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SHARE-BASED AWARDS AND STOCK OPTIONS (Tables) | 9 Months Ended
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Sep. 30, 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 |  | Nine Months Ended
| September 30, 2021 |  | September 30, 2020 |  | September 30, 2021 |  | September 30, 2020
| (in thousands) |  | (in thousands)
Share-based compensation expense | $ | 65,611 |  |  | $ | 42,276 |  |  | $ | 146,097 |  |  | $ | 105,081 |
Income tax benefit | $ | 16,224 |  |  | $ | 9,123 |  |  | $ | 34,595 |  |  | $ | 23,338 |
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 nine months ended September 30, 2021:
| Shares |  | Weighted-Average Grant-Date Fair Value
| (in thousands) |  |
Unvested at December 31, 2020 | 1,546 |  |  | $176.71 |
Granted | 1,437 |  |  | 193.59 |
Vested | (1,162) |  |  | 153.99 |
Forfeited | (90) |  |  | 180.76 |
Unvested at September 30, 2021 | 1,731 |  |  | $183.74 |
Schedule of Stock Option Activity | The following table summarizes stock option activity for the nine months ended September 30, 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 |  |  |  |  |
Forfeited | (1) |  |  | 113.48 |  |  |  |  |
Exercised | (181) |  |  | 69.08 |  |  |  |  |
Outstanding at September 30, 2021 | 1,183 |  |  | $106.98 |  |  | 6.0 |  | $69.4
Options vested and exercisable at September 30, 2021 | 908 |  |  | $86.45 |  |  | 5.3 |  | $66.4
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:
| Nine Months Ended
| September 30, 2021 |  | September 30, 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 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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