O'Reilly Automotive (ORLY) 10-Q8 Aug 222022 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Aug. 01, 2022
Document and Entity Information
Document type	10-Q
Document quarterly report	true
Document transition report	false
Amendment flag	false
Current fiscal year end date	--12-31
Document period end date	Jun. 30, 2022
Document fiscal year focus	2022
Document fiscal period focus	Q2
Entity registrant name	O Reilly Automotive Inc
Entity central index key	0000898173
Entity incorporation, state	MO
Entity file number	000-21318
Entity tax identification number	27-4358837
Entity address, address	233 South Patterson Avenue
Entity address, city	Springfield
Entity address, postal zip code	65802
Entity address, state	MO
City area code	417
Local phone number	862-6708
Title of 12(b) security	Common Stock,
Trading symbol	ORLY
Security exchange name	NASDAQ
Entity current reporting status	Yes
Entity filer category	Large Accelerated Filer
Entity small business	false
Entity emerging growth company	false
Entity interactive data current	Yes
Entity shell company	false
Entity common stock, shares outstanding		63,318,293

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	[1]
Assets
Cash and cash equivalents	$ 253,904	$ 362,113
Accounts receivable, net	330,672	272,562
Amounts receivable from suppliers	123,112	113,112
Inventory	4,005,384	3,686,383
Other current assets	86,800	70,092
Total current assets	4,799,872	4,504,262
Property and equipment, at cost	7,160,583	6,948,038
Less: accumulated depreciation and amortization	2,878,170	2,734,523
Net property and equipment	4,282,413	4,213,515
Operating lease, right-of-use assets	1,965,941	1,982,478
Goodwill	881,299	879,340
Other assets, net	138,164	139,112
Total assets	12,067,689	11,718,707
Liabilities and shareholders' deficit
Accounts payable	5,258,712	4,695,312
Self-insurance reserves	137,281	128,794
Accrued payroll	106,814	107,588
Accrued benefits and withholdings	148,805	234,872
Income taxes payable	2,080	0
Current portion of operating lease liabilities	341,705	337,832
Other current liabilities	417,792	370,217
Total current liabilities	6,413,189	5,874,615
Long-term debt	4,669,833	3,826,978
Operating lease liabilities, less current portion	1,683,216	1,701,757
Deferred income taxes	203,744	175,212
Other liabilities	205,137	206,568
Shareholders' deficit:
Common stock, $0.01 par value: Authorized shares - 245,000,000 Issued and outstanding shares - 63,752,833 as of June 30, 2022, and 67,029,042 as of December 31, 2021	638	670
Additional paid-in capital	1,286,651	1,305,508
Retained deficit	(2,391,108)	(1,365,802)
Accumulated other comprehensive loss	(3,611)	(6,799)
Total shareholders' (deficit) equity	(1,107,430)	(66,423)
Total liabilities and shareholders' equity (deficit)	$ 12,067,689	$ 11,718,707

[1]The balance sheet at December 31, 2021, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	245,000,000	245,000,000
Common stock, shares issued	63,752,833	67,029,042
Common stock, shares outstanding	63,752,833	67,029,042

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Condensed Consolidated Statements of Income
Sales	$ 3,670,737	$ 3,465,601	$ 6,966,748	$ 6,556,500
Cost of goods sold, including warehouse and distribution expenses	1,786,019	1,639,223	3,373,958	3,089,327
Gross profit	1,884,718	1,826,378	3,592,790	3,467,173
Selling, general and administrative expenses	1,086,168	1,030,795	2,124,710	1,980,485
Operating income	798,550	795,583	1,468,080	1,486,688
Other income (expense):
Interest expense	(37,384)	(37,657)	(72,225)	(75,163)
Interest income	682	456	1,192	993
Other, net	(4,550)	2,952	(6,488)	4,643
Total other expense	(41,252)	(34,249)	(77,521)	(69,527)
Income before income taxes	757,298	761,334	1,390,559	1,417,161
Provision for income taxes	180,538	175,883	331,919	330,101
Net income	$ 576,760	$ 585,451	$ 1,058,640	$ 1,087,060
Earnings per share-basic:
Earnings per share	$ 8.86	$ 8.41	$ 16.08	$ 15.53
Weighted-average common shares outstanding - basic	65,116	69,618	65,840	69,997
Earnings per share-assuming dilution:
Earnings per share	$ 8.78	$ 8.33	$ 15.94	$ 15.39
Weighted-average common shares outstanding - assuming dilution	65,686	70,264	66,434	70,640

