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SHARE-BASED AWARDS AND STOCK OPTIONS (Tables) | 9 Months Ended
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Sep. 30, 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 |  | Nine Months Ended
| September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
| (in thousands)
Share-based compensation expense | $ | 50,999 |  |  | $ | 36,624 |  |  | $ | 134,361 |  |  | $ | 173,325 |
Income tax benefit | $ | 12,105 |  |  | $ | 7,488 |  |  | $ | 28,439 |  |  | $ | 39,378 |
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 nine months ended September 30, 2024:
| Shares |  | Weighted-Average Grant-Date Fair Value
| (in thousands) |  |
Unvested at December 31, 2023 | 2,481 |  |  | $131.41 |
Granted | 1,214 |  |  | 129.14 |
Vested | (1,142) |  |  | 142.65 |
Forfeited | (153) |  |  | 121.64 |
Unvested at September 30, 2024 | 2,400 |  |  | $125.54 |
Schedule of Changes in Stock Option Activity | The following table summarizes stock option activity for the nine months ended September 30, 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 | 168 |  |  | 127.99 |  |  |  |  |
Forfeited | (70) |  |  | 153.24 |  |  |  |  |
Exercised | (207) |  |  | 58.55 |  |  |  |  |
Outstanding at September 30, 2024 | 812 |  |  | $111.34 |  |  | 5.6 |  | $7.3
Options vested and exercisable at September 30, 2024 | 551 |  |  | $108.22 |  |  | 4.1 |  | $6.7
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:
| Nine Months Ended
| September 30, 2024 |  | September 30, 2023
Risk-free interest rate | 4.13% |  | 3.84%
Expected volatility | 45% |  | 45%
Dividend yield | 0.90% |  | 0.81%
Expected term (years) | 5 |  | 5

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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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