XML 55 R38.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Stock-Based Compensation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
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: |  | 2021 |  |  | 2020 |  |  | 2019 |
Weighted-average grant date fair value of grants |  | $ | 16.10 |  |  | $ | 8.59 |  |  | $ | 19.72 |
Risk-free interest rate(1) |  |  | 0.5 | % |  |  | 1.4 | % |  |  | 2.5 | %
Dividend yield(2) |  |  | 2.9 | % |  |  | 2.9 | % |  |  | 2.7 | %
Expected volatility(3) |  |  | 49.5 | % |  |  | 40.7 | % |  |  | 42.4 | %
Expected life in months(4) |  | 56 months |  |  | 59 months |  |  | 60 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, 2021 and changes during the year ended December 31, 2021 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, 2020 |  |  | 770.6 |  |  | $ | 38.71 |  |  |  |  |  |  |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |
Exercised |  |  | (188.8 | ) |  |  | 37.74 |  |  |  |  |  |  |
Forfeited/cancelled/expired |  |  | (43.6 | ) |  |  | 77.71 |  |  |  |  |  |  |
Outstanding at December 31, 2021 |  |  | 538.2 |  |  |  | 35.89 |  |  |  | 1.15 |  |  | $ | 8,303 |
Exercisable at December 31, 2021 |  |  | 538.2 |  |  |  | 35.89 |  |  |  | 1.15 |  |  |  | 8,303 |
Options activity – performance based |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2020 |  |  | 2,398.0 |  |  | $ | 46.71 |  |  |  |  |  |  |  |  |
Granted |  |  | 877.9 |  |  |  | 41.68 |  |  |  |  |  |  |  |  |
Exercised |  |  | (297.6 | ) |  |  | 32.00 |  |  |  |  |  |  |  |  |
Forfeited/cancelled/expired |  |  | (758.2 | ) |  |  | 63.77 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2021 |  |  | 2,220.1 |  |  |  | 40.87 |  |  |  | 4.62 |  |  | $ | 27,353 |
Exercisable at December 31, 2021 |  |  | 974.6 |  |  |  | 40.39 |  |  |  | 3.59 |  |  |  | 13,361 |
Options activity – all options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2020 |  |  | 3,168.6 |  |  | $ | 44.76 |  |  |  |  |  |  |  |  |
Granted |  |  | 877.9 |  |  |  | 41.68 |  |  |  |  |  |  |  |  |
Exercised |  |  | (486.4 | ) |  |  | 34.23 |  |  |  |  |  |  |  |  |
Forfeited/cancelled/expired |  |  | (801.8 | ) |  |  | 64.53 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2021 |  |  | 2,758.3 |  |  |  | 39.90 |  |  |  | 3.95 |  |  | $ | 35,657 |
Exercisable at December 31, 2021 |  |  | 1,512.8 |  |  |  | 38.79 |  |  |  | 2.72 |  |  |  | 21,665 |
Stock Options Exercised | Cash proceeds, tax benefits and intrinsic value related to total stock options exercised during 2021, 2020 and 2019, were as follows (U.S. dollars in thousands):
|  | December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Cash proceeds from stock options exercised |  | $ | 14,435 |  |  | $ | 7,419 |  |  | $ | 368 |
Tax (expense) / benefit realized for stock options exercised |  |  | 807 |  |  |  | (459 | ) |  |  | 430 |
Intrinsic value of stock options exercised |  |  | 8,402 |  |  |  | 5,232 |  |  |  | 934 |
Nonvested Restricted Stock Awards | Nonvested restricted stock awards as of December 31, 2021 and changes during the year ended December 31, 2021 were as follows:
|  | Number of Shares (in thousands) |  |  | Weighted-average Grant Date Fair Value |
Nonvested at December 31, 2020 |  |  | 931.1 |  |  | $ | 46.38 |
Granted |  |  | 380.4 |  |  |  | 50.39 |
Vested |  |  | (307.6 | ) |  |  | 48.59 |
Forfeited |  |  | (119.0 | ) |  |  | 45.95 |
Nonvested at December 31, 2021 |  |  | 884.9 |  |  | $ | 47.39 |

X
- Definition Tabular disclosure of cash received from exercise of stock options and similar instruments granted under share-based payment arrangements and tax benefit from exercise of stock options. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2A -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120381028&loc=SL79508275-113901 + Details
Name: | us-gaap_CashProceedsReceivedAndTaxBenefitFromShareBasedPaymentAwardsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested shares. + 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 (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=120381028&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=120381028&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=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration