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STOCK-BASED COMPENSATION (Tables) | 6 Months Ended
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Jun. 30, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense related to awards issued under the Company's incentive compensation plans for the three and six months ended June 30, 2021 and 2020 was as follows (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Cost of sales | $ | 5.7 |  |  | $ | 4.7 |  |  | $ | 11.2 |  |  | $ | 9.3 |
Selling, general, and administrative expenses | 18.3 |  |  | 15.3 |  |  | 34.8 |  |  | 29.7 |
Research and development expenses | 6.3 |  |  | 4.8 |  |  | 12.5 |  |  | 9.7 |
Total stock-based compensation expense | 30.3 |  |  | 24.8 |  |  | 58.5 |  |  | 48.7 |
Income tax benefit | (4.9) |  |  | (4.1) |  |  | (8.8) |  |  | (7.6) |
Total stock-based compensation expense, net of tax | $ | 25.4 |  |  | $ | 20.7 |  |  | $ | 49.7 |  |  | $ | 41.1 |
Schedule of Weighted-Average Assumptions for Options Granted | The following table includes the weighted-average grant-date fair values of stock options granted during the periods indicated and the related weighted-average assumptions used in the Black-Scholes option pricing model:
Option Awards | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Average risk-free interest rate | 0.8 | % |  | 0.3 | % |  | 0.8 | % |  | 0.3 | %
Expected dividend yield | None |  | None |  | None |  | None
Expected volatility | 33.5 | % |  | 33.5 | % |  | 33.5 | % |  | 33.4 | %
Expected term (years) | 5.0 |  | 5.0 |  | 5.0 |  | 5.0
Fair value, per option | $ | 28.60 |  |  | $ | 21.58 |  |  | $ | 28.54 |  |  | $ | 21.61 |
Schedule of Weighted-Average Assumptions for ESPP Subscriptions Granted | The following table includes the weighted-average grant-date fair values for ESPP subscriptions granted during the periods indicated and the related weighted-average assumptions used in the Black-Scholes option pricing model:
ESPP | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Average risk-free interest rate | 0.0 | % |  | 0.1 | % |  | 0.1 | % |  | 1.4 | %
Expected dividend yield | None |  | None |  | None |  | None
Expected volatility | 32.3 | % |  | 37.5 | % |  | 36.8 | % |  | 32.6 | %
Expected term (years) | 0.6 |  | 0.6 |  | 0.6 |  | 0.6
Fair value, per share | $ | 26.03 |  |  | $ | 18.42 |  |  | $ | 22.65 |  |  | $ | 16.06 |

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