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Common Stock (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Information Related to Stock Repurchase Programs

The following schedule provides information related to our stock repurchase program for each of the three years ended December 31, 2024. During 2024, 2,982,906 shares ($598.5 million in the aggregate) were repurchased pursuant to the terms of the stock repurchase program and 375,248 shares ($72.2 million in the aggregate) were repurchased in connection with the income tax withholding obligations resulting from stock-based compensation programs. During 2023, 3,855,046 shares ($524.5 million in the aggregate) were repurchased pursuant to the terms of the stock repurchase program and 164,649 shares ($22.9 million in the aggregate) were repurchased in connection with the income tax withholding obligations resulting from stock-based compensation

programs. During 2022, 6,666,547 shares ($810.9 million in the aggregate) were repurchased pursuant to the terms of the stock repurchase program and 153,305 shares ($22.0 million in the aggregate) were repurchased in connection with the income tax withholding obligations resulting from stock-based compensation programs.

 

 

 

Additional
dollars
authorized
for
repurchase
(in
thousands)

 

 

Total
number of
shares
purchased (a.)

 

 

Total
number
of shares
cancelled

 

 

Average
price
paid per
share for
forfeited
restricted
shares

 

 

Total
number of
shares
purchased
as part of
publicly
announced
programs

 

 

Average
price paid
per share
for shares
purchased
as part of
publicly
announced
program

 

 

Aggregate
purchase
price paid
(in
thousands)

 

 

Aggregate
purchase
price paid
for shares
purchased
as part of
publicly
announced
program

 

 

Maximum
number of
dollars
that may
yet be
purchased
under the
program
(in
thousands)

 

Balance as of
   January 1, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

358,233

 

2022

 

$

1,400,000

 

 

 

6,828,319

 

 

 

8,467

 

 

$

0.01

 

 

 

6,666,547

 

 

$

121.63

 

 

$

832,915

 

 

$

810,865

 

 

$

947,368

 

2023

 

$

—

 

 

 

4,022,051

 

 

 

2,356

 

 

$

0.01

 

 

 

3,855,046

 

 

$

136.05

 

 

$

547,362

 

 

$

524,485

 

 

$

422,883

 

2024

 

$

1,000,000

 

 

 

3,358,261

 

 

 

107

 

 

$

0.01

 

 

 

2,982,906

 

 

$

200.65

 

 

$

670,753

 

 

$

598,522

 

 

$

824,361

 

Total for three year
   period ended
   December 31, 2024

 

$

2,400,000

 

 

 

14,208,631

 

 

 

10,930

 

 

$

0.01

 

 

 

13,504,499

 

 

$

143.20

 

 

$

2,051,030

 

 

$

1,933,872

 

 

 

 

 

(a.)
Includes 107, 2,356, and 8,467 of restricted shares that were forfeited by former employees pursuant to the terms of our restricted stock purchase plan during 2024, 2023 and 2022, respectively.
Weighted-Average Assumptions Fair Value of Option Grants The weighted-average assumptions reflected below were based upon twenty-two option grants for the five-year period ending December 31, 2024, thirty option grants for the five-year period ending December 31, 2023 and twenty-nine option grants for the five-year period ending December 31, 2022.

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

Expected volatility

 

 

39

%

 

 

36

%

 

 

33

%

Risk free Interest rate

 

 

2

%

 

 

2

%

 

 

2

%

Expected life (years)

 

 

3.5

 

 

 

3.5

 

 

 

3.6

 

Forfeiture rate

 

 

7

%

 

 

7

%

 

 

7

%

Dividend yield

 

 

0.8

%

 

 

0.7

%

 

 

0.6

%
Stock Option Activity

The table below summarizes our stock option activity during the year ended December 31, 2024:

 

Outstanding Options

 

Number
of Shares

 

 

Weighted Average
Exercise
Price

 

 

Balance, January 1, 2024

 

 

6,794,794

 

 

$

121.13

 

 

Granted

 

 

3,000

 

 

$

154.71

 

 

Exercised

 

 

(2,628,331

)

 

$

114.80

 

 

Cancelled

 

 

(260,215

)

 

$

128.59

 

 

Balance, December 31, 2024

 

 

3,909,248

 

 

$

124.91

 

 

Outstanding options vested and exercisable as of
   December 31, 2024

 

 

1,603,412

 

 

$

116.94

 

 
Information about Unvested Options

The following table provides information about unvested options for the year ended December 31, 2024:

 

 

 

Shares

 

 

Weighted
Average
Grant Date
Fair Value

 

Unvested options as of January 1, 2024

 

 

4,344,181

 

 

$

39.22

 

Granted

 

 

3,000

 

 

$

44.58

 

Vested

 

 

(1,783,851

)

 

$

34.43

 

Cancelled

 

 

(257,494

)

 

$

42.53

 

Unvested options as of December 31, 2024

 

 

2,305,836

 

 

$

42.56

 
Information about all Outstanding Options

The following table provides information regarding all options outstanding at December 31, 2024:

 

 

 

Options
Outstanding

 

 

Options
Exercisable

 

Number of options outstanding

 

 

3,909,248

 

 

 

1,603,412

 

Weighted average exercise price

 

$

124.91

 

 

$

116.94

 

Aggregate intrinsic value as of December 31, 2024

 

$

213,073,701

 

 

$

100,184,865

 

Weighted average remaining contractual life (years)

 

 

2.0

 

 

 

1.2

 
Weighted Average Remaining Contractual Life for Options Outstanding and Weighted Average Exercise Price Per Share for Exercisable Options

The weighted average remaining contractual life for options outstanding and weighted average exercise price per share for exercisable options at December 31, 2022, 2023 and 2024 were as follows:

 

Year Ended:

 

Options
Outstanding

 

 

Weighted
Average
Exercise Price
Per Share

 

 

Weighted
Average
Remaining
Contractual Life
(in Years)

 

 

Exercisable
Options

 

 

Weighted
Average
Exercise Price
Per Share

 

 

Expected to
Vest
Options

 

 

Weighted
Average
Exercise Price
Per Share

 

 

 

Shares

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

Shares

 

 

 

 

2022

 

 

7,875,667

 

 

$

122.04

 

 

 

2.5

 

 

 

3,073,714

 

 

$

116.89

 

 

 

4,508,480

 

 

$

121.89

 

2023

 

 

6,794,794

 

 

 

121.13

 

 

 

2.6

 

 

 

2,450,613

 

 

 

114.96

 

 

 

4,178,237

 

 

 

124.86

 

2024

 

 

3,909,248

 

 

 

124.91

 

 

 

2.0

 

 

 

1,603,412

 

 

 

116.94

 

 

 

1,838,407

 

 

 

130.20