MARRIOTT INTERNATIONAL INC MD
For the period ended Dec 31, 2024. Filed Feb 11, 2025.
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FY2024 · Filed Feb 11, 2025
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Stock-Based Compensation
NOTE 5. STOCK-BASED COMPENSATION
RSUs and PSUs
We granted RSUs in 2024 to certain officers and employees, and those units vest generally over four years in equal annual installments commencingone year after the grant date. We also granted performance-based RSUs (“PSUs”) in 2024 to certain executives, which are earned subject to continued employment and the satisfaction of certain performance and market conditions based on the degree of achievement of pre-established targets for 2026 adjusted EBITDA performance and relative total stockholder return over the 2024 to 2026 performance period.
We had deferred compensation costs for unvested awards for RSUs, including PSUs, of approximately $173 million at year-end 2024 and $171 million at year-end 2023. The weighted average remaining term for RSUs outstanding at year-end 2024 was 2.2 years.
The following table provides additional information on RSUs, including PSUs, for the last three fiscal years:
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Stock-based compensation expense (in millions) | $203 | $179 | $181 |
| Weighted average grant-date fair value (per unit) | $222 | $167 | $168 |
| Aggregate intrinsic value of distributed RSUs (in millions) | $340 | $297 | $253 |
The following table presents the changes in our outstanding RSUs, including PSUs, during 2024 and the associated weighted average grant-date fair values:
| Number of RSUs (in millions) | Weighted Average Grant-Date Fair Value (per unit) | |
|---|---|---|
| Outstanding at year-end 2023 | 3.1 | $144 |
| Granted | 1.0 | 222 |
| Distributed | (1.4) | 133 |
| Forfeited | (0.1) | 178 |
| Outstanding at year-end 2024 | 2.6 | $178 |
Other Information
At year-end 2024, we had approximately 11 million remaining shares authorized for grant under the 2023 Marriott International, Inc. Stock and Cash Incentive Plan.
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