Deferred Compensation	6 Months Ended
Jun. 30, 2024
Compensation Related Costs [Abstract]
Deferred Compensation	9. Deferred Compensation We have a Deferred Equity Participation Plan (which we refer to as the DEPP), which is a non-qualified plan that generally provides for distributions to certain of our key executives when they reach age 62 (or the one-year anniversary of the date of the grant for participants over the age of 61 as of the grant date) or upon or after their actual retirement if later. Under the provisions of the DEPP, we typically contribute cash in an amount approved by the compensation committee to a rabbi trust on behalf of the executives participating in the DEPP, and instruct the trustee to acquire a specified number of shares of our common stock on the open market or in privately negotiated transactions based on participant elections. Distributions under the DEPP may not normally be made until the participant reaches age 62 (or the one-year anniversary of the date of the grant for participants over the age of 61 as of the grant date) and are subject to forfeiture in the event of voluntary termination of employment or termination for cause prior to then. DEPP awards are generally made annually in the first quarter. In addition, we annually make awards under sub-plans of the DEPP for certain production staff, which generally provide for vesting and/or distributions no sooner than five years from the date of awards, although certain awards vest and/or distribute after the earlier of fifteen years or the participant reaching age 65. All contributions to the plan (including sub-plans) deemed to be invested in shares of our common stock are distributed in the form of our common stock and all other distributions are paid in cash. Our common stock that is issued to or purchased by the rabbi trust as a contribution under the DEPP is valued at historical cost, which equals its fair market value at the date of grant or date of purchase. When common stock is issued, we record an unearned deferred compensation obligation as a reduction of capital in excess of par value in the accompanying consolidated balance sheet, which is amortized to compensation expense ratably over the vesting period of the participants. Future changes in the fair market value of our common stock owed to the participants do not have any impact on the amounts recorded in our unaudited consolidated financial statements. In the first quarters of 2024 and 2023, the compensation committee approved $23.2 million and $25.1 million, respectively, of awards in the aggregate to certain key executives under the DEPP that were contributed to the rabbi trust in the first quarters of 2024 and 2023, respectively. We contributed cash to the rabbi trust and instructed the trustee to acquire a specified number of shares of our common stock on the open market to fund these 2024 and 2023 awards. During the three-month periods ended June 30, 2024 and 2023, we charged $5.6 million and $5.9 million, respectively, to compensation expense related to these awards. During the six-month periods ended June 30, 2024 and 2023, we charged $9.6 million and $9.9 million, respectively, to compensation expense related to these awards. In the first quarters of 2024 and 2023, the compensation committee approved $2.3 million and $3.0 million, respectively, of awards under the sub-plans referred to above, which were contributed to the rabbi trust in the first quarters of 2024 and 2023, respectively. During the three-month periods ended June 30, 2024 and 2023, we charged $0.6 million and $0.8 million, respectively, to compensation expense related to these awards. During the six-month periods ended June 30, 2024 and 2023, we charged $1.1 million and $1.4 million, respectively, to compensation expense related to these awards. There were $2.3 million of distributions from the sub-plans during the six-month period ended June 30, 2024. There were $6.4 million of distributions from the sub‑plans during the six-month period ended June 30, 2023. At June 30, 2024 and December 31, 2023, we recorded $95.5 million (related to 2.3 million shares) and $81.1 million (related to 2.2 million shares), respectively, of unearned deferred compensation as a reduction of capital in excess of par value in the accompanying consolidated balance sheet. The total intrinsic value of our unvested equity-based awards under the plan at June 30, 2024 and December 31, 2023 was $584.4 million and $504.9 million, respectively. During the six-month periods ended June 30, 2024 and 2023, cash and equity awards with an aggregate fair value of $17.9 million and $9.4 million, respectively, were vested and distributed to executives under the DEPP. We have a Deferred Cash Participation Plan (which we refer to as the DCPP), which is a non-qualified deferred compensation plan for certain key employees, other than executive officers, that generally provides for vesting and/or distributions no sooner than five years from the date of awards. Under the provisions of the DCPP, we typically contribute cash in an amount approved by the compensation committee to the rabbi trust on behalf of the executives participating in the DCPP, and instruct the trustee to acquire a specified number of shares of our common stock on the open market or in privately negotiated transactions based on participant elections. In the first quarters of 2024 and 2023, the compensation committee approved $8.1 million and $9.8 million, respectively, of awards in the aggregate to certain key executives under the DCPP that were contributed to the rabbi trust in the first quarters of 2024 and 2023, respectively. During the three-month periods ended June 30, 2024 and 2023, we charged $5.1 million and $4.2 million, respectively, to compensation expense related to these awards. During the six-month periods ended June 30, 2024 and 2023, we charged $9.9 million and $8.0 million, respectively, to compensation expense related to these awards. There were $13.6 million of distributions from the DCPP during the six-month period ended June 30, 2024. There were $19.5 million of distributions from the DCPP during the six-month period ended June 30, 2023.

