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Common Stock (Tables) | 12 Months Ended
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Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Information Related to Stock Repurchase Programs | The following schedule provides information related to our stock repurchase program for each of the three years ended December 31, 2019. During 2019, 5,397,753 shares ($706.2 million) were repurchased pursuant to the terms of our stock repurchase program and 336,943 shares ($47.7 million in the aggregate) were repurchased in connection with the income tax withholding obligations resulting from stock-based compensation programs. During 2018, 3,321,968 shares ($401.3 million) were repurchased pursuant to the terms of our stock repurchase program and 102,800 shares ($12.7 million in the aggregate) were repurchased in connection with the income tax withholding obligations resulting from stock-based compensation programs. During 2017, 2,960,843 shares ($322.2 million) were repurchased pursuant to the terms of our stock repurchase program and 305,278 shares ($34.2 million in the aggregate) were repurchased in connection with the income tax withholding obligations resulting from stock-based compensation programs.
|  | Additional dollars authorized for repurchase (in thousands) |  |  | Total number of shares purchased (a.) |  |  | Total number of shares cancelled |  |  | Average price paid per share for forfeited restricted shares |  |  | Total number of shares purchased as part of publicly announced programs |  |  | Average price paid per share for shares purchased as part of publicly announced program |  |  | Aggregate purchase price paid (in thousands) |  |  | Aggregate purchase price paid for shares purchased as part of publicly announced program |  |  | Maximum number of dollars that may yet be purchased under the program (in thousands) |
Balance as of January 1, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 285,891 |
2017 |  | $ | 400,000 |  |  |  | 3,266,121 |  |  |  | 10,791 |  |  | $ | 0.01 |  |  |  | 2,960,843 |  |  | $ | 108.83 |  |  | $ | 356,413 |  |  | $ | 322,231 |  |  | $ | 363,660 |
2018 |  | $ | 500,000 |  |  |  | 3,435,992 |  |  |  | 11,224 |  |  | $ | 0.01 |  |  |  | 3,321,968 |  |  | $ | 120.81 |  |  | $ | 414,002 |  |  | $ | 401,316 |  |  | $ | 462,344 |
2019 |  | $ | 1,000,000 |  |  |  | 5,762,409 |  |  |  | 27,713 |  |  | $ | 0.01 |  |  |  | 5,397,753 |  |  | $ | 130.84 |  |  | $ | 753,928 |  |  | $ | 706,221 |  |  | $ | 756,123 |
Total for three year period ended December 31, 2019 |  | $ | 1,900,000 |  |  |  | 12,464,522 |  |  |  | 49,728 |  |  | $ | 0.01 |  |  |  | 11,680,564 |  |  | $ | 122.41 |  |  | $ | 1,524,343 |  |  | $ | 1,429,768 |  |  |  |  |
| (a.) | Includes 27,713, 11,224 and 10,791 of restricted shares that were forfeited by former employees pursuant to the terms of our restricted stock purchase plan during 2019, 2018 and 2017, respectively.
Weighted-Average Assumptions Fair Value of Option Grants | The weighted-average assumptions reflected below were based upon twenty-nine option grants for the five-year period ending December 31, 2019, twenty-seven option grants for the five-year period ending December 31, 2018 and twenty-seven option grants for the five-year period ending December 31, 2017.
Year Ended December 31, |  | 2019 |  |  | 2018 |  |  | 2017 |
Expected volatility |  |  | 27 | % |  |  | 27 | % |  |  | 28 | %
Risk free Interest rate |  |  | 2 | % |  |  | 1 | % |  |  | 1 | %
Expected life (years) |  |  | 3.4 |  |  |  | 3.4 |  |  |  | 3.4 |
Forfeiture rate |  |  | 9 | % |  |  | 13 | % |  |  | 10 | %
Dividend yield |  |  | 0.3 | % |  |  | 0.3 | % |  |  | 0.4 | %
Stock Option Activity | The table below summarizes our stock option activity during the year ended December 31, 2019:
Outstanding Options |  | Number of Shares |  |  | Weighted Average Exercise Price |  |
Balance, January 1, 2019 |  |  | 9,674,791 |  |  | $ | 115.39 |  |
Granted |  |  | 2,460,015 |  |  | $ | 134.39 |  |
Exercised |  |  | (3,474,496 | ) |  | $ | 106.01 |  |
Cancelled |  |  | (527,134 | ) |  | $ | 125.05 |  |
Balance, December 31, 2019 |  |  | 8,133,176 |  |  | $ | 124.52 |  |
Outstanding options vested and exercisable as of December 31, 2019 |  |  | 2,551,267 |  |  | $ | 119.86 |  |
Information about Unvested Options | The following table provides information about unvested options for the year ended December 31, 2019:
|  | Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested options as of January 1, 2019 |  |  | 5,950,612 |  |  | $ | 26.34 |
Granted |  |  | 2,460,015 |  |  | $ | 30.40 |
Vested |  |  | (2,310,396 | ) |  | $ | 25.17 |
Cancelled |  |  | (518,322 | ) |  | $ | 28.07 |
Unvested options as of December 31, 2019 |  |  | 5,581,909 |  |  | $ | 28.45 |
Information about all Outstanding Options | The following table provides information regarding all options outstanding at December 31, 2019:
|  | Options Outstanding |  |  | Options Exercisable |
Number of options outstanding |  |  | 8,133,176 |  |  |  | 2,551,267 |
Weighted average exercise price |  | $ | 124.52 |  |  | $ | 119.86 |
Aggregate intrinsic value as of December 31, 2019 |  | $ | 154,591,751 |  |  | $ | 60,222,515 |
Weighted average remaining contractual life |  |  | 2.7 |  |  |  | 1.4 |
Weighted Average Remaining Contractual Life for Options Outstanding and Weighted Average Exercise Price Per Share for Exercisable Options | The weighted average remaining contractual life for options outstanding and weighted average exercise price per share for exercisable options at December 31, 2017, 2018 and 2019 were as follows:
Year Ended: |  | Options Outstanding |  |  | Weighted Average Exercise Price Per Share |  |  | Weighted Average Remaining Contractual Life (in Years) |  |  | Exercisable Options |  |  | Weighted Average Exercise Price Per Share |  |  | Expected to Vest Options |  |  | Weighted Average Exercise Price Per Share |
|  | Shares |  |  |  |  |  |  |  |  |  |  | Shares |  |  |  |  |  |  | Shares |  |  |  |  |
2017 |  |  | 9,639,949 |  |  | $ | 112.40 |  |  |  | 2.9 |  |  |  | 2,869,346 |  |  | $ | 100.51 |  |  |  | 5,031,122 |  |  | $ | 118.17 |
2018 |  |  | 9,674,791 |  |  |  | 115.39 |  |  |  | 2.6 |  |  |  | 3,724,179 |  |  |  | 106.77 |  |  |  | 4,414,324 |  |  |  | 120.82 |
2019 |  |  | 8,133,176 |  |  |  | 124.52 |  |  |  | 2.7 |  |  |  | 2,551,267 |  |  |  | 119.86 |  |  |  | 5,073,423 |  |  |  | 126.62 |

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