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Shareholders' Equity (Tables)

12 Months Ended

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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