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 576,760	$ 585,451	$ 1,058,640	$ 1,087,060
Other comprehensive income (loss):
Foreign currency translation adjustments	(1,875)	3,707	3,188	(436)
Total other comprehensive (loss) income	(1,875)	3,707	3,188	(436)
Comprehensive income	$ 574,885	$ 589,158	$ 1,061,828	$ 1,086,624

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Common stock [Member]	Additional paid-in capital [Member]	Retained earnings (deficit) [Member]	Accumulated other comprehensive income (loss) [Member]	Total
Balance at beginning of period at Dec. 31, 2020	$ 711	$ 1,280,841	$ (1,139,139)	$ (2,155)	$ 140,258
Balance (in shares) at Dec. 31, 2020	71,123,000
Net income			1,087,060		1,087,060
Other comprehensive income				(436)	(436)
Issuance of common stock under employee benefit plans, net of forfeitures and shares withheld to cover taxes		9,430			9,430
Issuance of common stock under employee benefit plans, net of forfeitures and shares withheld to cover taxes, shares	22,000
Net issuance of common stock upon exercise of stock options	$ 2	33,770			33,772
Net issuance of common stock upon exercise of stock options, shares	206,000
Share-based compensation		11,799			11,799
Share repurchases, including fees	$ (22)	(40,477)	(1,023,690)		$ (1,064,189)
Share repurchases, including fees, shares	(2,218,000)				(2,218,000)
Balance at end of period at Jun. 30, 2021	$ 691	1,295,363	(1,075,769)	(2,591)	$ 217,694
Balance (in shares) at Jun. 30, 2021	69,133,000
Balance at beginning of period at Mar. 31, 2021	$ 697	1,274,033	(1,275,409)	(6,298)	(6,977)
Balance (in shares) at Mar. 31, 2021	69,735,000
Net income			585,451		585,451
Other comprehensive income				3,707	3,707
Issuance of common stock under employee benefit plans, net of forfeitures and shares withheld to cover taxes		5,340			5,340
Issuance of common stock under employee benefit plans, net of forfeitures and shares withheld to cover taxes, shares	11,000
Net issuance of common stock upon exercise of stock options	$ 1	23,926			23,927
Net issuance of common stock upon exercise of stock options, shares	130,000
Share-based compensation		5,887			5,887
Share repurchases, including fees	$ (7)	(13,823)	(385,811)		$ (399,641)
Share repurchases, including fees, shares	(743,000)				(743,000)
Balance at end of period at Jun. 30, 2021	$ 691	1,295,363	(1,075,769)	(2,591)	$ 217,694
Balance (in shares) at Jun. 30, 2021	69,133,000
Balance at beginning of period at Dec. 31, 2021	$ 670	1,305,508	(1,365,802)	(6,799)	$ (66,423)	[1]
Balance (in shares) at Dec. 31, 2021	67,029,000				67,029,042
Net income			1,058,640		$ 1,058,640
Other comprehensive income				3,188	3,188
Issuance of common stock under employee benefit plans, net of forfeitures and shares withheld to cover taxes		10,574			10,574
Issuance of common stock under employee benefit plans, net of forfeitures and shares withheld to cover taxes, shares	19,000
Net issuance of common stock upon exercise of stock options	$ 1	26,021			26,022
Net issuance of common stock upon exercise of stock options, shares	91,000
Share-based compensation		11,811			11,811
Share repurchases, including fees	$ (33)	(67,263)	(2,083,946)		$ (2,151,242)
Share repurchases, including fees, shares	(3,386,000)				(3,386,000)
Balance at end of period at Jun. 30, 2022	$ 638	1,286,651	(2,391,108)	(3,611)	$ (1,107,430)
Balance (in shares) at Jun. 30, 2022	63,753,000				63,752,833
Balance at beginning of period at Mar. 31, 2022	$ 659	1,309,071	(1,636,267)	(1,736)	$ (328,273)
Balance (in shares) at Mar. 31, 2022	65,920,000
Net income			576,760		576,760
Other comprehensive income				(1,875)	(1,875)
Issuance of common stock under employee benefit plans, net of forfeitures and shares withheld to cover taxes		5,692			5,692
Issuance of common stock under employee benefit plans, net of forfeitures and shares withheld to cover taxes, shares	11,000
Net issuance of common stock upon exercise of stock options		10,583			10,583
Net issuance of common stock upon exercise of stock options, shares	41,000
Share-based compensation		5,717			5,717
Share repurchases, including fees	$ (21)	(44,412)	(1,331,601)		$ (1,376,034)
Share repurchases, including fees, shares	(2,219,000)				(2,219,000)
Balance at end of period at Jun. 30, 2022	$ 638	$ 1,286,651	$ (2,391,108)	$ (3,611)	$ (1,107,430)
Balance (in shares) at Jun. 30, 2022	63,753,000				63,752,833

