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SHARE-BASED AWARDS AND STOCK OPTIONS (Tables) | 6 Months Ended
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Jun. 30, 2023
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:
| Three Months Ended |  | Six Months Ended
| June 30, 2023 |  | June 30, 2022 |  | June 30, 2023 |  | June 30, 2022
| (in thousands)
Share-based compensation expense | $ | 47,135 |  |  | $ | 47,014 |  |  | $ | 136,701 |  |  | $ | 85,414 |
Income tax benefit | $ | 22,474 |  |  | $ | 10,318 |  |  | $ | 31,890 |  |  | $ | 19,997 |
Schedule of Changes in Unvested Restricted Stock Awards and Performance Awards | The following table summarizes the changes in unvested restricted stock and performance awards for the six months ended June 30, 2023:
| Shares |  | Weighted-Average Grant-Date Fair Value
| (in thousands) |  |
Unvested at December 31, 2022 | 2,145 |  |  | $159.04 |
Replacement awards | 202 |  |  | 98.44 |
Granted | 1,252 |  |  | 112.42 |
Vested | (940) |  |  | 160.85 |
Forfeited | (86) |  |  | 136.88 |
Unvested at June 30, 2023 | 2,573 |  |  | $131.35 |
Schedule of Changes in Stock Option Activity | The following table summarizes stock option activity for the six months ended June 30, 2023:
| Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value
| (in thousands) |  |  |  | (years) |  | (in millions)
Outstanding at December 31, 2022 | 1,139 |  |  | $111.75 |  |  | 5.4 |  | $17.3
Replacement awards | 142 |  |  | 98.44 |  |  |  |  |
Granted | 233 |  |  | 110.83 |  |  |  |  |
Forfeited | (36) |  |  | 109.92 |  |  |  |  |
Exercised | (17) |  |  | 52.80 |  |  |  |  |
Outstanding at June 30, 2023 | 1,461 |  |  | $109.07 |  |  | 3.7 |  | $19.0
Options vested and exercisable at June 30, 2023 | 1,155 |  |  | $110.39 |  |  | 2.4 |  | $16.5
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:
| Six Months Ended
| June 30, 2023 |  | June 30, 2022
Risk-free interest rate | 3.84% |  | 1.87%
Expected volatility | 45% |  | 40%
Dividend yield | 0.81% |  | 0.56%
Expected term (years) | 5 |  | 5

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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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -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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