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STOCK-BASED COMPENSATION (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2024 and 2023 was as follows (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost of sales | $ | 6.1 |  |  | $ | 4.7 |  |  | $ | 20.8 |  |  | $ | 16.3 |
Selling, general, and administrative expenses | 20.4 |  |  | 17.2 |  |  | 62.4 |  |  | 57.3 |
Research and development expenses | 8.7 |  |  | 7.2 |  |  | 28.3 |  |  | 23.7 |
Total stock-based compensation expense | 35.2 |  |  | 29.1 |  |  | 111.5 |  |  | 97.3 |
Income tax benefit | (6.0) |  |  | (4.7) |  |  | (17.5) |  |  | (14.5) |
Total stock-based compensation expense, net of tax | $ | 29.2 |  |  | $ | 24.4 |  |  | $ | 94.0 |  |  | $ | 82.8 |
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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Risk-free interest rate | 4.2 | % |  | 4.3 | % |  | 4.5% |  | 3.4%
Expected dividend yield | None |  | None |  | None |  | None
Expected volatility | 31.0 | % |  | 32.7 | % |  | 30.9% |  | 32.8%
Expected term (years) | 5.5 |  | 5.2 |  | 5.3 |  | 5.1
Fair value, per option | $ | 32.15 |  |  | $ | 31.16 |  |  | $ | 31.30 |  |  | $ | 31.02 |
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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Risk-free interest rate | 5.3 | % |  | 5.3 | % |  | 5.2% |  | 4.6%
Expected dividend yield | None |  | None |  | None |  | None
Expected volatility | 29.5 | % |  | 34.8 | % |  | 33.5% |  | 31.5%
Expected term (years) | 0.6 |  | 0.6 |  | 0.6 |  | 0.6
Fair value, per share | $ | 16.51 |  |  | $ | 18.53 |  |  | $ | 25.01 |  | $ | 19.03 |

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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 + Details
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