STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2022

STOCK-BASED COMPENSATION

Schedule of weighted-average assumptions used to estimate the fair value of options granted

	Three-Months Ended September 30,				Nine-Months Ended September 30,
	2022		2021		2022		2021
Dividend yield	0.0	%	0.0	%	0.0	%	0.0	%
Expected volatility	27.6	%	28.3	%	27.7	%	28.9	%
Risk-free interest rate	2.8	%	0.7	%	2.1	%	0.8	%
Expected term	6.2 years		5.8 years		6.1 years		5.8 years

Summary of activities with respect to its stock option plans

				Weighted-
		Weighted-		Average
		Average		Remaining
	Number of	Exercise		Contractual
	Shares	Price Per		Term	Aggregate
Options	(in thousands)	Share		(in years)	Intrinsic Value
Outstanding at January 1, 2022	13,860	$	48.19	5.1	$	663,148
Granted 01/01/22 - 03/31/22	2,489	$	73.96
Granted 04/01/22 - 06/30/22	8	$	88.05
Granted 07/01/22 - 09/30/22	34	$	95.72
Exercised	(813)	$	42.74
Cancelled or forfeited	(143)	$	72.26
Outstanding at September 30, 2022	15,435	$	52.54	5.2	$	533,680
Vested and expected to vest in the future at September 30, 2022	15,043	$	51.97	5.1	$	528,586
Exercisable at September 30, 2022	10,287	$	43.06	3.7	$	451,963

Summary of activities with respect to non-vested restricted stock units

		Weighted
	Number of	Average
	Shares (in	Grant-Date
	thousands)	Fair Value
Non-vested at January 1, 2022	910	$	69.02
Granted 01/01/22 - 03/31/221	484	$	71.88
Granted 04/01/22 - 06/30/22	15	$	87.52
Granted 07/01/22 - 09/30/22	6	$	95.17
Vested	(388)	$	64.56
Forfeited/cancelled	(13)	$	68.77
Non-vested at September 30, 2022	1,014	$	72.52

¹The grant activity for performance share units is recorded based on the target performance level earning 100% of target performance share units. The actual number of performance share units earned could range from 0% to 200% of target depending on the achievement of pre-established performance goals.