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STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 2024
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 SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (Years)Aggregate Intrinsic Value (1)
(Aggregate intrinsic value in thousands)
Outstanding, January 1, 20241,286,173 $47.67 3.8
Exercised(221,374)19.50 
Forfeited(36,575)91.37 
Outstanding, September 30, 20241,028,224 $52.18 3.3$26,970 
Vested and expected to vest, September 30, 2024
1,028,224 $52.18 3.3$26,970 
Exercisable, September 30, 20241,028,224 $52.18 3.3$26,970 
______________
(1)The total intrinsic value of options exercised, net of shares withheld for taxes, during the nine months ended September 30, 2024 and 2023 was $6.2 million and $10.6 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 RSU activity during the nine months ended September 30, 2024 is as follows:
Restricted SharesWeighted Average Grant Date Fair Value (1)
Outstanding, January 1, 20246,272,763 $73.39 
Granted4,227,223 56.67 
Released (2)(2,232,590)77.62 
Forfeited(780,430)61.93 
Outstanding, September 30, 20247,486,966 $63.07 
______________
(1)The weighted average grant date fair value of the RSUs granted during the nine months ended September 30, 2023 was $62.28.
(2)The fair value of RSUs vested and converted to shares of the Company’s common stock was $173.3 million and $146.7 million during the nine months ended September 30, 2024 and 2023, respectively.
Share-based Payment Arrangement, Performance Shares, Activity
A summary of PSU activity during the nine months ended September 30, 2024 is as follows:
Performance Share Units (1)Weighted Average Grant Date Fair Value (2)
Outstanding, January 1, 20241,597,801 $92.73 
Granted913,533 63.68 
Released (3)(70,662)140.20 
Forfeited(403,454)92.47 
Outstanding, September 30, 20242,037,218 $75.47 
______________
(1)The PSUs 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 PSUs as of September 30, 2024 was 820,015.
(2)The weighted average grant date fair value of the PSUs granted during the nine months ended September 30, 2023 was $79.11.
(3)The fair value of PSUs vested and converted to shares of the Company’s common stock was $9.9 million and $1.0 million for the nine months ended September 30, 2024 and 2023, respectively.
Schedule of Share-Based Compensation, Employee Stock Purchase Plan, Activity
The fair value of shares purchased during the three and nine months ended September 30, 2024 and 2023 under the ESPP is based on the assumptions in the following table:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
ESPP Shares
Risk-free interest rates
(1)
(1)
4.71% - 5.30%
4.68%
Expected term (in years)
(1)
(1)
1.171.25
Expected volatility
(1)
(1)
55.67% - 63.13%
67.30%
Dividend yield
(1)
(1)
—%—%
______________
(1)The Company did not issue stock purchase rights under its 2010 Employee Stock Purchase Plan during the period indicated.