STOCK-BASED COMPENSATION (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| STOCK-BASED COMPENSATION |
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| Schedule of weighted-average assumptions used to estimate the fair value of options granted |
| | | | | | | | | | 2024 | | 2023 | | 2022 | | Dividend yield | | 0.0 | % | 0.0 | % | 0.0 | % | Expected volatility | | 27.4 | % | 27.6 | % | 27.7 | % | Risk-free interest rate | | 4.18 | % | 3.75 | % | 2.15 | % | Expected term | | 6.4 Years | | 6.3 Years | | 6.1 Years | |
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| Schedule of activities with respect to its stock option plans |
| | | | | | | | | | | | | | | | | | Weighted- | | | | | | | | Weighted- | | Average | | | | | | | | Average | | Remaining | | | | | | Number of | | Exercise | | Contractual | | | | | | Shares (in | | Price Per | | Term (in | | Aggregate | Options | | thousands) | | Share | | years) | | Intrinsic Value | Outstanding at January 1, 2024 | | 24,983 | | $ | 33.64 | | 5.8 | | $ | 598,866 | Granted 01/01/24 - 03/31/24 | | 4,332 | | $ | 60.29 | | | | | | Granted 04/01/24 - 06/30/24 | | 62 | | $ | 51.89 | | | | | | Granted 07/01/24 - 09/30/24 | | 1,236 | | $ | 48.40 | | | | | | Granted 10/01/24 - 12/31/24 | | 12 | | $ | 51.59 | | | | | | Exercised | | (2,908) | | $ | 27.16 | | | | | | Cancelled or forfeited | | (629) | | $ | 48.28 | | | | | | Outstanding at December 31, 2024 | | 27,088 | | $ | 38.98 | | 5.8 | | $ | 400,207 | Vested and expected to vest in the future at December 31, 2024 | | 26,124 | | $ | 38.49 | | 5.7 | | $ | 396,642 | Exercisable at December 31, 2024 | | 14,169 | | $ | 29.39 | | 3.7 | | $ | 328,318 |
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| Summary of information about stock options outstanding and exercisable |
| | | | | | | | | | | | | | | | | | | | | | | Options Outstanding | | Options Exercisable | | | | | | | | | Weighted | | | | | | | | | | | | | | | | | Average | | Weighted | | Number | | Weighted | | | | | | | Number | | Remaining | | Average | | Exercisable | | Average | Range of Exercise | | Outstanding | | Contractual | | Exercise | | (in | | Exercise | Prices ($) | | (in thousands) | | Term (Years) | | Price ($) | | thousands) | | Price ($) | $ | 18.03 | - | $ | 22.46 | | 3,036 | | 1.3 | | $ | 22.02 | | 3,036 | | $ | 22.02 | $ | 22.51 | - | $ | 29.37 | | 5,108 | | 2.8 | | $ | 26.63 | | 5,108 | | $ | 26.63 | $ | 29.84 | - | $ | 31.20 | | 3,715 | | 4.6 | | $ | 30.42 | | 3,400 | | $ | 30.35 | $ | 31.46 | - | $ | 33.71 | | 53 | | 4.6 | | $ | 32.49 | | 42 | | $ | 32.37 | $ | 36.62 | - | $ | 36.62 | | 3,978 | | 7.2 | | $ | 36.62 | | 1,088 | | $ | 36.62 | $ | 38.96 | - | $ | 48.30 | | 3,191 | | 7.6 | | $ | 45.75 | | 1,049 | | $ | 44.36 | $ | 48.90 | - | $ | 48.90 | | 20 | | 6.7 | | $ | 48.90 | | 9 | | $ | 48.90 | $ | 50.82 | - | $ | 50.82 | | 3,641 | | 8.2 | | $ | 50.82 | | 430 | | $ | 50.82 | $ | 51.38 | - | $ | 59.36 | | 207 | | 9.1 | | $ | 53.81 | | 7 | | $ | 55.56 | $ | 60.30 | - | $ | 60.30 | | 4,139 | | 9.2 | | $ | 60.30 | | — | | $ | — | | | | | | | 27,088 | | 5.8 | | $ | 38.98 | | 14,169 | | $ | 29.39 |
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| Schedule of activities with respect to non-vested restricted stock units and performance share units |
| | | | | | | | | | Weighted- | | | Number of | | Average | | | Shares (in | | Grant-Date | | | thousands) | | Fair Value | Non-vested at January 1, 2024 | | 1,964 | | $ | 40.95 | Granted 01/01/24 - 03/31/241 | | 502 | | $ | 57.04 | Granted 04/01/24 - 06/30/24 | | 27 | | $ | 49.12 | Granted 07/01/24 - 09/30/24 | | 32 | | $ | 48.40 | Granted 10/01/24 - 12/31/24 | | 2 | | $ | 49.24 | Vested | | (829) | | $ | 40.71 | Forfeited/cancelled | | (16) | | $ | 39.55 | Non-vested at December 31, 2024 | | 1,682 | | $ | 46.16 |
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.
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| Schedule of employee and non-employee share-based compensation expense |
| | | | | | | | | | | | 2024 | | 2023 | | 2022 | Operating expenses | | $ | 90,985 | | $ | 68,836 | | $ | 64,109 | Total employee and non-employee share-based compensation expense included in income, before income tax | | | 90,985 | | | 68,836 | | | 64,109 | Less: Amount of income tax benefit recognized in earnings | | | (16,006) | | | (64,401) | | | (13,175) | Amount charged against net income | | $ | 74,979 | | $ | 4,435 | | $ | 50,934 |
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