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STOCK-BASED COMPENSATION (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Activity Under the Stock Plans | A summary of stock option activity under the Stock Plans is as follows:
|  | Option Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (1)
(Aggregate intrinsic value in thousands) |  |  |  |  |  |  |  |
Outstanding, January 1, 2023 |  | 1,517,876 |  |  | $ | 44.82 |  |  | 4.7 |  |
Exercised |  | (176,250) |  |  | 16.41 |  |  |  |  |
Forfeited |  | (37,074) |  |  | 95.02 |  |  |  |  |
Outstanding, September 30, 2023 |  | 1,304,552 |  |  | $ | 47.23 |  |  | 4.1 |  | $ | 38,808 |
Vested and expected to vest, September 30, 2023 |  | 1,304,552 |  |  | $ | 47.23 |  |  | 4.1 |  | $ | 38,808 |
Exercisable, September 30, 2023 |  | 1,246,973 |  |  | $ | 44.90 |  |  | 4.0 |  | $ | 38,808 |
______________ (1)The total intrinsic value of options exercised during the nine months ended September 30, 2023 and 2022 was $10.6 million and $34.7 million, respectively, determined as of the date of exercise.
Summary of Restricted Stock and Restricted Stock Unit Activity Under the Stock Plans | A summary of restricted stock and restricted stock unit activity during the nine months ended September 30, 2023 is as follows:
|  | Restricted Shares |  | Weighted Average Grant Date Fair Value (1)
Outstanding, January 1, 2023 |  | 5,254,709 |  |  | $ | 89.29 |
Granted |  | 3,383,127 |  |  | 62.28 |
Released (2) |  | (1,646,982) |  |  | 89.32 |
Forfeited |  | (568,317) |  |  | 74.64 |
Outstanding, September 30, 2023 |  | 6,422,537 |  |  | $ | 73.63 |
______________ (1)The weighted average grant date fair value of the restricted stock units granted during the nine months ended September 30, 2022 was $70.28. (2)The fair value of restricted stock units vested and converted to shares of the Company’s common stock was $146.7 million and $155.5 million during the nine months ended September 30, 2023 and 2022, respectively.
Share-based Payment Arrangement, Performance Shares, Activity | A summary of performance share unit activity is as follows:
|  | Performance Share Units (1) |  | Weighted Average Grant Date Fair Value (2)
Outstanding, January 1, 2023 |  | 967,846 |  |  | $ | 102.58 |
Granted |  | 769,359 |  |  | 79.11 |
Released (3) |  | (12,284) |  |  | 78.32 |
Forfeited |  | (140,727) |  |  | 90.90 |
Outstanding, September 30, 2023 |  | 1,584,194 |  |  | $ | 92.16 |
______________ (1)The performance share units listed above assumes attainment of maximum payout rates as set forth in the performance criteria. Applying actual or expected payout rates, the number of outstanding performance share units as of September 30, 2023 was 790,238. (2)The weighted average grant date fair value of the performance share units granted during the nine months ended September 30, 2022 was $89.43. (3)The fair value of performance share units vested and converted to shares of the Company’s common stock was $1.0 million and $27.2 million for the nine months ended September 30, 2023 and 2022, respectively.
Schedule of Share-Based Compensation, Employee Stock Purchase Plan, Activity | The fair value of ESPP shares is based on the assumptions in the following table:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
ESPP Shares |  |  |  |  |  |  |  |
Risk-free interest rates |  | (1) |  | (1) |  | 4.68% |  | 1.49% - 2.73%
Expected term (in years) |  | (1) |  | (1) |  | 1.25 |  | 0.5 - 2
Expected volatility |  | (1) |  | (1) |  | 67.30% |  | 50.94% - 60.34%
Dividend yield |  | (1) |  | (1) |  | —% |  | —%

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- Definition Tabular disclosure of employee stock purchase plan activity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -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 Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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- Definition Tabular disclosure of number and weighted-average grant date fair value for nonvested performance shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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