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STOCK-BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense related to awards issued under the Company's incentive compensation plans for the three months ended March 31, 2024 and 2023 was as follows (in millions):
 Three Months Ended
March 31,
 20242023
Cost of sales$8.2 $7.0 
Selling, general, and administrative expenses24.6 22.3 
Research and development expenses11.2 9.6 
Separation costs0.6 — 
Total stock-based compensation expense44.6 38.9 
Income tax benefit(6.2)(4.7)
Total stock-based compensation expense, net of tax$38.4 $34.2 
Schedule of Weighted-Average Assumptions for Options Granted
The following table includes the weighted-average grant-date fair values of stock options granted during the periods indicated and the related weighted-average assumptions used in the Black-Scholes option pricing model:
 Option Awards
Three Months Ended
March 31,
 20242023
Risk-free interest rate4.3%4.1%
Expected dividend yieldNoneNone
Expected volatility32.7%31.3%
Expected term (years)5.35.3
Fair value, per option$32.91 $27.77 
Schedule of Weighted-Average Assumptions for ESPP Subscriptions Granted
The following table includes the weighted-average grant-date fair values for ESPP subscriptions granted during the periods indicated and the related weighted-average assumptions used in the Black-Scholes option pricing model:
 ESPP
Three Months Ended
March 31,
 20242023
Risk-free interest rate5.1%4.6%
Expected dividend yieldNoneNone
Expected volatility34.8%31.5%
Expected term (years)0.60.6
Fair value, per share$25.52$21.10