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SHARE-BASED AWARDS AND STOCK OPTIONS (Tables) | 9 Months Ended
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Sep. 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 |  | Nine Months Ended
| September 30, 2023 |  | September 30, 2022 |  | September 30, 2023 |  | September 30, 2022
| (in thousands)
Share-based compensation expense | $ | 36,624 |  |  | $ | 37,052 |  |  | $ | 173,325 |  |  | $ | 122,465 |
Income tax benefit | $ | 7,488 |  |  | $ | 10,318 |  |  | $ | 39,378 |  |  | $ | 26,816 |
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 nine months ended September 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 | 1,311 |  |  | 112.83 |
Vested | (1,006) |  |  | 158.95 |
Forfeited | (119) |  |  | 130.88 |
Unvested at September 30, 2023 | 2,533 |  |  | $131.27 |
Schedule of Changes in Stock Option Activity | The following table summarizes stock option activity for the nine months ended September 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 | (297) |  |  | 155.49 |  |  |  |  |
Exercised | (280) |  |  | 89.98 |  |  |  |  |
Outstanding at September 30, 2023 | 937 |  |  | $99.09 |  |  | 5.2 |  | $24.3
Options vested and exercisable at September 30, 2023 | 654 |  |  | $96.03 |  |  | 3.8 |  | $19.7
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:
| Nine Months Ended
| September 30, 2023 |  | September 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 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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