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STOCK-BASED COMPENSATION (Tables) | 6 Months Ended
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Jun. 30, 2022
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, 2022 and 2021 was as follows (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Cost of sales | $ | 6.9 |  |  | $ | 5.7 |  |  | $ | 13.1 |  |  | $ | 11.2 |
Selling, general, and administrative expenses | 21.1 |  |  | 18.3 |  |  | 39.8 |  |  | 34.8 |
Research and development expenses | 8.2 |  |  | 6.3 |  |  | 15.7 |  |  | 12.5 |
Total stock-based compensation expense | 36.2 |  |  | 30.3 |  |  | 68.6 |  |  | 58.5 |
Income tax benefit | (5.9) |  |  | (4.9) |  |  | (10.3) |  |  | (8.8) |
Total stock-based compensation expense, net of tax | $ | 30.3 |  |  | $ | 25.4 |  |  | $ | 58.3 |  |  | $ | 49.7 |
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,
| 2022 |  | 2021 |  | 2022 |  | 2021
Average risk-free interest rate | 3.0 | % |  | 0.8 | % |  | 3.0 | % |  | 0.8 | %
Expected dividend yield | None |  | None |  | None |  | None
Expected volatility | 31.4 | % |  | 33.5 | % |  | 31.4 | % |  | 33.5 | %
Expected term (years) | 5.0 |  | 5.0 |  | 5.0 |  | 5.0
Fair value, per option | $ | 35.07 |  |  | $ | 28.60 |  |  | $ | 35.08 |  |  | $ | 28.54 |
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,
| 2022 |  | 2021 |  | 2022 |  | 2021
Average risk-free interest rate | 1.1 | % |  | 0.0 | % |  | 0.3 | % |  | 0.1 | %
Expected dividend yield | None |  | None |  | None |  | None
Expected volatility | 31.5 | % |  | 32.3 | % |  | 32.1 | % |  | 36.8 | %
Expected term (years) | 0.6 |  | 0.6 |  | 0.6 |  | 0.6
Fair value, per share | $ | 23.63 |  |  | $ | 26.03 |  |  | $ | 28.63 |  |  | $ | 22.65 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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