XML 31 R20.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

STOCK-BASED COMPENSATION | 3 Months Ended
--- | ---
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Stock-Based Compensation Plans The Company maintains the following plans for which awards were granted from or had awards outstanding in 2023: the 2010 Omnibus Long-Term Incentive Plan (as Amended and Restated effective July 27, 2017), the 2019 Omnibus Long-Term Incentive Plan, and the 2010 Employee Stock Purchase Plan. These plans are collectively referred to as the “Stock Plans” and are administered in conjunction with the Company’s Equity Award Death, Disability and Retirement Policy, which was adopted in February 2023. Refer to the Company’s 2023 Form 10-K for further information regarding this policy. Stock-Based Compensation Expense The Company records stock-based compensation expense in connection with the amortization of restricted stock and restricted stock unit awards (“RSUs”), performance share units (“PSUs”), stock purchase rights granted under the Company’s employee stock purchase plan and stock options granted to employees, non-employee consultants and non-employee directors. The Company recorded $60.4 million and $49.1 million in stock-based compensation expense during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, there was approximately $520.8 million of expected total unrecognized compensation cost related to non-vested stock-based compensation arrangements granted under all equity compensation plans. The Company expects to recognize that cost over a weighted average period of 2.8 years. Stock Options A summary of stock option activity under the Stock Plans is as follows:
|  | Option Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (1)
(Aggregate intrinsic value in thousands) |  |  |  |  |  |  |  |
Outstanding, January 1, 2024 |  | 1,286,173 |  |  | $ | 47.67 |  |  | 3.8 |  |
Exercised |  | (133,097) |  |  | 16.03 |  |  |  |  |
Forfeited |  | (14,409) |  |  | 94.95 |  |  |  |  |
Outstanding, March 31, 2024 |  | 1,138,667 |  |  | $ | 50.77 |  |  | 3.9 |  | $ | 31,533 |
Vested and expected to vest, March 31, 2024 |  | 1,138,667 |  |  | $ | 50.77 |  |  | 3.9 |  | $ | 31,533 |
Exercisable, March 31, 2024 |  | 1,138,667 |  |  | $ | 50.77 |  |  | 3.9 |  | $ | 31,533 |
______________ (1)The total intrinsic value of options exercised, net of shares withheld for taxes, during the three months ended March 31, 2024 and 2023 was $2.9 million and $4.8 million, respectively, determined as of the date of exercise. Restricted Stock and Restricted Stock Units The fair value of restricted stock and RSUs is determined on the date of grant using the closing stock price on that day. A summary of restricted stock and RSU activity during the three months ended March 31, 2024 is as follows:
|  | Restricted Shares |  | Weighted Average Grant Date Fair Value (1)
Outstanding, January 1, 2024 |  | 6,272,763 |  |  | $ | 73.39 |
Granted |  | 3,673,677 |  |  | 57.64 |
Released (2) |  | (1,731,848) |  |  | 81.17 |
Forfeited |  | (179,074) |  |  | 63.48 |
Outstanding, March 31, 2024 |  | 8,035,518 |  |  | $ | 64.60 |
______________ (1)The weighted average grant date fair value of the RSUs granted during the three months ended March 31, 2023 was $60.25. (2)The fair value of RSUs vested and converted to shares of the Company’s common stock was $140.2 million and $121.2 million during the three months ended March 31, 2024 and 2023, respectively. Performance Share Units The Company has issued performance-based equity awards to certain employees which vest upon the achievement of certain performance goals, including financial performance targets and operational milestones. A summary of PSU activity during the three months ended March 31, 2024 is as follows:
|  | Performance Share Units (1) |  | Weighted Average Grant Date Fair Value (2)
Outstanding, January 1, 2024 |  | 1,597,801 |  |  | $ | 92.73 |
Granted |  | 854,749 |  |  | 63.13 |
Released (3) |  | (63,809) |  |  | 140.20 |
Forfeited |  | (182,714) |  |  | 134.17 |
Outstanding, March 31, 2024 |  | 2,206,027 |  |  | $ | 76.46 |
______________ (1)The PSUs listed above assumes attainment of maximum payout rates as set forth in the performance criteria. Applying actual or expected payout rates, the number of outstanding PSUs as of March 31, 2024 was 1,097,448. (2)The weighted average grant date fair value of the PSUs granted during the three months ended March 31, 2023 was $79.17. (3)The fair value of PSUs vested and converted to shares of the Company’s common stock was $8.9 million and $1.0 million for the three months ended March 31, 2024 and 2023, respectively. Employee Stock Purchase Plan There were no shares issued under the 2010 Employee Stock Purchase Plan during the three months ended March 31, 2024 and 2023.

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