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LONG-TERM INCENTIVE COMPENSATION | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
LONG-TERM INCENTIVE COMPENSATION | LONG-TERM INCENTIVE COMPENSATION. SHARES AUTHORIZED FOR STOCK-BASED COMPENSATION PROGRAMS. At December 31, 2024, a total of 15,425,350 shares of unissued common stock were authorized for issuance under our stock-based compensation plans. Additionally, a total of 2,991,898 shares are authorized for issuance under a plan whereby substantially all employees may acquire common stock through payroll deductions at prevailing market prices. STOCK OPTIONS. The following table summarizes the status of, and changes in, our stock options during 2024.
| Options |  | Weighted- average exercise price |  | Weighted-average remaining contractual term in years
Outstanding at December 31, 2023 | 1,476,104 |  |  | $ | 75.39 |  |  |
Exercised | (812,959) |  |  | $ | 76.72 |  |  |
Expired | (1,768) |  |  | $ | 76.75 |  |  |
Outstanding and exercisable at December 31, 2024 | 661,377 |  |  | $ | 73.76 |  |  | 0.5
There was no stock option-based compensation expense in 2024, 2023, or 2022. The total intrinsic value of options exercised was $27.7 million in 2024, $30.6 million in 2023, and $40.3 million in 2022. At December 31, 2024, the aggregate intrinsic value of in-the-money options outstanding was $26.0 million. RESTRICTED SHARES AND STOCK UNITS. The following table summarizes the status of, and changes in, our restricted stock units during 2024.
|  |  | Restricted stock units |  | Weighted- average fair value
Nonvested at December 31, 2023 |  |  | 6,476,170 |  |  | $ | 127.94 |
Time-based grants |  |  | 1,597,968 |  |  | $ | 122.56 |
Performance-based grants |  |  | 98,668 |  |  | $ | 123.00 |
Vested (value at vest date was $240.0 million) |  |  | (1,956,869) |  |  | $ | 133.11 |
Forfeited |  |  | (214,358) |  |  | $ | 128.24 |
Nonvested at December 31, 2024 |  |  | 6,001,579 |  |  | $ | 124.73 |
Nonvested at December 31, 2024 includes performance-based restricted stock units of 359,941. These nonvested performance-based restricted units include 35,500 units for which the performance period has lapsed, and the performance threshold has been met. Compensation and related costs includes expenses for restricted shares granted to directors and restricted stock units of $247.3 million in 2024, $265.6 million in 2023, and $285.4 million in 2022. FUTURE STOCK-BASED COMPENSATION EXPENSE. The following table presents the compensation expense to be recognized over the remaining vesting periods of the stock-based awards outstanding at December 31, 2024. Estimated future compensation expense will change to reflect future grants, changes in the probability of performance thresholds being met, and adjustments for actual forfeitures.
(in millions) |
First quarter 2025 | $ | 53.2 |
Second quarter 2025 | 52.1 |
Third quarter 2025 | 51.5 |
Fourth quarter 2025 | 44.7 |
2026 | 100.4 |
2027 through 2030 | 67.2 |
Total | $ | 369.1 |
RESTRICTED FUND UNITS. We granted $103.3M of restricted fund units in December 2024. Below is a roll forward of the restricted fund units liability which is reported in deferred compensation liabilities on the consolidated balance sheet.
(in millions) | 2024
Balance at beginning of year | $ | — |
Amortization of grant date value | 14.8 |
Amortization of market appreciation (depreciation) | (0.1) |
Balance at end of year | $ | 14.7 |
The following table presents the compensation expense to be recognized over the remaining vesting periods of the restricted fund units outstanding at December 31, 2024. Estimated future compensation expense will change to reflect future grants, changes in the market value of the restricted fund units which is based on selected hypothetical investments, and adjustments for actual forfeitures.
(in millions) |  |  |
First quarter 2025 |  |  | $ | 11.7 |
Second quarter 2025 |  |  | 11.3 |
Third quarter 2025 |  |  | 11.2 |
Fourth quarter 2025 |  |  | 9.2 |
2026 |  |  | 22.9 |
2027 through 2030 |  |  | 21.6 |
Total |  |  | $ | 87.9 |

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