XML 85 R53.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Share-Based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation Expense and Income Tax Benefits Recognized

The following table provides information on share-based compensation expense and related income tax benefits recognized in 2019, 2018 and 2017:
 
 
Years ended December 31,
 
 
2019
 
2018
 
2017
 
 
(In thousands)
Stock option and stock purchase plans
 
$
6,575

 
$
7,703

 
$
7,869

Unvested stock awards
 
19,253

 
17,249

 
11,098

Share-based compensation expense
 
25,828

 
24,952

 
18,967

Income tax benefit
 
(4,667
)
 
(4,615
)
 
(6,628
)
Share-based compensation expense, net of tax
 
$
21,161

 
$
20,337

 
$
12,339


Schedule of Stock Option Activity
The following is a summary of option activity under our stock option plans as of and for the year ended December 31, 2019:
 
 
Shares
 
Weighted- Average
Exercise Price
 
Weighted-Average
Remaining
Contractual Term
 
Aggregate
Intrinsic Value
 
 
(In thousands)
 
 
 
(In years)
 
(In thousands)
Options outstanding at January 1
 
1,862

 
$
72.28

 
 
 
 
Granted
 
220

 
59.09

 
 
 
 
Exercised
 
(7
)
 
55.32

 
 
 
 
Forfeited or expired
 
(85
)
 
71.45

 
 
 
 
Options outstanding at December 31
 
1,990

 
$
70.92

 
6.1
 
$

Vested and expected to vest at December 31
 
1,896

 
$
70.71

 
5.2
 
$

Exercisable at December 31
 
1,480

 
$
71.53

 
5.3
 
$


Schedule of Nonvested Stock Awards
The following is a summary of activity for unvested restricted stock awards as of and for the year ended December 31, 2019:
 
 
Time-Vested
 
Market-Based
 
Performance-Based
 
 
Shares
 
Weighted-
Average
Grant Date
Fair Value
 
Shares
 
Weighted-
Average
Grant Date
Fair Value
 
Shares
 
Weighted-
Average
Grant Date
Fair Value
 
 
(In thousands)
 
 
 
(In thousands)
 
 
 
(In thousands)
 
 
Unvested stock outstanding at January 1
 
488
 
$
66.11

 
68
 
$
64.26

 
229
 
$
73.41

Granted
 
416
 
59.48

 
 

 
227
 
59.51

Vested (1)
 
(145)
 
61.97

 
(21)
 
54.10

 
(36)
 
55.32

Forfeited (2)
 
(29)
 
64.68

 
(29)
 
67.80

 
(46)
 
67.78

Unvested stock outstanding at December 31
 
730
 
$
63.21

 
18
 
$
76.49

 
374
 
$
67.14


 _________________ 
(1) Includes awards attained above target.
(2) Includes awards canceled due to employee terminations or performance and market conditions not being achieved.
Schedule of Weighted-Average Exercise Price
The following table presents the weighted-average exercise price for shares granted and exercised under the ESPP:
 
 
Years ended December 31,
 
 
2019
 
2018
 
2017
 
 
 
Shares granted and exercised
 
228,000

 
199,000

 
160,000

Weighted average exercise price
 
$
47.97

 
$
54.89

 
$
66.72


Schedule of Weighted-Average Assumptions used for Options Granted
The following table presents the weighted-average assumptions used for options granted:
 
 
Years ended December 31,
  
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
Expected dividends
 
3.7%
 
2.8%
 
2.3%
Expected volatility
 
31.4%
 
29.4%
 
28.5%
Risk-free rate
 
2.4%
 
2.7%
 
1.9%
Expected term in years
 
4.4 years
 
4.4 years
 
4.4 years
Grant-date fair value
 
$
11.74

 
$
15.89

 
$
15.71