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Stock-Based Compensation Plans (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
A summary of the Company’s stock option activity for the three month period ended March 31, 2025 is presented in the following table (underlying shares in thousands).
SharesWeighted-Average Exercise Price (per share)
Stock options outstanding as of December 31, 20244,185 $43.33 
Granted665 83.36 
Exercised or settled(141)37.00 
Forfeited(22)70.52 
Expired(2)84.26 
Stock options outstanding as of March 31, 20254,685 49.06 
Vested as of March 31, 20253,034 33.74 
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, 2025 and 2024 using the Black-Scholes option-pricing model.
For the Three Month Period Ended March 31,
Assumptions20252024
Expected life of options (in years)
6.3 - 7.5
6.3 - 7.5
Risk-free interest rate
4.1% - 4.2%
4.3%
Assumed volatility
34.2% - 34.3%
35.1% - 35.2%
Expected dividend rate0.1 %0.1 %
The following assumptions were used to estimate the fair value of performance stock units granted during the three month periods ended March 31, 2025 and 2024 using the Monte Carlo simulation pricing model.
For the Three Month Period Ended March 31,
Assumptions20252024
Expected term (in years)
2.8
2.8
Risk-free interest rate
4.0%
4.5 %
Assumed volatility
28.6%
28.9 %
Expected dividend rate0.1 %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, 2025 is presented in the following table (underlying shares in thousands).
SharesWeighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2024834 $73.00 
Granted284 83.36 
Vested(267)62.45 
Forfeited(21)79.69 
Non-vested as of March 31, 2025830 79.77 
Schedule of Performance Stock Unit Activity
A summary of the Company’s performance stock unit activity for the three month period ended March 31, 2025 is presented in the following table (underlying shares in thousands).
SharesWeighted-Average Grant-Date Fair Value
Non-vested as of December 31, 20241,339 $54.28 
Granted147 70.71 
Change in units based on performance127 63.39 
Vested(255)63.39 
Non-vested as of March 31, 20251,358 55.20