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LONG-TERM INCENTIVE COMPENSATION | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
LONG-TERM INCENTIVE COMPENSATION | LONG-TERM INCENTIVE COMPENSATION. STOCK OPTIONS. The following table summarizes the status of, and changes in, our stock options during the three months ended March 31, 2025.
| Options |  | Weighted- average exercise price
Outstanding at December 31, 2024 | 661,377 |  |  | $ | 73.76 |
Exercised | (314,509) |  |  | $ | 78.11 |
Expired | (1,560) |  |  | $ | 79.71 |
Outstanding and exercisable at March 31, 2025 | 345,308 |  |  | $ | 69.77 |
RESTRICTED SHARES AND STOCK UNITS. The following table summarizes the status of, and changes in, our nonvested restricted stock units during the three months ended March 31, 2025.
|  |  | Restricted stock units |  | Weighted-average fair value
Nonvested at December 31, 2024 |  |  | 6,001,579 |  |  | $ | 124.73 |
Time-based grants |  |  | 7,544 |  |  | $ | 114.78 |
Vested |  |  | (7,554) |  |  | $ | 127.26 |
Forfeited |  |  | (39,170) |  |  | $ | 134.92 |
Nonvested at March 31, 2025 |  |  | 5,962,399 |  |  | $ | 124.65 |
Nonvested at March 31, 2025 includes performance-based restricted stock units of 359,941. These nonvested performance-based restricted stock units include 102,345 units for which the performance period has lapsed, and the performance threshold has been met. 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 March 31, 2025. Estimated future compensation expense will change to reflect future grants of restricted stock awards and units, future option grants, changes in the probability of performance thresholds being met, and adjustments for actual forfeitures.
(in millions) |
Second quarter 2025 | $ | 51.8 |
Third quarter 2025 | 51.2 |
Fourth quarter 2025 | 44.5 |
2026 | 100.0 |
2027 through 2030 | 67.1 |
Total | $ | 314.6 |
RESTRICTED FUND UNITS. 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) | 3/31/2025
Balance at beginning of year | $ | 14.7 |
Amortization of grant date value | 11.8 |
Amortization of market appreciation (depreciation) | (0.5) |
Balance at end of year | $ | 26.0 |
The following table presents the compensation expense to be recognized over the remaining vesting periods of the restricted fund units outstanding at March 31, 2025. 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. The grants outstanding will vest by 2029.
(in millions) |  |  |
Second quarter 2025 |  |  | $ | 11.0 |
Third quarter 2025 |  |  | 10.9 |
Fourth quarter 2025 |  |  | 8.9 |
2026 |  |  | 22.3 |
2027 through 2029 |  |  | 21.0 |
Total |  |  | $ | 74.1 |

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