Deferred Compensation

6 Months Ended

Jun. 30, 2024

9. Deferred Compensation

We have a Deferred Equity Participation Plan (which we refer to as the DEPP), which is a non-qualified plan that generally provides for distributions to certain of our key executives when they reach age 62 (or the one-year anniversary of the date of the grant for participants over the age of 61 as of the grant date) or upon or after their actual retirement if later. Under the provisions of the DEPP, we typically contribute cash in an amount approved by the compensation committee to a rabbi trust on behalf of the executives participating in the DEPP, and instruct the trustee to acquire a specified number of shares of our common stock on the open market or in privately negotiated transactions based on participant elections. Distributions under the DEPP may not normally be made until the participant reaches age 62 (or the one-year anniversary of the date of the grant for participants over the age of 61 as of the grant date) and are subject to forfeiture in the event of voluntary termination of employment or termination for cause prior to then. DEPP awards are generally made annually in the first quarter. In addition, we annually make awards under sub-plans of the DEPP for certain production staff, which generally provide for vesting and/or distributions no sooner than five years from the date of awards, although certain awards vest and/or distribute after the earlier of fifteen years or the participant reaching age 65. All contributions to the plan (including sub-plans) deemed to be invested in shares of our common stock are distributed in the form of our common stock and all other distributions are paid in cash.

Our common stock that is issued to or purchased by the rabbi trust as a contribution under the DEPP is valued at historical cost, which equals its fair market value at the date of grant or date of purchase. When common stock is issued, we record an unearned deferred compensation obligation as a reduction of capital in excess of par value in the accompanying consolidated balance sheet, which is amortized to compensation expense ratably over the vesting period of the participants. Future changes in the fair market value of our common stock owed to the participants do not have any impact on the amounts recorded in our unaudited consolidated financial statements.

In the first quarters of 2024 and 2023, the compensation committee approved $23.2 million and $25.1 million, respectively, of awards in the aggregate to certain key executives under the DEPP that were contributed to the rabbi trust in the first quarters of 2024 and 2023, respectively. We contributed cash to the rabbi trust and instructed the trustee to acquire a specified number of shares of our common stock on the open market to fund these 2024 and 2023 awards. During the three-month periods ended June 30, 2024 and 2023, we charged $5.6 million and $5.9 million, respectively, to compensation expense related to these awards. During the six-month periods ended June 30, 2024 and 2023, we charged $9.6 million and $9.9 million, respectively, to compensation expense related to these awards.

In the first quarters of 2024 and 2023, the compensation committee approved $2.3 million and $3.0 million, respectively, of awards under the sub-plans referred to above, which were contributed to the rabbi trust in the first quarters of 2024 and 2023, respectively. During the three-month periods ended June 30, 2024 and 2023, we charged $0.6 million and $0.8 million, respectively, to compensation expense related to these awards. During the six-month periods ended June 30, 2024 and 2023, we charged $1.1 million and $1.4 million, respectively, to compensation expense related to these awards. There were $2.3 million of distributions from the

sub-plans during the six-month period ended June 30, 2024. There were $6.4 million of distributions from the sub‑plans during the six-month period ended June 30, 2023.

At June 30, 2024 and December 31, 2023, we recorded $95.5 million (related to 2.3 million shares) and $81.1 million (related to 2.2 million shares), respectively, of unearned deferred compensation as a reduction of capital in excess of par value in the accompanying consolidated balance sheet. The total intrinsic value of our unvested equity-based awards under the plan at June 30, 2024 and December 31, 2023 was $584.4 million and $504.9 million, respectively. During the six-month periods ended June 30, 2024 and 2023, cash and equity awards with an aggregate fair value of $17.9 million and $9.4 million, respectively, were vested and distributed to executives under the DEPP.

We have a Deferred Cash Participation Plan (which we refer to as the DCPP), which is a non-qualified deferred compensation plan for certain key employees, other than executive officers, that generally provides for vesting and/or distributions no sooner than five years from the date of awards. Under the provisions of the DCPP, we typically contribute cash in an amount approved by the compensation committee to the rabbi trust on behalf of the executives participating in the DCPP, and instruct the trustee to acquire a specified number of shares of our common stock on the open market or in privately negotiated transactions based on participant elections. In the first quarters of 2024 and 2023, the compensation committee approved $8.1 million and $9.8 million, respectively, of awards in the aggregate to certain key executives under the DCPP that were contributed to the rabbi trust in the first quarters of 2024 and 2023, respectively. During the three-month periods ended June 30, 2024 and 2023, we charged $5.1 million and $4.2 million, respectively, to compensation expense related to these awards. During the six-month periods ended June 30, 2024 and 2023, we charged $9.9 million and $8.0 million, respectively, to compensation expense related to these awards. There were $13.6 million of distributions from the DCPP during the six-month period ended June 30, 2024. There were $19.5 million of distributions from the DCPP during the six-month period ended June 30, 2023.