[1]The balance sheet at December 31, 2021, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities:
Net income	$ 1,058,640	$ 1,087,060
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, equipment and intangibles	168,045	158,917
Amortization of debt discount and issuance costs	2,242	2,207
Deferred income taxes	28,302	21,922
Share-based compensation programs	12,702	12,575
Other	283	1,382
Changes in operating assets and liabilities:
Accounts receivable	(60,593)	(45,359)
Inventory	(318,756)	6,357
Accounts payable	563,012	398,785
Income taxes payable	12,013	12,408
Other	(73,917)	56,578
Net cash provided by operating activities	1,391,973	1,712,832
Investing activities:
Purchases of property and equipment	(228,921)	(222,607)
Proceeds from sale of property and equipment	8,222	4,566
Investment in tax credit equity investments	(4,080)	(1,768)
Other	(86)	(1,083)
Net cash used in investing activities	(224,865)	(220,892)
Financing activities:
Proceeds from borrowings on revolving credit facility	785,800	0
Payments on revolving credit facility	(785,800)	0
Proceeds from the issuance of long-term debt	847,314	0
Principal payments on long-term debt	0	(300,000)
Payment of debt issuance costs	(6,323)	(3,299)
Repurchases of common stock	(2,151,242)	(1,064,189)
Net proceeds from issuance of common stock	35,112	41,921
Other	(350)	(313)
Net cash used in financing activities	(1,275,489)	(1,325,880)
Effect of exchange rate changes on cash	172	(82)
Net (decrease) increase in cash and cash equivalents	(108,209)	165,978
Net (decrease) increase in cash and cash equivalents	(108,209)	165,978
Cash and cash equivalents at beginning of the period	362,113	465,640
Cash and cash equivalents at end of the period	253,904	631,618
Supplemental disclosures of cash flow information:
Income taxes paid	291,695	292,673
Interest paid, net of capitalized interest	$ 68,318	$ 76,788

