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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2019
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation Expense Included in Consolidated Statements of Operations | The following table presents the stock-based compensation expense included in the Company’s consolidated statements of operations:
(in thousands) | 2019 |  | 2018 |  | 2017
Cost of revenues | $ | 18,822 |  |  | $ | 16,862 |  |  | $ | 14,573 |
Selling and marketing | 32,665 |  |  | 23,237 |  |  | 15,720 |
Research and development | 18,938 |  |  | 15,274 |  |  | 13,618 |
General and administrative | 10,484 |  |  | 8,489 |  |  | 9,402 |
| $ | 80,909 |  |  | $ | 63,862 |  |  | $ | 53,313 |
Income tax benefit | $ | (16,392 | ) |  | $ | (13,383 | ) |  | $ | (12,113 | )
Weighted-Average Assumptions Used in Black-Scholes Option Valuation Model | The following table summarizes the Company’s fair value assumptions for stock options:
| 2019 |  | 2018 |  | 2017
Weighted-average grant-date fair value | $ | 19.10 |  |  | $ | 18.03 |  |  | $ | 13.79 |
Assumptions used in the Black-Scholes option valuation model |  |  |  |  |
Expected annual volatility (1) | 32 | % |  | 34 | % |  | 35 | %
Expected term in years (2) | 4.5 |  |  | 4.5 |  |  | 4.5 |
Risk-free interest rate (3) | 2.4 | % |  | 2.6 | % |  | 1.9 | %
Expected annual dividend yield (4) | 0.3 | % |  | 0.4 | % |  | 0.5 | %
(1) The expected annual volatility for each grant is determined based on the average of historical daily price changes of the Company’s common stock over a period which approximates the expected option term. (2) The expected option term for each grant is determined based on the historical exercise behavior of employees and post-vesting employment termination behavior. (3) The risk-free interest rate is based on the yield of U.S. Treasury securities with a maturity that is commensurate with the expected option term at the time of grant. (4) The expected annual dividend yield is based on the weighted-average of the dividend yield assumptions used for options granted during the applicable period.
Combined Stock Option Activity | The following table summarizes the combined stock option activity under the Company’s stock option plans for 2019:
| Shares (in thousands) |  | Weighted-average Exercise Price |  | Weighted-average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Options outstanding as of January 1, 2019 | 6,971 |  |  | $ | 34.47 |  |  |  |  |
Granted | 2,272 |  |  | 65.91 |  |  |  |  |
Exercised | (1,498 | ) |  | 27.86 |  |  |  |  |
Forfeited | (309 | ) |  | 50.25 |  |  |  |  |
Options outstanding as of December 31, 2019 | 7,436 |  |  | $ | 44.76 |  |  |  |  |
Vested and expected to vest as December 31, 2019 | 6,292 |  |  | $ | 43.17 |  |  | 7.0 |  | $ | 229,541 |
Exercisable as of December 31, 2019 | 3,012 |  |  | $ | 28.71 |  |  | 5.6 |  | $ | 153,399 |
Combined Restricted Stock Units Activity | The following table summarizes the combined RSU activity for all grants, including the CICP, under the 2004 Plan for 2019:
| Shares (in thousands) |  | Weighted- Average Grant-Date Fair Value |  | Aggregate Intrinsic Value (in thousands)
Nonvested as of January 1, 2019 | 2,651 |  |  | $ | 43.69 |  |  |
Granted | 1,273 |  |  | 66.21 |  |  |
Vested | (1,116 | ) |  | 40.79 |  |  |
Forfeited | (243 | ) |  | 49.23 |  |  |
Nonvested as of December 31, 2019 | 2,565 |  |  | $ | 55.61 |  |  | $ | 204,289 |
Expected to vest as of December 31, 2019 | 1,917 |  |  | $ | 56.46 |  |  | $ | 151,773 |

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