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Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

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 2021, 2020 and 2019 were $14.94, $13.53 and $13.94, respectively, using the following assumptions:

						2021						2020						2019
Expected term (in years)						5.60						5.79						5.53
Expected volatility						28.67		%				29.02		%				23.36		%
Expected dividend yield						1.30		%				1.29		%				1.10		%
Risk-free interest rate						1.37		%				0.62		%				1.80		%

Schedule of Stock-based Compensation Expense

The Company recognized stock-based compensation expense in its Consolidated Financial Statements in 2021, 2020 and 2019 as follows:

						2021						2020						2019
Stock-based compensation expense						$	41,451					$	27,014					$	24,582
Less: Deferred tax benefit						(8,444)						(5,182)						(4,814)
Stock-based compensation expense, net of tax						$	33,007					$	21,832					$	19,768

Schedule of Stock Option Plans

This table presents certain information relating to the Company’s stock option plans for 2021, 2020 and 2019:

						Number of Shares						Weighted Average Price
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
Granted						3,323,000						60.48
Exercised						(1,719,000)						29.73
Expired or canceled						(1,015,000)						57.92
Balance as of December 31, 2021						19,084,000						$	54.35
Exercisable as of December 31, 2021						8,638,000						$	48.73
Available for future grant as of December 31, 2021						12,978,000

Schedule of Common Stock Buyback

The following table provides the total number of shares repurchased and the related total costs in 2021, 2020 and 2019:

Year						Total Number of Shares Repurchased						Total Cost
2021						6,747,000						$	411,534
2020						8,008,000						424,702
2019						6,225,000						348,348

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