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STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024 and 2023 was as follows (in millions):

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Cost of sales			$	7.5					$	5.4					$	14.7					$	11.6
Selling, general, and administrative expenses			20.3						20.4						42.2						40.4
Research and development expenses			9.7						7.9						19.6						16.5
Total stock-based compensation expense			37.5						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

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,
			2024						2023						2024						2023
Risk-free interest rate			4.5		%				3.4		%				4.5%						3.4%
Expected dividend yield			None						None						None						None
Expected volatility			30.9		%				32.8		%				30.9%						32.8%
Expected term (years)			5.2						5.1						5.2						5.1
Fair value, per option			$	31.24					$	31.03					$	31.26					$	31.01

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,
			2024						2023						2024						2023
Risk-free interest rate			5.2		%				4.7		%				5.2%						4.6%
Expected dividend yield			None						None						None						None
Expected volatility			29.3		%				34.8		%				33.5%						31.5%
Expected term (years)			0.7						0.6						0.6						0.6
Fair value, per share			$	23.37					$	22.02					$	25.01					$	19.03

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- Definition

Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
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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
-Topic 718
-SubTopic 10
-Subparagraph (f)(2)
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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-Name Accounting Standards Codification
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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