SHARE-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019		2018
	(In thousands)
Unvested stock awards	$	25,509	$	19,253	$	17,249
Stock option and employee stock purchase plans	4,484		6,575		7,703
Share-based compensation expense	29,993		25,828		24,952
Income tax benefit	(4,728)		(4,667)		(4,615)
Share-based compensation expense, net of tax	$	25,265	$	21,161	$	20,337

Schedule of Nonvested Stock Awards

The following is a summary of activity for time-vested and performance-based unvested restricted stock awards as of and for the year ended December 31, 2020:

	Time-Vested			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	730	$	63.21	374	$	67.14
Granted	752	39.39		288	36.35
Vested (1)	(243)	64.43		(60)	80.43
Forfeited (2)	(44)	47.78		(74)	56.70
Unvested stock outstanding at December 31	1,195	$	48.53	528	$	32.03

 _______________ 

(1) Includes awards attained above target.

(2) 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:

	Years ended December 31,
	2019		2018
Expected dividends	3.7%		2.8%
Expected volatility	31.4%		29.4%
Risk-free rate	2.4%		2.7%
Expected term in years	4.4 years		4.4 years
Grant-date fair value	$	11.74	$	15.89

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,
	2020		2019		2018
Shares purchased	320,000		228,000		199,000
Weighted average purchase price	$	32.39	$	47.97	$	54.89