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Share-based Compensation (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Assumptions The assumptions noted in the table below represent the weighted-average of each assumption for each grant during the year.

 

 

Year ended
December 31,

 

 

 

2021

 

Expected volatility

 

 

29.1

%

Expected dividend yield

 

 

%

Expected life (years)

 

 

2.9

 

Risk-free interest rate

 

 

0.3

%

Schedule of Share-based Compensation, Restricted Stock Units Award Activity

A summary of time-based and performance-based RSU activity under the plans at December 31, 2023, and changes during the year then ended, is presented below:

 

 

Shares
(thousands)

 

 

Weighted-
Average
Grant Date
Fair Value

 

Time-based RSUs

 

 

 

 

 

 

Balance as of December 31, 2022

 

 

412

 

 

$

237.23

 

Granted

 

 

156

 

 

$

231.33

 

Vested

 

 

(122

)

 

$

233.20

 

Forfeited

 

 

(24

)

 

$

239.67

 

Balance as of December 31, 2023

 

 

422

 

 

$

236.08

 

Performance-based RSUs

 

 

 

 

 

 

Balance as of December 31, 2022

 

 

588

 

 

$

266.39

 

Granted

 

 

231

 

 

$

232.98

 

Vested

 

 

(273

)

 

$

259.54

 

Forfeited

 

 

(29

)

 

$

267.36

 

Balance as of December 31, 2023

 

 

517

 

 

$

255.01