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SHARE-BASED COMPENSATION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2021
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:
|  | Years ended December 31,
|  | 2021 |  | 2020 |  | 2019
|  | (In thousands)
Unvested stock awards |  | $ | 44,163 |  |  | $ | 25,509 |  |  | $ | 19,253 |
Stock option and employee stock purchase plans |  | 2,837 |  |  | 4,484 |  |  | 6,575 |
Share-based compensation expense |  | 47,000 |  |  | 29,993 |  |  | 25,828 |
Income tax benefit |  | (6,641) |  |  | (4,728) |  |  | (4,667) |
Share-based compensation expense, net of tax |  | $ | 40,359 |  |  | $ | 25,265 |  |  | $ | 21,161 |
Schedule of Nonvested Stock Awards | The following is a summary of activity for time-vested and performance-based unvested restricted stock awards and units as of and for the year ended December 31, 2021:
|  | Time-Vested (1) |  | Performance-Based
|  | Shares |  | Weighted- Average Grant Date Fair Value |  | Shares |  | Weighted- Average Grant Date Fair Value
|  | (In thousands) |  |  |  | (In thousands) |  |
Unvested stock outstanding at January 1 |  | 1,195 |  | $ | 48.53 |  |  | 528 |  | $ | 32.03 |
Granted |  | 432 |  | 66.68 |  |  | 131 |  | 69.34 |
Vested (2) |  | (348) |  | 52.20 |  |  | (78) |  | 63.47 |
Forfeited (3) |  | (102) |  | 54.17 |  |  | (125) |  | 56.92 |
Unvested stock outstanding at December 31 |  | 1,177 |  | $ | 53.59 |  |  | 456 |  | $ | 51.79 |
_____________ (1) Includes RSUs granted to non-executive members of the Board of Directors (2) Includes awards attained above target. (3) Includes awards canceled due to employee terminations or performance conditions not being achieved.
Schedule of Weighted-Average Assumptions used for Options Granted | The fair value of each option award is estimated on the date of grant using a Black-Scholes-Merton option-pricing valuation model. We use historical data to estimate stock option forfeitures. The following table presents the weighted-average assumptions used for the valuation, which are primarily based on our historical data and trends, and the grant-date fair value of options granted:
|  |  |  |  |  | Year ended December 31,
|  |  |  |  |  | 2019
Expected dividends |  |  |  |  |  | 3.7%
Expected volatility |  |  |  |  |  | 31.4%
Risk-free rate |  |  |  |  |  | 2.4%
Expected term in years |  |  |  |  |  | 4.4 years
Grant-date fair value |  |  |  |  |  | $ | 11.74 |
Schedule of Share Purchase and Related Weighted-Average Exercise Price | The following table presents the shares purchased and the related weighted-average purchase price under the ESPP:
|  | Years ended December 31,
|  | 2021 |  | 2020 |  | 2019
Shares purchased |  | 160,000 |  |  | 320,000 |  |  | 228,000 |
Weighted average purchase price |  | $ | 66.75 |  |  | $ | 32.39 |  |  | $ | 47.97 |

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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