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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Assumptions Used to Estimate Fair Value of Stock Options


	For the year ended December 31,
	2023		2022
Risk free interest rate		3.96%		2.53%
Dividend yield		1.50%		0.9%
Expected volatility		30.0%		27.2%
Expected lives		4.4 years		4.3 years

Summary of Stock Option Activity



		Weighted-		Weighted-Average
		Average		Remaining
	Number	Exercise Price		Contractual	Aggregate
	of Shares	Per Share		Life (in years)	Intrinsic Value
Outstanding at December 31, 2020	3,202	$	143.01
Exercised	(1,290)	$	120.90
Forfeited/canceled	(13)	$	179.67
Outstanding at December 31, 2021	1,899	$	157.76
Granted	10	$	328.99
Exercised	(233)	$	141.41
Forfeited/canceled	(3)	$	179.16
Outstanding at December 31, 2022	1,673	$	161.02
Granted	20	$	224.24
Exercised	(339)	$	132.70
Forfeited/canceled	(14)	$	238.10
Outstanding at December 31, 2023	1,340	$	168.32	1.8	$	115,071
Exercisable at December 31, 2023	1,312	$	166.49	1.6	$	114,482
Unvested at December 31, 2023	28	$	254.17	9.1	$	589

Additional Information Regarding Options Outstanding And Exercisable



	Options Outstanding				Options Exercisable
		Weighted-Average	Weighted-			Weighted-
		Remaining	Average			Average
Range	Outstanding	Contractual Life	Exercise Price		Exercisable	Exercise Price
	(in thousands)	(in years)			(in thousands)
$100.01 - $140.00	130	0.2	$	116.19	130	$	116.19
$140.01 - $180.00	496	1.2	$	156.52	496	$	156.52
$180.01 - $230.00	702	2.4	$	183.88	682	$	182.70
$230.01 - $330.00	12	7.5	$	320.14	4	$	300.25
	1,340				1,312

Summary of Activity of Options Outstanding not yet Vested



		Weighted-
		Average
	Number	Fair Value
	of Shares	Per Share
	(in thousands)
Unvested as of December 31, 2022	266	$	35.91
Options granted	20	$	58.95
Vested	(252)	$	34.33
Forfeited	(6)	$	40.45
Unvested as of December 31, 2023	28	$	65.61

Summary of Restricted Stock Unit and Performance Based Restricted Stock Unit Activity



	RSUs			PSUs ⁽¹⁾
		Weighted-Average			Weighted-Average
	Number of	Grant Date Fair		Number of	Grant Date Fair
	Shares	Value per Share		Shares	Value per Share
	(in thousands)			(in thousands)
Outstanding at December 31, 2022	222	$	280.66	429	$	332.18
Granted	181	$	253.11	97	$	263.17
PSU adjustment ⁽²⁾	—	$	—	65	$	302.96
Vested	(119)	$	264.41	(207)	$	345.08
Forfeited/canceled	(17)	$	274.69	(16)	$	299.23
Outstanding at December 31, 2023	267	$	269.08	368	$	298.46

(1)PSUs represent the target number of shares granted that are issuable at the end of the three year performance period. Fair value for a portion of the PSUs was calculated using a Monte Carlo simulation model.

(2)PSU adjustment represents the net PSUs awarded above or below their target grants resulting from the achievement of performance targets established at the grant date.

Schedule of Non-Cash Compensation Expense



		For the year ended December 31,
	2023		2022		2021
	(in thousands)
Cost of revenues	$	2,869	$	2,490	$	2,483
Selling, general and administrative		85,050		97,419		81,919
Total cost of non-cash compensation included
in income before provision for income taxes	$	87,919	$	99,909	$	84,402