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LONG-TERM INCENTIVE COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Roll Forward of 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
Schedule of 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 |
Schedule of Roll Forward of Nonvested Restricted Shares and Restricted 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 |
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 |
Schedule of Future Stock-based Compensation Expense to be Recognized over the Remaining Vesting Periods of the Restricted Fund Unit Awards | 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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