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SHARE-BASED AWARDS AND OPTIONS (Tables) | 12 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Schedule of Share-based Compensation Expense | The following table summarizes share-based compensation expense and the related income tax benefit recognized for our share-based awards and stock options:
| Years Ended December 31,
| 2020 |  | 2019 |  | 2018
| (in thousands)
Share-based compensation expense | $ | 148,792 |  |  | $ | 89,634 |  |  | $ | 57,826 |
Income tax benefit | $ | 33,530 |  |  | $ | 20,519 |  |  | $ | 13,038 |
Schedule of Changes in Unvested Restricted Stock Awards and Performance Units | The following table summarizes the changes in unvested restricted stock awards and performance units for the years ended December 31, 2020, 2019 and 2018:
|  | Shares |  | Weighted-Average Grant-Date Fair Value
|  | (in thousands) |  |
Unvested at December 31, 2017 |  | 1,226 |  |  | $78.29
Granted |  | 650 |  |  | 109.85
Vested |  | (722) |  |  | 60.08
Forfeited |  | (70) |  |  | 91.47
Unvested at December 31, 2018 |  | 1,084 |  |  | 108.51
Replacement Awards |  | 894 |  |  | 163.74
Granted |  | 784 |  |  | 142.26
Vested |  | (781) |  |  | 105.04
Forfeited |  | (137) |  |  | 124.30
Unvested at December 31, 2019 |  | 1,844 |  |  | 149.96
Granted |  | 607 |  |  | 191.20
Vested |  | (835) |  |  | 128.91
Forfeited |  | (70) |  |  | 168.40
Unvested at December 31, 2020 |  | 1,546 |  |  | $176.71
Schedule of Changes in Stock Option Activity | The following table summarizes changes in stock option activity for the years ended December 31, 2020, 2019 and 2018:
| Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value
| (in thousands) |  |  |  | (years) |  | (in millions)
Outstanding at December 31, 2017 | 723 |  |  | $47.79 |  | 6.4 |  | $37.9
Granted | 103 |  |  | 114.70 |  |  |  |
Forfeited | (22) |  |  | 100.38 |  |  |  |
Exercised | (206) |  |  | 42.65 |  |  |  | 16.5 |
Outstanding at December 31, 2018 | 598 |  |  | 59.16 |  | 6.2 |  | 27.3 |
Replacement Awards | 1,336 |  |  | 68.96 |  |  |  |
Granted | 109 |  |  | 128.22 |  |  |  |
Forfeited | (23) |  |  | 110.13 |  |  |  |
Exercised | (265) |  |  | 33.99 |  |  |  | 28.8 |
Outstanding at December 31, 2019 | 1,755 |  |  | 74.06 |  | 6.5 |  | 190.3 |
Granted | 124 |  |  | 200.42 |  |  |  |
Forfeited | (3) |  |  | 112.85 |  |  |  |
Exercised | (623) |  |  | 59.78 |  |  |  | 85.8 |
Outstanding at December 31, 2020 | 1,253 |  |  | $93.66 |  | 6.3 |  | $152.6
Options vested and exercisable at December 31, 2020 | 859 |  |  | $71.15 |  | 5.4 |  | $123.9
Schedule of Fair Valuation Assumptions | Fair value was estimated on the date of grant using the Black-Scholes valuation model with the following weighted-average assumptions:
| Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Risk-free interest rate | 1.24 | % |  | 1.72 | % |  | 2.60 | %
Expected volatility | 30 | % |  | 31 | % |  | 29 | %
Dividend yield | 0.39 | % |  | 0.04 | % |  | 0.04 | %
Expected term (years) | 5 |  | 5 |  | 5

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- Definition 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. + 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 http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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