XML 73 R38.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Shareholders' Equity (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Stockholders' Equity Note [Abstract] |
Schedule of Stock-based Compensation Expense | The Company recognized stock-based compensation expense in its Consolidated Financial Statements in 2023, 2022 and 2021 as follows:
|  | 2023 |  | 2022 |  | 2021
Stock-based compensation expense |  | $ | 31,308 |  |  | $ | 39,403 |  |  | $ | 41,451 |
Less: Deferred tax benefit |  | (5,989) |  |  | (7,340) |  |  | (8,444) |
Stock-based compensation expense, net of tax |  | $ | 25,319 |  |  | $ | 32,063 |  |  | $ | 33,007 |
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 2023, 2022 and 2021 were $15.70, $17.95 and $14.94, respectively, using the following assumptions:
|  | 2023 |  | 2022 |  | 2021
Expected term (in years) |  | 5.32 |  | 5.84 |  | 5.60
Expected volatility |  | 24.32 | % |  | 27.79 | % |  | 28.67 | %
Expected dividend yield |  | 1.49 | % |  | 1.40 | % |  | 1.30 | %
Risk-free interest rate |  | 3.95 | % |  | 3.79 | % |  | 1.37 | %
Schedule of Stock Option Plans | This table presents certain information relating to the Company’s stock option plans for 2023, 2022 and 2021:
|  | Number of Shares |  | Weighted Average Price
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 |
Granted |  | 2,215,000 |  |  | 61.74 |
Exercised |  | (1,537,000) |  |  | 35.03 |
Expired or canceled |  | (992,000) |  |  | 59.52 |
Balance as of December 31, 2022 |  | 18,770,000 |  |  | $ | 56.52 |
Granted |  | 1,871,000 |  |  | 62.01 |
Exercised |  | (2,148,000) |  |  | 45.11 |
Expired or canceled |  | (1,073,000) |  |  | 59.79 |
Balance as of December 31, 2023 |  | 17,420,000 |  |  | $ | 58.31 |
Exercisable as of December 31, 2023 |  | 6,759,000 |  |  | $ | 54.95 |
Available for future grant as of December 31, 2023 |  | 8,509,000 |  |  |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | This table presents certain information relating to the Company’s RSUs for 2023 and 2022:
|  | Number of RSUs |  | Weighted Average Grant-Date Fair Value
Balance as of December 31, 2021 |  | — |  |  | $ | — |
Granted |  | 467,000 |  |  | 61.27 |
Vested |  | — |  |  | — |
Expired or canceled |  | — |  |  | — |
Balance as of December 31, 2022 |  | 467,000 |  |  | $ | 61.27 |
Granted |  | 373,000 |  |  | 61.76 |
Vested |  | (20,000) |  |  | 57.39 |
Expired or canceled |  | (24,000) |  |  | 61.85 |
Balance as of December 31, 2023 |  | 796,000 |  |  | $ | 61.58 |
Schedule of Common Stock Buyback | The following table provides the total number of shares repurchased and the related total costs in 2023, 2022 and 2021:
Year |  | Total Number of Shares Repurchased |  | Total Cost
2023 |  | 5,237,000 |  |  | $ | 310,769 |
2022 |  | 5,914,000 |  |  | 338,442 |
2021 |  | 6,747,000 |  |  | 411,534 |

X
- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481520/505-30-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481520/505-30-50-3 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481520/505-30-50-4 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481549/505-30-45-1 + Details
Name: | us-gaap_ScheduleOfTreasuryStockByClassTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration