 2022 for which the grant date under ASC 718, Compensation - Stock Compensation, was not established as of December 31, 2023. Among other conditions, for the grant date to be established, a mutual understanding is required to be reached between the Company and the employee of the key terms and conditions of the award, including the performance targets. The performance targets for each of the annual performance periods under the award are set at the beginning of the respective year.
(2)    Includes 4,399 performance share units awarded during the year ended December 31, 2022 for which the grant date under ASC 718 was established.
(3)    Probable outcome for performance-based awards is updated based upon changes in actual and forecasted operating results or expected achievement of performance goals, as applicable, and the impact of modifications, if any.

The following table summarizes the activity in stock options during the six months ended June 30, 2024:
Employee Stock OptionsNumber of SharesWeighted-average Exercise PriceAggregate
 Intrinsic Value (in millions)
Weighted-average Remaining Contractual Term
(in years)
Balance, December 31, 202325,523 $1,411$55 6.4
Exercised
(6,720)$1,411$14 
Balance, June 30, 202418,803 $1,411$48 5.9
Exercisable at June 30, 202418,803 $1,411$48 5.9