XML 42 R32.htm IDEA: XBRL DOCUMENT
v3.23.2

Share-Based Compensation (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Total Share-Based Compensation Expense | Total share-based compensation expense was as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (In thousands)
Stock option expense | $ | 3,596 |  |  | $ | 3,383 |  |  | $ | 7,180 |  |  | $ | 6,823 |
Restricted stock expense | 5,257 |  |  | 5,253 |  |  | 10,297 |  |  | 10,031 |
Performance restricted stock unit expense | 3,728 |  |  | 4,320 |  |  | 5,383 |  |  | 5,673 |
Total pre-tax expense | $ | 12,581 |  |  | $ | 12,956 |  |  | $ | 22,860 |  |  | $ | 22,527 |
Weighted Average Assumptions Used for Estimating Fair Values of Stock Options Granted | The following weighted average assumptions were used in the Black-Scholes-Merton model to estimate the fair values of stock options granted during the periods indicated:
| Six Months Ended June 30, 2023 |  | Year Ended December 31, 2022
Expected volatility | 26.0 | % |  | 24.5 | %
Expected term (years) | 5.0 |  | 5.0
Risk-free interest rate | 3.54 | % |  | 2.33 | %
Expected dividend yield | 0.72 | % |  | 0.65 | %
Black-Scholes-Merton fair value per stock option granted | $ | 38.11 |  |  | $ | 32.54 |
Summary of Stock Option Activity and Related Information | The following is a summary of the Company’s stock option activity and related information:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life |  | Aggregate Intrinsic Value
| (In thousands) |  |  |  | (Years) |  | (In millions)
Outstanding at December 31, 2022 | 3,060 |  |  | $ | 79.46 |  |  |  |  |
Granted | 453 |  |  | 138.46 |  |  |  |  |
Exercised | (457) |  |  | 70.55 |  |  |  |  |
Forfeited | (51) |  |  | 122.05 |  |  |  |  |
Outstanding at June 30, 2023 | 3,005 |  |  | $ | 99.43 |  |  | 6.9 |  | $ | 187.7 |
Exercisable at June 30, 2023 | 2,070 |  |  | $ | 83.59 |  |  | 5.9 |  | $ | 162.1 |
Summary of Nonvested Restricted Stock Activity and Related Information | The following is a summary of the Company’s non-vested restricted stock activity and related information:
| Shares |  | Weighted Average Grant Date Fair Value
| (In thousands) |  |
Non-vested restricted stock outstanding at December 31, 2022 | 356 |  |  | $ | 117.18 |
Granted | 154 |  |  | 138.60 |
Vested | (155) |  |  | 104.06 |
Forfeited | (21) |  |  | 125.89 |
Non-vested restricted stock outstanding at June 30, 2023 | 334 |  |  | $ | 132.59 |
The following is a summary of the Company’s non-vested performance restricted stock activity and related information:
| Shares |  | Weighted Average Grant Date Fair Value
| (In thousands) |  |
Non-vested performance restricted stock outstanding at December 31, 2022 | 275 |  |  | $ | 101.98 |
Granted | 79 |  |  | 138.46 |
Performance assumption change 1 | 48 |  |  | 63.37 |
Vested | (161) |  |  | 63.37 |
Forfeited | (2) |  |  | 131.67 |
Non-vested performance restricted stock outstanding at June 30, 2023 | 239 |  |  | $ | 131.90 |
_________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration