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Shareholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2020
Equity [Abstract] |
Schedule of Assumptions Used in the Weighted Average Fair Value of the Stock Options Granted | The weighted average fair value of the Company’s stock options granted during 2020, 2019 and 2018 were $13.53, $13.94 and $13.04, respectively, using the following assumptions:
|  | 2020 |  | 2019 |  | 2018
Expected term (in years) |  | 5.79 |  | 5.53 |  | 6.34
Expected volatility |  | 29.02 | % |  | 23.36 | % |  | 25.27 | %
Expected dividend yield |  | 1.29 | % |  | 1.10 | % |  | 1.35 | %
Risk-free interest rate |  | 0.62 | % |  | 1.80 | % |  | 2.75 | %
Schedule of Stock-based Compensation Expense | The Company recognized stock-based compensation expense in its Consolidated Financial Statements in 2020, 2019 and 2018 as follows:
|  | 2020 |  | 2019 |  | 2018
Stock-based compensation expense |  | $ | 27,014 |  |  | $ | 24,582 |  |  | $ | 23,805 |
Less: Deferred tax benefit |  | (5,182) |  |  | (4,814) |  |  | (5,078) |
Stock-based compensation expense, net of tax |  | $ | 21,832 |  |  | $ | 19,768 |  |  | $ | 18,727 |
Schedule of Stock Option Plans | This table presents certain information relating to the Company’s stock option plans for 2020, 2019 and 2018:
|  | Number of Shares |  | Weighted Average Price
Balance as of December 31, 2017 |  | 16,712,000 |  |  | $ | 37.63 |
Granted |  | 2,468,000 |  |  | 49.94 |
Exercised |  | (3,232,000) |  |  | 25.93 |
Expired or canceled |  | (135,000) |  |  | 49.58 |
Balance as of December 31, 2018 |  | 15,813,000 |  |  | $ | 41.84 |
Granted |  | 2,480,000 |  |  | 64.04 |
Exercised |  | (2,243,000) |  |  | 25.27 |
Expired or canceled |  | (344,000) |  |  | 55.07 |
Balance as of December 31, 2019 |  | 15,706,000 |  |  | $ | 47.43 |
Granted |  | 4,529,000 |  |  | 56.54 |
Exercised |  | (1,563,000) |  |  | 28.83 |
Expired or canceled |  | (177,000) |  |  | 55.76 |
Balance as of December 31, 2020 |  | 18,495,000 |  |  | $ | 51.15 |
Exercisable as of December 31, 2020 |  | 6,641,000 |  |  | $ | 39.35 |
Available for future grant as of December 31, 2020 |  | 15,287,000 |  |  |
Schedule of Stock Options Outstanding and Exercisable | This table summarizes information relating to all options outstanding and exercisable at December 31, 2020:
|  |  | Options Outstanding at December 31, 2020 |  | Options Exercisable at December 31, 2020
Range of Exercise Prices (Per Share) | Number of Shares |  | Weighted Average Exercise Price (Per Share) |  | Weighted Average Remaining Contractual Life (Years) |  | Number of Shares |  | Weighted Average Exercise Price (Per Share) |  | Weighted Average Remaining Contractual Life (Years)
$ | 15.77 |  | - | $ | 21.05 |  | 665,000 |  |  | $ | 15.79 |  |  | 0.95 |  | 665,000 |  |  | $ | 15.79 |  |  | 0.95
22.45 |  | - | 23.86 |  | 944,000 |  |  | 22.45 |  |  | 1.95 |  | 944,000 |  |  | 22.45 |  |  | 1.95
27.03 |  | - | 40.64 |  | 2,699,000 |  |  | 37.35 |  |  | 3.49 |  | 1,857,000 |  |  | 35.85 |  |  | 3.29
45.99 |  | - | 56.60 |  | 8,398,000 |  |  | 62.57 |  |  | 8.09 |  | 3,170,000 |  |  | 51.34 |  |  | 5.53
57.48 |  | - | 71.12 |  | 5,789,000 |  |  | 49.76 |  |  | 8.08 |  | 5,000 |  |  | 63.50 |  |  | 6.82
|  |  | 18,495,000 |  |  |  |  |  |  | 6,641,000 |  |  |  |  |
Schedule of Common Stock Buyback | The following table provides the total number of shares repurchased and the related total costs in 2020, 2019 and 2018:
Year |  | Total Number of Shares Repurchased |  | Total Cost
2020 |  | 8,008,000 |  |  | $ | 424,702 |
2019 |  | 6,225,000 |  |  | 348,348 |
2018 |  | 6,744,000 |  |  | 404,759 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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