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STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Stock-based compensation expense related to awards issued under the Company's incentive compensation plans for the three and six months ended June 30, 2024 and 2023 was as follows (in millions):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2024202320242023
Cost of sales$7.5 $5.4 $14.7 $11.6 
Selling, general, and administrative expenses20.3 20.4 42.2 40.4 
Research and development expenses9.7 7.9 19.6 16.5 
Total stock-based compensation expense37.5 33.7 76.5 68.5 
Income tax benefit(6.0)(5.5)(11.5)(9.8)
Total stock-based compensation expense, net of tax$31.5 $28.2 $65.0 $58.7 

At June 30, 2024, the total remaining compensation cost related to nonvested stock options, restricted stock units, market-based restricted stock units, and employee stock purchase plan ("ESPP") subscription awards amounted to $313.4 million, which will be amortized on a straight-line basis over each award's requisite service period. The weighted-average remaining requisite service period is 34 months.

On May 7, 2024, the Company’s stockholders approved the amendment and restatement of the Company’s Long-term Stock Incentive Compensation Program (the “Long-term Stock Program”) to (1) increase the total number of shares of the Company’s common stock available for issuance under the Long-term Stock Program by 6.9 million shares to a new total share limit of 334.5 million shares, (2) increase the total number of shares of the Company’s common stock available for issuance as restricted stock and restricted stock unit awards under the Long-term Stock Program by 2.0 million shares to a new limit on the total number of shares available for these types of awards of 35.6 million shares, and (3) extend the term within which new awards may be granted under the Long-term Stock Program through February 21, 2034.

During the six months ended June 30, 2024, the Company granted 1.4 million stock options at a weighted-average
exercise price per share of $85.86, and 1.7 million restricted stock units at a weighted-average grant-date fair value per share of $86.31. During the six months ended June 30, 2024, the Company also granted 0.1 million market-based restricted stock units
at a weighted-average grant-date fair value per share of $97.66. The market-based restricted stock units granted during the six months ended June 30, 2024 vest based on a combination of certain service and market conditions. The actual number of shares issued will be determined based on the Company's total shareholder return relative to a selected industry peer group over a three-year performance period and may range from 0% to 175% of the target number of shares granted.

Fair Value Disclosures

The fair value of market-based restricted stock units was determined using a Monte Carlo simulation model, which uses multiple input variables to determine the probability of satisfying the market condition requirements. The weighted-average assumptions used to determine the fair value of the market-based restricted stock units granted during the six months ended June 30, 2024 and 2023 included a risk-free interest rate of 4.5% and 3.6%, respectively, and an expected volatility rate of 32.4% and 32.6%, respectively.

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,
 2024202320242023
Risk-free interest rate4.5 %3.4 %4.5%3.4%
Expected dividend yieldNoneNoneNoneNone
Expected volatility30.9 %32.8 %30.9%32.8%
Expected term (years)5.25.15.25.1
Fair value, per option$31.24 $31.03 $31.26 $31.01 
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,
 2024202320242023
Risk-free interest rate5.2 %4.7 %5.2%4.6%
Expected dividend yieldNoneNoneNoneNone
Expected volatility29.3 %34.8 %33.5%31.5%
Expected term (years)0.70.60.60.6
Fair value, per share$23.37 $22.02 $25.01$19.03