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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2019
Stock-Based Compensation [Abstract] |
Stock Option Valuation Assumptions | The fair value of stock option awards was estimated using the Black-Scholes option-pricing model with the following assumptions and weighted-average fair values as follows:
|  | December 31, |
Stock Options: |  | 2019 |  |  | 2018 |  |  | 2017 |
Weighted-average grant date fair value of grants |  | $ | 19.72 |  |  | $ | 24.72 |  |  | $ | 18.84 |
Risk-free interest rate(1) |  |  | 2.5 | % |  |  | 2.6 | % |  |  | 2.1 | %
Dividend yield(2) |  |  | 2.7 | % |  |  | 2.6 | % |  |  | 2.5 | %
Expected volatility(3) |  |  | 42.4 | % |  |  | 45.6 | % |  |  | 48.2 | %
Expected life in months(4) |  | 60 months |  |  | 66 months |  |  | 68 months |
(1) | The risk-free interest rate is based upon the rate on a zero-coupon U.S. Treasury bill, for periods within the contractual life of the option, in effect at the time of the grant.
(2) | The dividend yield is based on the average of historical stock prices and actual dividends paid.
(3) | Expected volatility is based on the historical volatility of the Company’s stock price, over a period similar to the expected life of the option.
(4) | The expected term of the option is based on the historical employee exercise behavior, the vesting terms of the respective option, and a contractual life of either seven or ten years.
Stock Options | Options under the plans as of December 31, 2019 and changes during the year ended December 31, 2019 were as follows:
|  | Shares (in thousands) |  |  | Weighted- average Exercise Price |  |  | Weighted- average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in thousands) |
Options activity – service based |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2018 |  |  | 1,046.5 |  |  | $ | 40.53 |  |  |  |  |  |  |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |
Exercised |  |  | (70.2 | ) |  |  | 32.38 |  |  |  |  |  |  |
Forfeited/cancelled/expired |  |  | (13.8 | ) |  |  | 41.49 |  |  |  |  |  |  |
Outstanding at December 31, 2019 |  |  | 962.5 |  |  |  | 41.11 |  |  |  | 2.87 |  |  | $ | 5,234 |
Exercisable at December 31, 2019 |  |  | 775.4 |  |  |  | 42.59 |  |  |  | 2.77 |  |  |  | 4,000 |
Options activity – performance based |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2018 |  |  | 2,370.8 |  |  | $ | 64.00 |  |  |  |  |  |  |  |  |
Granted |  |  | 496.6 |  |  |  | 63.09 |  |  |  |  |  |  |  |  |
Exercised |  |  | (46.0 | ) |  |  | 50.79 |  |  |  |  |  |  |  |  |
Forfeited/cancelled/expired |  |  | (663.0 | ) |  |  | 71.73 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2019 |  |  | 2,158.4 |  |  |  | 61.75 |  |  |  | 4.16 |  |  | $ | 2,997 |
Exercisable at December 31, 2019 |  |  | 698.1 |  |  |  | 46.06 |  |  |  | 3.82 |  |  |  | 2,997 |
Options activity – all options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2018 |  |  | 3,417.3 |  |  | $ | 56.81 |  |  |  |  |  |  |  |  |
Granted |  |  | 496.6 |  |  |  | 63.09 |  |  |  |  |  |  |  |  |
Exercised |  |  | (116.2 | ) |  |  | 39.67 |  |  |  |  |  |  |  |  |
Forfeited/cancelled/expired |  |  | (676.8 | ) |  |  | 71.11 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2019 |  |  | 3,120.9 |  |  |  | 55.38 |  |  |  | 3.76 |  |  | $ | 8,231 |
Exercisable at December 31, 2019 |  |  | 1,473.4 |  |  |  | 44.23 |  |  |  | 3.26 |  |  |  | 6,997 |
Stock Options Exercised | Cash proceeds, tax benefits and intrinsic value related to total stock options exercised during 2019, 2018 and 2017, were as follows (U.S. dollars in thousands):
|  | December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Cash proceeds from stock options exercised |  | $ | 368 |  |  | $ | 13,908 |  |  | $ | 26,980 |
Tax benefit realized for stock options exercised |  |  | 430 |  |  |  | 3,217 |  |  |  | 6,457 |
Intrinsic value of stock options exercised |  |  | 934 |  |  |  | 11,855 |  |  |  | 42,749 |
Nonvested Restricted Stock Awards | Nonvested restricted stock awards as of December 31, 2019 and changes during the year ended December 31, 2019 were as follows:
|  | Number of Shares (in thousands) |  |  | Weighted- average Grant Date Fair Value |
Nonvested at December 31, 2018 |  |  | 467.5 |  |  | $ | 57.61 |
Granted |  |  | 341.9 |  |  |  | 59.59 |
Vested |  |  | (196.6 | ) |  |  | 56.72 |
Forfeited |  |  | (39.7 | ) |  |  | 59.17 |
Nonvested at December 31, 2019 |  |  | 573.1 |  |  | $ | 58.99 |

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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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=116856206&loc=d3e5070-113901 + Details
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