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SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Costs and Related Tax Benefits

The following is a summary of share-based compensation costs and related tax benefits recorded in our consolidated statements of income:

(in thousands)						For the Years Ended December 31,
						2023						2022						2021
Share-based compensation expense included in cost of revenue						$	5,643					$	4,638					$	4,044
Share-based compensation expense included in operating expenses						54,096						45,132						33,711
Total share-based compensation expense included in consolidated statements of income						59,739						49,770						37,755
Income tax benefit resulting from share-based compensation expense						(5,487)						(4,658)						(4,734)
Net share-based compensation expense included in consolidated statements of income, excluding tax benefit from settlement of share-based awards						54,252						45,112						33,021
Income tax benefit resulting from settlement of share-based awards						(13,703)						(12,522)						(32,474)
Net expense related to share-based compensation arrangements included in consolidated statements of income						$	40,549					$	32,590					$	547

Schedule of Weighted Averages of the Assumptions used in Estimating the Fair Value of Stock Option Awards

The weighted averages of the valuation assumptions used to determine the fair value of each option award on the date of grant and the weighted average estimated fair values were as follows:

						For the Years Ended December 31,
						2023						2022						2021
Expected stock price volatility						32		%				30		%				30		%
Expected term, in years						6.7						6.4						6.2
Risk-free interest rate						3.7		%				2.1		%				0.7		%
Weighted average fair value of options granted						$	201.48					$	166.30					$	169.15

Schedule of Stock Option Activity

A summary of the status of options granted under our share-based compensation plans at December 31, 2023, and changes during the year then ended, are presented in the table below:

						Number of Options (000)						Weighted Average Exercise Price						Weighted Average Remaining Contractual Term						Aggregate Intrinsic Value ($000)
Outstanding as of December 31, 2022						1,701						$	219.90
Granted						142						$	503.50
Exercised						(215)						$	147.69
Forfeited						(26)						$	432.43
Expired						(6)						$	545.55
Outstanding as of December 31, 2023						1,596						$	250.14					4.8						$	487,487
Fully vested as of December 31, 2023						1,209						$	186.45					3.9						$	446,109
Fully vested and expected to vest as of December 31, 2023 (1)						1,581						$	247.85					4.8						$	486,636
(1) Includes options that are vested as of December 31, 2023, and outstanding options that are expected to vest in the future, net of estimated forfeitures.

Schedule of Restricted Stock Unit Activity

A summary of the status of RSUs and PBRSUs granted under our share-based compensation plans at December 31, 2023, and changes during the period then ended, are presented in the table below:

						Number of Units (000)						Weighted Average Grant-Date Fair Value
Nonvested as of December 31, 2022						148						$	391.55
Granted						63
Vested						(62)
Forfeited						(8)
Nonvested as of December 31, 2023						141						$	459.11
Expected to vest as of December 31, 2023 (1)						134						$	457.51
(1) Outstanding units that are expected to vest in the future, net of estimated forfeitures.

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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