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SHARE-BASED COMPENSATION (Tables) | 6 Months Ended
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Jun. 30, 2020
Share-based Payment Arrangement [Abstract] |
Summary of Stock Option Activity Under All Stock Plans | A summary of stock option activity under all stock plans for the six months ended June 30, 2020, is presented as follows (in millions, except per share amounts):
|  | Stock Options Outstanding |  |
|  | Number Outstanding |  | Weighted Average Exercise Price Per Share
Balance at December 31, 2019 |  | 5.4 |  |  | $ | 246.64 |
Options granted |  | 0.3 |  |  | $ | 537.87 |
Options exercised |  | (0.7) |  |  | $ | 167.20 |
Options forfeited/expired |  | (0.1) |  |  | $ | 468.87 |
Balance at June 30, 2020 |  | 4.9 |  |  | $ | 272.37 |
Summary of RSU Activity | A summary of RSUs activity under all stock plans for the six months ended June 30, 2020, is presented as follows (in millions, except per share amounts):
| Shares |  | Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2019 | 1.9 |  |  | $ | 410.09 |
RSUs granted | 0.7 |  |  | $ | 535.67 |
RSUs vested | (0.7) |  |  | $ | 337.48 |
RSUs forfeited | (0.1) |  |  | $ | 456.38 |
Unvested balance at June 30, 2020 | 1.8 |  |  | $ | 481.89 |
Summary of Share-Based Compensation Expense | The following table summarizes share-based compensation expense for the three and six months ended June 30, 2020, and 2019 (in millions):
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Cost of sales – products | $ | 14.2 |  |  | $ | 11.4 |  |  | $ | 27.0 |  |  | $ | 22.4 |
Cost of sales – services | 5.2 |  |  | 4.8 |  |  | 10.7 |  |  | 9.3 |
Total cost of sales | 19.4 |  |  | 16.2 |  |  | 37.7 |  |  | 31.7 |
Selling, general, and administrative | 49.6 |  |  | 40.7 |  |  | 95.3 |  |  | 79.3 |
Research and development | 27.4 |  |  | 25.1 |  |  | 54.6 |  |  | 47.9 |
Share-based compensation expense before income taxes | 96.4 |  |  | 82.0 |  |  | 187.6 |  |  | 158.9 |
Income tax benefit | 20.0 |  |  | 16.5 |  |  | 38.9 |  |  | 32.9 |
Share-based compensation expense after income taxes | $ | 76.4 |  |  | $ | 65.5 |  |  | $ | 148.7 |  |  | $ | 126.0 |
Schedule of Estimated Fair Value of the Option Using Black-Scholes Option Pricing Model, Weighted Average Assumptions | The Black-Scholes option pricing model is used to estimate the fair value of stock options granted under the Company’s share-based compensation plans and rights to acquire stock granted under the ESPP. The weighted average estimated fair values of stock options and the rights to acquire stock under the ESPP, as well as the weighted average assumptions used in calculating the fair values of stock options and the rights to acquire stock under the ESPP that were granted during the three and six months ended June 30, 2020, and 2019, were as follows:
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Stock Options |  |  |  |  |  |  |
Risk-free interest rate | 0.4% |  | 2.2% |  | 0.8% |  | 2.4%
Expected term (in years) | 4.2 |  | 4.3 |  | 4.3 |  | 4.3
Expected volatility | 38% |  | 30% |  | 30% |  | 31%
Fair value at grant date | $165.18 |  | $142.63 |  | $138.24 |  | $155.35
ESPP |  |  |  |  |  |  |
Risk-free interest rate | — |  | — |  | 1.5% |  | 2.5%
Expected term (in years) | — |  | — |  | 1.1 |  | 1.2
Expected volatility | — |  | — |  | 27% |  | 31%
Fair value at grant date | — |  | — |  | $149.85 |  | $154.20

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + 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)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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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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