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SHARE-BASED AWARDS AND STOCK OPTIONS (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-based Compensation Expense | The following table summarizes share-based compensation expense and the related income tax benefit recognized for our share-based awards and stock options:
| Three Months Ended
| March 31, 2024 |  | March 31, 2023
| (in thousands)
Share-based compensation expense | $ | 40,117 |  |  | $ | 89,566 |
Income tax benefit | $ | 9,366 |  |  | $ | 9,417 |
Schedule of Changes in Unvested Restricted Stock Awards and Performance Awards | The following table summarizes the changes in unvested restricted stock and performance awards for the three months ended March 31, 2024:
| Shares |  | Weighted-Average Grant-Date Fair Value
| (in thousands) |  |
Unvested at December 31, 2023 | 2,481 |  |  | $131.41 |
Granted | 1,168 |  |  | 130.71 |
Vested | (917) |  |  | 142.99 |
Forfeited | (49) |  |  | 117.42 |
Unvested at March 31, 2024 | 2,683 |  |  | $127.64 |
Schedule of Changes in Stock Option Activity | The following table summarizes stock option activity for the three months ended March 31, 2024:
| Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value
| (in thousands) |  |  |  | (years) |  | (in millions)
Outstanding at December 31, 2023 | 921 |  |  | $99.54 |  |  | 5.0 |  | $32.1
Granted | 154 |  |  | 130.09 |  |  |  |  |
Forfeited | (1) |  |  | 76.91 |  |  |  |  |
Exercised | (169) |  |  | 51.89 |  |  |  |  |
Outstanding at March 31, 2024 | 905 |  |  | $113.67 |  |  | 5.7 |  | $23.8
Options vested and exercisable at March 31, 2024 | 616 |  |  | $111.85 |  |  | 4.0 |  | $19.1
Schedule of Fair Valuation Assumptions | Fair value was estimated on the date of grant using the Black-Scholes valuation model with the following weighted-average assumptions:
| Three Months Ended
| March 31, 2024 |  | March 31, 2023
Risk-free interest rate | 4.16% |  | 3.86%
Expected volatility | 45% |  | 45%
Dividend yield | 0.90% |  | 0.81%
Expected term (years) | 5 |  | 5

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- 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
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- 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
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