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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Total Share-Based Compensation Expense

Total share-based compensation expense was as follows for the years ended December 31:

			2023						2022						2021
			(In thousands)
Stock option expense			$	14,284					$	13,021					$	12,733
Restricted stock expense			20,792						20,115						21,393
PRSU expense			11,123						14,239						11,977
Total pre-tax expense			$	46,199					$	47,375					$	46,103

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 years indicated:

			2023						2022						2021
Expected volatility			26.0		%				24.5		%				24.2		%
Expected term (years)			5.0						5.0						5.0
Risk-free interest rate			3.54		%				2.33		%				0.85		%
Expected dividend yield			0.72		%				0.65		%				0.66		%
Black-Scholes-Merton fair value per stock option granted			$	38.11					$	32.54					$	25.63

Summary of Stock Option Activity and Related Information

The following is a summary of the Company’s stock option activity and related information for the year ended December 31, 2023:

			Shares						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life						Aggregate Intrinsic Value
			(In thousands)												(Years)						(In millions)
Outstanding at the beginning of the year			3,060						$	79.46
Granted			453						138.46
Exercised			(696)						72.26
Forfeited			(71)						129.42
Expired			(5)						65.25
Outstanding at the end of the year			2,741						$	101.20					6.6						$	174.6
Exercisable at the end of the year			1,831						$	84.65					5.6						$	147.0

Summary of Nonvested Stock Option Activity and Related Information

The following is a summary of the Company’s non-vested stock option activity and related information for the year ended December 31, 2023:

			Shares						Weighted Average Grant Date Fair Value
			(In thousands)
Non-vested stock options outstanding at the beginning of the year			1,116						$	26.57
Granted			453						38.11
Vested			(588)						21.83
Forfeited			(71)						31.68
Non-vested stock options outstanding at the end of the year			910						$	34.98

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 for the year ended December 31, 2023:

			Shares						Weighted Average Grant Date Fair Value
			(In thousands)
Non-vested restricted stock outstanding at the beginning of the year			356						$	117.18
Granted			158						139.08
Vested			(188)						105.17
Forfeited			(30)						127.80
Non-vested restricted stock outstanding at the end of the year			296						$	135.39

The following is a summary of the Company’s non-vested performance restricted stock activity and related information for the year ended December 31, 2023:

			Shares						Weighted Average Grant Date Fair Value
			(In thousands)
Non-vested performance restricted stock outstanding at the beginning of the year			275						$	101.98
Granted			79						138.46
Performance assumption change 1			48						63.37
Vested			(161)						63.37
Forfeited			(2)						132.39
Non-vested performance restricted stock outstanding at the end of the year			239						$	131.90

_________________________________________

1 Reflects the number of PRSUs above target levels based on performance metrics.

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