SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Costs and Related Tax Benefits

The following is a summary of share-based compensation costs and related tax benefits recorded in our consolidated statements of income:

(in thousands)	For the Years Ended December 31,
	2024		2023		2022
Share-based compensation expense included in cost of revenue	$	6,014	$	5,643	$	4,638
Share-based compensation expense included in operating expenses	54,281		54,096		45,132
Total share-based compensation expense included in consolidated statements of income	60,295		59,739		49,770
Deferred tax benefit resulting from share-based compensation expense	(6,650)		(5,487)		(4,658)
Net share-based compensation expense included in consolidated statements of income, excluding tax benefit from settlement of share-based awards	53,645		54,252		45,112
Income tax benefit resulting from settlement of share-based awards	(19,625)		(13,703)		(12,522)
Net expense related to share-based compensation arrangements included in consolidated statements of income	$	34,020	$	40,549	$	32,590

Schedule of Weighted Averages of the Assumptions used in Estimating the Fair Value of Stock Option Awards

The weighted averages of the valuation assumptions used to determine the fair value of each option award on the date of grant and the weighted average estimated fair values were as follows:

	For the Years Ended December 31,
	2024			2023			2022
Expected stock price volatility	32		%	32		%	30		%
Expected term, in years	7.0			6.7			6.4
Risk-free interest rate	4.3		%	3.7		%	2.1		%
Weighted average fair value of options granted	$	239.49		$	201.48		$	166.30

Schedule of Stock Option Activity

A summary of the status of options granted under our share-based compensation plans as of December 31, 2024, and changes during the year then ended, are presented in the table below:

	Number of Options (000)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value ($000)
Outstanding as of December 31, 2023	1,596	$	250.14
Granted	111	$	555.48
Exercised	(234)	$	123.81
Forfeited	(11)	$	525.30
Expired	(1)	$	529.31
Outstanding as of December 31, 2024	1,461	$	291.25	4.5	$	232,648
Fully vested as of December 31, 2024	1,169	$	232.12	3.6	$	232,615
Fully vested and expected to vest as of December 31, 2024 (1)	1,449	$	289.38	4.4	$	232,647
(1) Includes options that are vested as of December 31, 2024, and outstanding options that are expected to vest in the future, net of estimated forfeitures.

Schedule of Restricted Stock Unit Activity

A summary of the status of RSUs granted under our share-based compensation plans as of December 31, 2024, and changes during the period then ended, are presented in the table below:

	Number of Units (000)	Weighted Average Grant-Date Fair Value
Nonvested as of December 31, 2023	141	$	459.11
Granted	57	$	550.64
Vested	(60)	$	406.32
Forfeited	(8)	$	522.53
Nonvested as of December 31, 2024	130	$	519.38
Expected to vest as of December 31, 2024 (1)	123	$	518.59
(1) Outstanding units that are expected to vest in the future, net of estimated forfeitures.

Schedule of Performance Based Restricted Stock Unit Activity

On February 14, 2024, certain executives were granted performance-based restricted stock units (PBRSUs) that will cliff vest three years from the date of grant. Vesting as it relates to PBRSUs issued is conditional upon continuous service, unless the employee retires under the retirement provision. Upon any change in control of the company, 25% of the unvested PBRSUs then outstanding will vest, provided, however, that if the acquiring entity does not assume the PBRSUs, then all such units will vest immediately prior to the change in control. At the time of grant, we assume the PBRSUs will meet performance goals to vest at 100% of target.

	Number of Units (000)	Weighted Average Grant-Date Fair Value
Nonvested as of December 31, 2023	—	—
Granted	20	$	560.56
Vested	—	—
Forfeited	—	$	560.56
Performance adjustment (1)	(4)	$	560.56
Nonvested as of December 31, 2024	16	$	560.56
Expected to vest as of December 31, 2024	16	$	560.56

(1) Adjustment to the number of shares expected to vest based on estimated performance.