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SHARE-BASED AWARDS AND STOCK OPTIONS (Tables) | 3 Months Ended
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Mar. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Allocation of Share-Based Compensation Costs by Plan | The following table summarizes share-based compensation expense and the related income tax benefit recognized for our share-based awards and stock options:
| Three Months Ended
| March 31, 2021 |  | March 31, 2020
| (in thousands)
Share-based compensation expense | $ | 37,165 |  |  | $ | 27,822 |
Income tax benefit | $ | 8,399 |  |  | $ | 6,473 |
Schedule of Changes in Non-Vested Restricted Stock Awards Activity | The following table summarizes the changes in unvested restricted stock and performance awards for the three months ended March 31, 2021:
| Shares |  | Weighted-Average Grant-Date Fair Value
| (in thousands) |  |
Unvested at December 31, 2020 | 1,546 |  |  | $176.71 |
Granted | 836 |  |  | 188.52 |
Vested | (578) |  |  | 148.95 |
Forfeited | (14) |  |  | 181.58 |
Unvested at March 31, 2021 | 1,790 |  |  | $181.40 |
Schedule of Stock Option Activity | The following table summarizes stock option activity for the three months ended March 31, 2021:
| Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value
| (in thousands) |  |  |  | (years) |  | (in millions)
Outstanding at December 31, 2020 | 1,253 |  |  | $93.66 |  |  | 6.3 |  | $152.6
Granted | 112 |  |  | 196.06 |  |  |  |  |
Exercised | (163) |  |  | 70.51 |  |  |  |  |
Outstanding at March 31, 2021 | 1,202 |  |  | $106.19 |  |  | 6.5 |  | $114.7
Options vested and exercisable at March 31, 2021 | 925 |  |  | $85.79 |  |  | 5.8 |  | $107.1
Schedule of Stock Option Valuation Assumptions | Fair value was estimated on the date of grant using the Black-Scholes valuation model with the following weighted-average assumptions:
| Three Months Ended
| March 31, 2021 |  | March 31, 2020
Risk-free interest rate | 0.59% |  | 1.24%
Expected volatility | 40% |  | 30%
Dividend yield | 0.44% |  | 0.39%
Expected term (years) | 5 |  | 5

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + 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 (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested shares. + 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 (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + 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 (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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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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