XML 31 R20.htm IDEA: XBRL DOCUMENT
v3.25.1

Share-Based Compensation | 3 Months Ended
--- | ---
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation The Company's share-based compensation plans are described in Note 11, Share-Based Compensation, to the consolidated financial statements in Part II, Item 8, filed on the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Share Based Compensation Expense Total share-based compensation expense was as follows:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| (In thousands)
Stock option expense | $ | 3,263 |  |  | $ | 3,509 |  |  |  |  |
Restricted stock expense | 5,055 |  |  | 4,797 |  |  |  |  |
Performance restricted stock unit expense | 1,146 |  |  | 635 |  |  |  |  |
Total pre-tax expense | $ | 9,464 |  |  | $ | 8,941 |  |  |  |  |
Pre-tax share-based compensation expense is included in the consolidated statement of income in either Cost of sales or Selling, general and administrative expenses, depending on where the recipient’s cash compensation is reported. Stock Options The fair value of each stock option grant is estimated on the grant date using a Black-Scholes-Merton option pricing model. 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:
| Three Months Ended March 31, 2025 |  | Year Ended December 31, 2024
Expected volatility | 22.7 | % |  | 28.2 | %
Expected term (years) | 5.0 |  | 5.0
Risk-free interest rate | 4.07 | % |  | 4.31 | %
Expected dividend yield | 0.70 | % |  | 0.62 | %
Black-Scholes-Merton fair value per stock option granted | $ | 46.21 |  |  | $ | 56.42 |
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, 2024 | 2,140 |  |  | $ | 114.33 |  |  |  |  |
Granted | 267 |  |  | 176.08 |  |  |  |  |
Exercised | (56) |  |  | 99.48 |  |  |  |  |
Forfeited | (11) |  |  | 150.68 |  |  |  |  |
Outstanding at March 31, 2025 | 2,340 |  |  | $ | 121.57 |  |  | 6.6 |  | $ | 121.5 |
Exercisable at March 31, 2025 | 1,805 |  |  | $ | 107.58 |  |  | 5.8 |  | $ | 117.2 |
The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2025 was $4.7 million. The total fair value of stock options vested during the three months ended March 31, 2025 was $13.7 million. As of March 31, 2025, there was approximately $23.6 million of expected future pre-tax compensation expense related to the 0.5 million non-vested stock options outstanding, which is expected to be recognized over a weighted average period of less than two years. Restricted Stock 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, 2024 | 277 |  |  | $ | 159.71 |
Granted | 159 |  |  | 176.25 |
Vested | (131) |  |  | 150.52 |
Forfeited | (6) |  |  | 161.10 |
Non-vested restricted stock outstanding at March 31, 2025 | 299 |  |  | $ | 172.51 |
The total fair value of restricted stock vested during the three months ended March 31, 2025 was $19.8 million. As of March 31, 2025, there was approximately $46.8 million of expected future pre-tax compensation expense related to the 0.3 million non-vested restricted shares outstanding, which is expected to be recognized over a weighted average period of approximately two years. Performance Restricted Stock Units 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, 2024 | 235 |  |  | $ | 150.92 |
Granted | 93 |  |  | 176.08 |
Performance assumption change 1 | 8 |  |  | 134.69 |
Vested | (92) |  |  | 134.69 |
Forfeited | (1) |  |  | 153.38 |
Non-vested performance restricted stock outstanding at March 31, 2025 | 243 |  |  | $ | 166.12 |
_________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics. As of March 31, 2025, there was approximately $21.4 million of expected future pre-tax compensation expense related to the 0.2 million non-vested restricted shares outstanding, which is expected to be recognized over a weighted average period of less than one year.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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