SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 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:

Nine months ended September 30,	2023 (1)	2023 (2)	2023 (3)	2022
Expected volatility	36.24%	29.30%	30.05%	33.44%
Expected term (in years)	3.0	1.0	3.0	3.0
Expected dividend yield	n/a	n/a	n/a	n/a
Risk-free interest rate	3.79%	4.61%	3.39%	1.26%

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:

Nine months ended September 30,	2023		2022
Share-based compensation expense(1)	$	43,516	$	43,595
Tax benefits associated with share-based compensation expense	$	6,640	$	7,468
Liability for cash-settled restricted stock units(2)	$	—	$	4,084
Fair value of restricted stock units vested(3)	$	54,654	$	49,239
Unrecognized share-based compensation expense	$	76,871	$	91,810
Expected weighted average period associated with the recognition of unrecognized share-based compensation expense	2.5 years		2.5 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 SHARE-SETTLED RESTRICTED STOCK UNITS

The following table provides an activity summary of the Company's share-settled restricted stock units for the nine months ended September 30, 2023:

	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
Non-vested restricted stock units - beginning of period	330	$	60.01	2,117	$	53.16
Granted	122	66.13		874	57.59
Vested	(72)	62.26		(778)	53.62
Forfeited	—	—		(202)	54.27
Non-vested restricted stock units - end of period	380	$	61.55	2,011	$	54.80

SUMMARY OF CASH-SETTLED RESTRICTED STOCK UNITS

The following table provides an activity summary of the Company's cash-settled restricted stock units for the nine months ended September 30, 2023:

	Cash-Settled Service Restricted Stock Units
	Number of restricted stock units
Non-vested restricted stock units - beginning of period	60
Granted	—
Vested	(59)
Forfeited	(1)
Non-vested restricted stock units - end of period	—