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SHARE-BASED AWARDS AND STOCK OPTIONS (Tables)

3 Months Ended

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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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure of the changes in outstanding nonvested shares.

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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.

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