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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

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