Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.24.0.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Share-based Payment Arrangement, Restricted Stock Unit, Activity
The following table shows the change in non-vested Restricted Units under our equity compensation programs other than the LTIP (defined below) in 2023:
Restricted Units
(in thousands)		 Weighted-Average
Grant Date
Fair Value
Non-vested as of January 1, 2023 3,106  $ 221.97 
Vested (5,965) 204.63 
Granted 2,816  185.66 
Reinvested Dividends 120  N/A
Forfeited / Expired (19) 220.60 
Non-vested as of December 31, 2023 58  $ 176.68 
Schedule of Share-based Payment Award, Performance Units, Valuation Assumptions
The weighted-average assumptions used in our Monte Carlo models for each award year were as follows:
2023 2022 2021
Risk-free interest rate 3.89  % 2.35  % 0.19  %
Expected volatility 30.23  % 31.92  % 30.70  %
Weighted-average fair value of units granted $ 198.78  $ 227.00  $ 168.05 
Share payout 107.72  % 107.37  % 102.39  %
Share-Based Payment Arrangement, Performance Shares, Activity
The following table shows LTIP RPU activity during the year ended December 31, 2023:
RPUs
(in thousands)		 Weighted-Average
Grant Date
Fair Value
Non-vested as of January 1, 2023 1,243  $ 197.17 
Vested (661) 172.39 
Granted 760  198.78 
Reinvested Dividends 69  N/A
Forfeited / Expired (143) 205.74 
Non-vested as of December 31, 2023 1,268  $ 210.04 
Share-based Payment Arrangement, Option, Activity
The following table provides an analysis of activity during 2023 relating to options to purchase shares of class A common stock:
Options
(in thousands)		 Weighted-Average
Exercise
Price		 Weighted-Average Remaining
Contractual Term
(in years)		 Aggregate Intrinsic
Value
(in millions)
Outstanding at January 1, 2023 1,466  $ 120.51 
Exercised (188) 106.38 
Granted 127  185.54 
Forfeited / Expired (23) N/A
Outstanding as of December 31, 2023 1,382  $ 127.91  5.61 $ 51 
Options Vested and Expected to Vest 1,382  $ 127.91  5.61 $ 51 
Exercisable as of December 31, 2023 1,004  $ 116.59  4.93 $ 46 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The fair value of each option grant is estimated using the Black-Scholes option pricing model. The weighted-average assumptions used by year, and the calculated weighted-average fair values of options, are as follows:
2023 2022 2021
Expected dividend yield 3.54  % 2.35  % 3.31  %
Risk-free interest rate 3.70  % 2.39  % 0.84  %
Expected life in years 5.93 7.50 7.50
Expected volatility 28.31  % 25.04  % 23.15  %
Weighted-average fair value of options granted $ 41.08  $ 48.45  $ 23.71