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Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

Total share-based compensation expense was as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
			(In thousands)
Stock option expense			$	3,417					$	3,560					$	10,443					$	10,740
Restricted stock expense			5,106						5,578						15,232						15,875
Performance restricted stock unit expense			4,220						3,775						9,232						9,158
Total pre-tax expense			$	12,743					$	12,913					$	34,907					$	35,773

Schedule of 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:

			Nine Months Ended September 30, 2024						Year Ended December 31, 2023
Expected volatility			28.2		%				26.0		%
Expected term (years)			5.0						5.0
Risk-free interest rate			4.31		%				3.54		%
Expected dividend yield			0.62		%				0.72		%
Black-Scholes-Merton fair value per stock option granted			$	56.42					$	38.11

Schedule 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, 2023			2,741						$	101.20
Granted			231						181.93
Exercised			(482)						83.93
Forfeited			(44)						149.47
Outstanding at September 30, 2024			2,446						$	111.35					6.4						$	149.8
Exercisable at September 30, 2024			1,809						$	96.89					5.7						$	135.4

Schedule 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, 2023			296						$	135.39
Granted			148						181.60
Vested			(141)						132.77
Forfeited			(22)						153.79
Non-vested restricted stock outstanding at September 30, 2024			281						$	159.52

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, 2023			239						$	131.90
Granted			77						181.93
Performance assumption change 1			24						121.91
Vested			(99)						121.91
Forfeited			(6)						155.48
Non-vested performance restricted stock outstanding at September 30, 2024			235						$	150.93

_________________________________________

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

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Tabular disclosure of share-based payment arrangement.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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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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