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SHARE-BASED COMPENSATION PLANS (Tables)

12 Months Ended

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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