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EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Expense
Stock-based compensation expense included on the Company’s Consolidated Statements of Operations for all stock-based compensation arrangements was as follows:
Years Ended December 31,
201920182017
Cost of sales$16,146  $13,558  $10,636  
Research and development56,649  57,557  53,112  
Selling, general and administrative87,070  77,704  76,515  
Total stock-based compensation expense$159,865  $148,819  $140,263  
Summary of Restricted Stock Unit Activity
Below is a summary of RSU activity under the plan for the year ended December 31, 2019:
Shares
Weighted
Average
Grant Date
Fair Value
Weighted
Average
Remaining
Years
Aggregate
Intrinsic
Value
Non-vested units as of December 31, 20183,147,523  $87.42  2.6$268,012  
Granted1,937,858  $91.28  
Vested(1,136,627) $91.20  
Forfeited(363,370) $89.39  
Non-vested units as of December 31, 20193,585,384  $88.54  2.6$303,144  
Below is a summary of activity related to RSUs with revenue-based performance conditions under the plan for the year ended December 31, 2019:
Shares
Weighted
Average
Grant Date
Fair Value
Non-vested units as of December 31, 2018256,418  $84.85  
Granted99,010  $94.53  
Vested(125,687) $84.85  
Forfeited(2,857) $83.57  
Non-vested units as of December 31, 2019226,884  $89.09  
Summary of Stock Option Activity All stock option grants presented in the table had exercise prices not less than the fair value of the underlying common stock on the
grant date:
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Years
Aggregate
Intrinsic
Value (1)
Options outstanding as of December 31, 20187,363,609  $63.06  5.1$183,091  
Granted610,250  $94.45  
Exercised(567,672) $28.95  
Expired and forfeited(141,952) $82.24  
Options outstanding as of December 31, 20197,264,235  $67.99  4.7$146,700  
Options unvested as of December 31, 20191,258,052  $89.49  8.5$447  
Exercisable at December 31, 20196,006,183  $63.48  3.9$146,253  
(1)The aggregate intrinsic value for outstanding options is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock on the Nasdaq Global Select Market as of the last trading day for the respective year. The aggregate intrinsic value of options outstanding and exercisable includes options with an exercise price below $84.55, the closing price of the Company’s common stock on the Nasdaq Global Select Market on December 31, 2019.
Stock Option Valuation Assumptions
The assumptions used to estimate the per share fair value of stock options granted during the periods presented were as follows:
Years Ended December 31,
201920182017
Expected volatility37.1 – 37.4%  36.8 – 38.4%  37.6 – 39.7%  
Dividend yield0.00%  0.00%  0.00%  
Expected term4.6 – 5.8 years  4.6 – 5.7 years  4.9 – 6.6 years  
Risk-free interest rate2.2 – 3.0%  2.3 – 2.8%  1.8 – 2.2%  
Employee Stock Purchase Plan Valuation Assumptions
The assumptions used to estimate the per share fair value of stock purchase rights granted under the ESPP were as follows:
Years Ended December 31,
201920182017
Expected volatility27.7 – 35.0%  29.7 – 35.0%  27.7 – 42.3%  
Dividend yield0.00%  0.00%  0.00%  
Expected term6 – 24 months  6 – 24 months  6 – 24 months  
Risk-free interest rate1.2 – 2.8%  1.2 – 2.8%  1.0 – 1.6%