Stock-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of the Company’s stock option (including SARs) activity for the three month period ended March 31, 2024 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Exercise Price (per share)
Stock options outstanding as of December 31, 2023	5,282	$	31.09
Granted	518	90.38
Exercised or settled	(570)	19.68
Forfeited	(19)	53.83
Expired	(2)	31.29
Stock options outstanding as of March 31, 2024	5,209	38.14
Vested as of March 31, 2024	3,699	26.41

Schedule of Stock Option Fair Value Assumptions

The following assumptions were used to estimate the fair value of options granted during the three month periods ended March 31, 2024 and 2023 using the Black-Scholes option-pricing model.

	For the Three Month Period Ended March 31,
Assumptions	2024		2023
Expected life of options (in years)	6.3 - 7.5		6.3 - 7.5
Risk-free interest rate	4.3%		4.0% - 4.1%
Assumed volatility	35.1% - 35.2%		36.6%
Expected dividend rate	0.1	%	0.1	%

Schedule of Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity for the three month period ended March 31, 2024 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2023	957	$	52.18
Granted	287	90.38
Vested	(384)	47.52
Forfeited	(16)	54.88
Non-vested as of March 31, 2024	844	67.27

Schedule of Performance Stock Unit Activity

A summary of the Company’s performance stock unit activity for the three month period ended March 31, 2024 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2023	1,380	$	49.53
Granted	87	132.98
Change in units based on performance	122	55.84
Vested	(244)	55.84
Non-vested as of March 31, 2024	1,345	54.37

Schedule of Performance Share Units Fair Value Assumptions

The following assumptions were used to estimate the fair value of performance share units granted during the three month periods ended March 31, 2024 and 2023 using the Monte Carlo simulation pricing model.

	For the Three Month Period Ended March 31,
Assumptions	2024		2023
Expected term (in years)	2.8		2.9
Risk-free interest rate	4.5%		4.4	%
Assumed volatility	28.9%		31.8	%
Expected dividend rate	0.1	%	0.1	%