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SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Additional Information Related to Share-based Compensation
The following table provides details of the significant inputs used in the Monte Carlo simulation model:
Year ended December 31,
2023 (1)
2023 (2)
2023 (3)
20222021
Expected volatility 36.24%29.30%30.05%33.44%32.99%
Expected term (in years)3.01.03.03.03.0
Expected dividend yieldn/an/an/an/an/a
Risk-free interest rate3.79%4.61%3.39%1.26%0.17%
n/a - not applicable
(1) Performance restricted stock units granted in the ordinary course of business
(2) Performance restricted stock units granted in the three months ended March 31, 2023 in relation to senior leadership transition
(3) Performance restricted stock units granted in the three months ended June 30, 2023 in relation to senior leadership transition
The following table provides additional information related to share-based compensation:
Year ended December 31,202320222021
Share-based compensation expense (1)
$57,729 $56,136 $49,415 
Tax benefits associated with share-based compensation expense$8,819 $8,839 $7,613 
Liability for cash-settled restricted stock units (2)
$— $4,792 $9,091 
Fair value of restricted stock units vested (3)
$64,156 $49,792 $42,967 
Unrecognized share-based compensation expense$62,416 $74,601 $80,805 
Expected weighted average period associated with the recognition of unrecognized share-based compensation expense2.4 years2.3 years2.4 years
(1)    Related to share-settled restricted stock units and cash-settled restricted stock units.
(2)    Included in other liabilities in the consolidated balance sheets.
(3)    Fair value is based on the closing price of the Company's common shares on the vest date.
Summary of Reconciliation of Beginning and Ending Balance of Non Vested Restricted Stock (Including RSUs) to be Settled in Shares
The following table provides an activity summary of the Company's share-settled restricted stock units:
Share-Settled Performance
Restricted Stock Units
Share-Settled Service
Restricted Stock Units
Number of
restricted
stock units
Weighted average grant date
fair value
Number of
restricted
stock units
Weighted average
grant date
fair value
Nonvested restricted stock units - December 31, 2021311 $54.75 2,062 $51.59 
Granted140 68.63 993 56.09 
Vested(100)54.70 (690)52.67 
Forfeited(21)62.26 (248)53.22 
Nonvested restricted stock units - December 31, 2022330 60.01 2,117 53.16 
Granted122 66.13 918 57.53 
Vested(88)63.88 (929)53.02 
Forfeited(220)58.15 (251)54.49 
Nonvested restricted stock units - December 31, 2023144 $65.69 1,855 $55.21 
Summary of Activity of Cash-Settled Restricted Stock Units
The following table provides an activity summary of the Company's cash-settled restricted stock units:
Cash-Settled Service Restricted Stock Units
Number of
restricted stock units
Nonvested restricted stock units - December 31, 2021215 
Granted— 
Vested(145)
Forfeited(10)
Nonvested restricted stock units - December 31, 202260 
Granted 
Vested(59)
Forfeited(1)
Nonvested restricted stock units - December 31, 2023