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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Schedule Of Restricted Stock Units | The following is a summary of RSU activity during the year ended December 31, 2020:
(In thousands except per share data) | Units |  | Weighted-Average Grant-Date Fair Value
Unvested at January 1, 2020 | 260 |  |  | $ | 181.23 |
Granted | 309 |  |  | 119.78 |
Vested, including 17 shares withheld for tax 1 | (74) |  |  | 160.30 |
Forfeited | (23) |  |  | 150.11 |
Unvested at December 31, 2020 | 472 |  |  | $ | 145.77 |
1 The Company withholds shares of common stock to pay the minimum required statutory taxes due upon RSU vesting. Cash is then remitted by the Company to the appropriate taxing authorities.
Schedule Of Assumptions Used, Options | The key inputs for the fair values and other relevant information by grant date are outlined below:
Grant date | 6/24/2020 |  | 6/24/2020 |  | 3/16/2020 |  | 3/20/2019
Grantee(s) | Non-CEO |  | CEO |  | All |  | All
Number of grantees affected | 134 |  | 1 |  | 332 |  | 215
Modification date | N/A |  | N/A |  | 6/23/2020 |  | 6/23/2020
Risk-free rate | 0.21% |  | 0.21% |  | 0.20% |  | 0.18%
Stock price 1 | $160.14 |  | $160.14 |  | $173.15 |  | $173.15
Volatility | 47.72% |  | 47.72% |  | 51.32% |  | 62.29%
Performance period | June 24, 2020 – June 23, 2023 |  | June 24, 2020 – June 23, 2023 |  | June 23, 2020 – December 31, 2022 |  | June 23, 2020 – December 31, 2021
Shares at target | 110,467 |  | 28,101 |  | 199,870 |  | 86,845
Fair value per share 2 | $264.17 |  | $240.55 |  | $280.93 |  | $188.21
Total incremental compensation cost 3 | $11.5 million |  | $2.3 million |  | $21.8 million |  | $1.3 million
1 At the date of grant or modification date, whichever is applicable. 2 At the date of grant or modification date, whichever is applicable. The CEO's June 24, 2020 award has a one-year post-vesting holding period. 3 For the Company's awards that were modified on June 23, 2020, the final attainment for recipients other than executive officers will be based on the greater of the payout under the original awards performance metrics or the modified metrics as described above. As a result, the Company is required to assess which payout is more likely and adjust the expense accordingly. If the original awards' performance metrics are expected to result in a higher number of shares vesting, then the expense recorded will be based on awards expected to vest at the grant-date stock price. Alternatively, if the modified metrics are expected to result in a higher number of shares vesting, then the expense recorded will be based on the fair value calculated using the Monte Carlo simulation valuation model. As of December 31, 2020, the expense associated with the awards in the table above is calculated using the Monte Carlo modification-date fair value. The table below summarizes the assumptions used to calculate the fair value:
Exercise price | $ | 99.69 |
Expected stock price volatility | 31.14 | %
Risk-free interest rate | 2.18 | %
Weighted average fair value of market performance-based stock options granted | $ | 28.69 |
The table below summarizes the assumptions used to calculate the fair value by year of grant:
| 2020 |  | 2019 |  | 2018
Weighted average grant date fair value | $ | 35.13 |  |  | $ | 58.28 |  |  | $ | 51.27 |
Weighted average expected term (in years) | 6 |  | 6 |  | 6
Weighted average exercise price | $ | 109.66 |  |  | $ | 184.81 |  |  | $ | 158.23 |
Expected stock price volatility | 32.37 | % |  | 27.21 | % |  | 27.35 | %
Risk-free interest rate | 0.58 | % |  | 2.37 | % |  | 2.69 | %
Schedule Of Performance Based Restricted Stock Units | The following is a summary of TSR awards and PBRSU activity during the year ended December 31, 2020:
TSR awards and PBRSUs |  |  |  |  |  |  |
(In thousands except per share data) | Shares |  |  |  |  |  | Weighted-Average Grant-Date Fair Value
Unvested at January 1, 2020 | 449 |  |  |  |  |  |  | $ | 140.58 |
Granted | 343 |  |  |  |  |  |  | 170.71 |
Forfeited | (21) |  |  |  |  |  |  | 150.40 |
Vested, including 52 shares withheld for tax 1 | (203) |  |  |  |  |  |  | 107.77 |
Performance adjustment 2 | 14 |  |  |  |  |  |  | 81.21 |
Unvested at December 31, 2020 | 582 |  |  |  |  |  |  | $ | 170.05 |
1 The Company withholds shares of common stock to pay the minimum required statutory taxes due upon PBRSU vesting. Cash is then remitted by the Company to the appropriate taxing authorities. 2 Reflects adjustments to the number of shares of PBRSUs expected to vest based on the change in performance attainment during the year ended December 31, 2020.
Schedule Of Stock Option Activity | The following is a summary of all stock option activity during the year ended December 31, 2020:
Stock Options |  |  |  |  |  |  |
(In thousands, except per share data) | Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Outstanding at January 1, 2020 | 892 |  |  | $ | 115.82 |  |  |  |  |
Granted | 262 |  |  | 109.66 |  |  |  |  |
Exercised | (96) |  |  | 96.55 |  |  |  |  |
Forfeited or expired | (15) |  |  | 138.52 |  |  |  |  |
Outstanding at December 31, 2020 | 1,043 |  |  | $ | 115.72 |  |  | 7.2 |  | $ | 91,603 |
Exercisable on December 31, 2020 | 559 |  |  | $ | 110.49 |  |  | 6.4 |  | $ | 52,036 |
Vested and expected to vest at December 31, 2020 | 476 |  |  | $ | 121.90 |  |  | 8.2 |  | $ | 38,844 |

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