STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2022

STOCK-BASED COMPENSATION

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

	Three-Months Ended March 31,
	2022		2021
Dividend yield	0.0	%	0.0	%
Expected volatility	27.7	%	28.9	%
Risk-free interest rate	2.1	%	0.8	%
Expected term	6.0 years		5.8 years

Summary of activities with respect to its stock option plans

				Weighted-
		Weighted-		Average
		Average		Remaining
	Number of	Exercise		Contractual	Aggregate
	Shares	Price Per		Term (in	Intrinsic
Options	(in thousands)	Share		years)	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
Exercised	(114)	$	39.57
Cancelled or forfeited	(17)	$	65.92
Outstanding at March 31, 2022	16,218	$	52.19	5.6	$	459,540
Vested and expected to vest in the future at March 31, 2022	15,723	$	51.52	5.5	$	455,553
Exercisable at March 31, 2022	10,862	$	42.96	4.1	$	402,706

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
Vested	(371)	$	64.15
Forfeited/cancelled	(2)	$	59.67
Non-vested at March 31, 2022	1,021	$	72.17

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.