XML 59 R41.htm IDEA: XBRL DOCUMENT v3.25.0.1

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Total Share-Based Compensation Expense

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

			2024						2023						2022
			(In thousands)
Stock option expense			$	13,892					$	14,284					$	13,021
Restricted stock expense			20,422						20,792						20,115
PRSU expense			13,549						11,123						14,239
Total pre-tax expense			$	47,863					$	46,199					$	47,375

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:

			2024						2023						2022
Expected volatility			28.2		%				26.0		%				24.5		%
Expected term (years)			5.0						5.0						5.0
Risk-free interest rate			4.31		%				3.54		%				2.33		%
Expected dividend yield			0.62		%				0.72		%				0.65		%
Black-Scholes-Merton fair value per stock option granted			$	56.42					$	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 for the year ended December 31, 2024:

			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			2,741						$	101.20
Granted			231						181.93
Exercised			(779)						85.77
Forfeited			(53)						150.00
Outstanding at the end of the year			2,140						$	114.33					6.5						$	141.4
Exercisable at the end of the year			1,514						$	98.55					5.7						$	123.7

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, 2024:

			Shares						Weighted Average Grant Date Fair Value
			(In thousands)
Non-vested stock options outstanding at the beginning of the year			910						$	34.98
Granted			231						56.42
Vested			(462)						32.26
Forfeited			(53)						44.68
Non-vested stock options outstanding at the end of the year			626						$	44.32

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, 2024:

			Shares						Weighted Average Grant Date Fair Value
			(In thousands)
Non-vested restricted stock outstanding at the beginning of the year			296						$	135.39
Granted			149						181.74
Vested			(141)						132.82
Forfeited			(27)						155.27
Non-vested restricted stock outstanding at the end of the year			277						$	159.71

The following is a summary of the Company’s non-vested performance restricted stock activity and related information for the year ended December 31, 2024:

			Shares						Weighted Average Grant Date Fair Value
			(In thousands)
Non-vested performance restricted stock outstanding at the beginning of the year			239						$	131.90
Granted			77						167.79
Performance assumption change 1			24						121.91
Vested			(99)						121.91
Forfeited			(6)						155.83
Non-vested performance restricted stock outstanding at the end of the year			235						$	150.92

_________________________________________

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
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-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 of the changes in outstanding nonvested shares.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Name:	us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock
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
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-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