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Stock-Based Compensation (Tables)

12 Months Ended

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 tax1			(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 price1			$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 share2			$264.17						$240.55						$280.93						$188.21
Total incremental compensation cost3			$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 tax1			(203)																		107.77
Performance adjustment2			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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