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Computation of Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation of the Basic and Diluted Earnings Per Share Computations

The table below sets forth the calculation of basic and diluted income per share for the years ended December 31 (in thousands, except per share data).

			2024						2023						2022
Numerator:
Net income used for calculating basic and diluted income per share			$	1,253,715					$	882,466					$	807,799
Denominator:
Weighted average common shares used in the calculation of basic income per share			77,785						79,004						80,178
Dilutive effect of outstanding awards associated with stock-based compensation plans			553						676						889
Shares used in the calculation of diluted income per share			78,338						79,680						81,067
Income per share (1):
Basic			$	16.12					$	11.17					$	10.08
Diluted			$	16.00					$	11.08					$	9.96

(1)Both basic and diluted income per share for 2024 included a tax benefit of approximately $2.08 per share related to intercompany sales of certain intellectual property (see Note 12 — Income Taxes).

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The table below presents the number of outstanding awards associated with stock-based compensation plans that were not included in the computations of diluted income per share in the above table because the effect would have been anti-dilutive. During years with net income, the outstanding awards were anti-dilutive because their exercise prices were greater than the average market price per share of Common Stock during such year.

			Year Ended December 31,
			2024						2023						2022
Anti-dilutive outstanding awards associated with stock-based compensation plans (in millions)			0.1						0.1						0.1
Average market price per share of Common Stock during the year			$	475.66					$	351.31					$	289.73

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- References

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- Definition

Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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