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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Total Share-Based Compensation Expense

Total share-based compensation expense was as follows for the years ended December 31:

			2020						2019						2018
			(In thousands)
Stock option expense			$	13,695					$	12,810					$	11,390
Restricted stock expense			17,997						16,169						14,400
PRSU expense			9,873						11,415						1,525
Total pre-tax expense			$	41,565					$	40,394					$	27,315

Weighted Average Assumptions Used for Estimating Fair Values of Stock Options Granted

The following weighted average assumptions were used in the Black-Scholes-Merton model to estimate the fair values of stock options granted during the years indicated:

			2020						2019						2018
Expected volatility			22.2		%				19.1		%				17.3		%
Expected term (years)			5.0						5.0						5.0
Risk-free interest rate			0.52		%				2.25		%				2.81		%
Expected dividend yield			1.14		%				0.66		%				0.76		%
Black-Scholes-Merton fair value per stock option granted			$	11.01					$	16.85					$	14.12

Summary of Stock Option Activity and Related Information

The following is a summary of the Company’s stock option activity and related information for the year ended December 31, 2020:

			Shares						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life						Aggregate Intrinsic Value
			(In thousands)												(Years)						(In millions)
Outstanding at the beginning of the year			4,303						$	62.50
Granted			963						63.37
Exercised			(1,191)						53.46
Forfeited			(121)						71.64
Expired			(4)						56.75
Outstanding at the end of the year			3,950						$	65.16					6.0						$	220.3
Exercisable at the end of the year			2,044						$	60.80					4.1						$	123.0

Summary of Nonvested Stock Option Activity and Related Information

The following is a summary of the Company’s non-vested stock option activity and related information for the year ended December 31, 2020:

			Shares						Weighted Average Grant Date Fair Value
			(In thousands)
Non-vested stock options outstanding at the beginning of the year			2,066						$	14.17
Granted			963						11.01
Vested			(1,002)						12.90
Forfeited			(121)						12.45
Non-vested stock options outstanding at the end of the year			1,906						$	13.34

Summary of Nonvested Restricted Stock Activity and Related Information

The following is a summary of the Company’s non-vested restricted stock activity and related information for the year ended December 31, 2020:

			Shares						Weighted Average Grant Date Fair Value
			(In thousands)
Non-vested restricted stock outstanding at the beginning of the year			561						$	72.46
Granted			381						80.27
Vested			(201)						71.37
Forfeited			(40)						75.12
Non-vested restricted stock outstanding at the end of the year			701						$	76.86

The following is a summary of the Company’s non-vested performance restricted stock activity and related information for the year ended December 31, 2020:

			Shares						Weighted Average Grant Date Fair Value
			(In thousands)
Non-vested performance restricted stock outstanding at the beginning of the year			148						$	80.57
Granted			119						63.37
Vested			—						—
Forfeited			(3)						73.35
Non-vested performance restricted stock outstanding at the end of the year			264						$	72.90

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