Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of the Company’s stock option (including SARs) activity for the nine month period ended September 30, 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	601	90.37
Exercised or settled	(1,484)	19.04
Forfeited	(62)	63.17
Expired	(3)	38.25
Stock options outstanding as of September 30, 2024	4,334	42.98
Vested as of September 30, 2024	2,820	29.20

Schedule of Stock Option Fair Value Assumptions

The following assumptions were used to estimate the fair value of options granted during the nine month periods ended September 30, 2024 and 2023 using the Black-Scholes option-pricing model.

	For the Nine Month Period Ended September 30,
Assumptions	2024		2023
Expected life of options (in years)	6.3 - 7.5		6.3 - 7.5
Risk-free interest rate	3.7% - 4.3%		3.8% - 4.4%
Assumed volatility	35.1% - 35.2%		36.0% - 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 nine month period ended September 30, 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	400	89.95
Vested	(459)	47.71
Forfeited	(65)	66.39
Non-vested as of September 30, 2024	833	71.69

Schedule of Performance Stock Unit Activity

A summary of the Company’s performance stock unit activity for the nine month period ended September 30, 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
Forfeited	(6)	71.81
Non-vested as of September 30, 2024	1,339	54.28

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 nine month periods ended September 30, 2024 and 2023 using the Monte Carlo simulation pricing model.

	For the Nine Month Period Ended September 30,
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	%