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2022
Basis of Presentation
Basis of presentation	NOTE 1 – BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of O’Reilly Automotive, Inc. and its subsidiaries (the “Company” or “O’Reilly”) have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2022, are not necessarily indicative of the results that may be expected for the year ended December 31, 2022. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Principles of consolidation: The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company balances and transactions have been eliminated in consolidation.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
VARIABLE INTEREST ENTITIES	Jun. 30, 2022
Variable Interest Entities
Variable interest entities	NOTE 2 – VARIABLE INTEREST ENTITIES The Company invests in certain tax credit funds that promote renewable energy. These investments generate a return primarily through the realization of federal tax credits and other tax benefits. The Company accounts for the tax attributes of its renewable energy investments using the deferral method. Under this method, realized investment tax credits and other tax benefits are recognized as a reduction of the renewable energy investments. The Company has determined its investment in these tax credit funds were investments in variable interest entities (“VIEs”). The Company analyzes any investments in VIEs at inception and again if certain triggering events are identified to determine if it is the primary beneficiary. The Company considers a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIEs’ economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities. As of June 30, 2022, the Company had invested in four unconsolidated tax credit fund entities that were considered to be VIEs and concluded it was not the primary beneficiary of any of the entities, as it did not have the power to control the activities that most significantly impact the entities, and has therefore accounted for these investments using the equity method. The Company’s maximum exposure to losses associated with these VIEs is generally limited to its net investment, which was $23.6 million as of June 30, 2022, and was included in “Other assets, net” on the accompanying Condensed Consolidated Balance Sheets.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2022
Fair Value Measurements
Fair value measurements	NOTE 3 – FAIR VALUE MEASUREMENTS The Company uses the fair value hierarchy, which prioritizes the inputs used to measure the fair value of certain of its financial instruments. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The Company uses the income and market approaches to determine the fair value of its assets and liabilities. The three levels of the fair value hierarchy are set forth below: ● Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. ● Level 2 – Inputs other than quoted prices in active markets included within Level 1 that are observable for the asset or liability, either directly or indirectly. ● Level 3 – Unobservable inputs for the asset or liability. Financial assets and liabilities measured at fair value on a recurring basis: The Company invests in various marketable securities with the intention of selling these securities to fulfill its future unsecured obligations under the Company’s nonqualified deferred compensation plan. See Note 10 for further information concerning the Company’s benefit plans. The Company’s marketable securities were accounted for as trading securities and the carrying amount of its marketable securities were included in “Other assets, net” on the accompanying Condensed Consolidated Balance Sheets as of June 30, 2022, and December 31, 2021. The Company recorded a decrease in fair value related to its marketable securities in the amount of $6.4 million and an increase in fair value related to its marketable securities in the amount of $2.5 million for the three months ended June 30, 2022 and 2021, respectively, which were included in “Other income (expense)” on the accompanying Condensed Consolidated Statements of Income. The Company recorded a decrease in fair value related to its marketable securities in the amount of $9.2 million and an increase in fair value related to its marketable securities in the amount of $4.0 million for the six months ended June 30, 2022 and 2021, respectively, which were included in “Other income (expense)” on the accompanying Condensed Consolidated Statements of Income. The tables below identify the estimated fair value of the Company’s marketable securities, determined by reference to quoted market prices (Level 1), as of June 30, 2022, and December 31, 2021 (in thousands): June 30, 2022 Quoted Priced in Active Markets Significant Other Significant for Identical Instruments Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Marketable securities $ 47,468 $ — $ — $ 47,468 December 31, 2021 Quoted Prices in Active Markets Significant Other Significant for Identical Instruments Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Marketable securities $ 52,456 $ — $ — $ 52,456 Non-financial assets and liabilities measured at fair value on a nonrecurring basis: Certain long-lived non-financial assets and liabilities may be required to be measured at fair value on a nonrecurring basis in certain circumstances, including when there is evidence of impairment. These non-financial assets and liabilities may include assets acquired in a business combination or property and equipment that are determined to be impaired. As of June 30, 2022, and December 31, 2021, the Company did not have any non-financial assets or liabilities that had been measured at fair value subsequent to initial recognition. Fair value of financial instruments: The carrying amounts of the Company’s senior notes and unsecured revolving credit facility borrowings are included in “Long-term debt” on the accompanying Condensed Consolidated Balance Sheets as of June 30, 2022, and December 31, 2021. The table below identifies the estimated fair value of the Company’s senior notes, using the market approach. The fair value as of June 30, 2022, and December 31, 2021, was determined by reference to quoted market prices of the same or similar instruments (Level 2) (in thousands): June 30, 2022 December 31, 2021 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Senior Notes $ 4,669,833 $ 4,501,833 $ 3,826,978 $ 4,135,629 The carrying amount of the Company’s unsecured revolving credit facility approximates fair value (Level 2), as borrowings under the facility bear variable interest at current market rates. See Note 5 for further information concerning the Company’s senior notes and unsecured revolving credit facility. The accompanying Condensed Consolidated Balance Sheets include other financial instruments, including cash and cash equivalents, accounts receivable, amounts receivable from suppliers and accounts payable. Due to the short-term nature of these financial instruments, the Company believes that the carrying values of these instruments approximate their fair values.

LEASES

LEASES	6 Months Ended
LEASES	Jun. 30, 2022
Leases
Leases	NOTE 4 – LEASES The Company leases certain office space, retail stores, distribution centers and equipment under long-term, non-cancelable operating leases. The following table summarizes Total lease cost for the three and six months ended June 30, 2022 and 2021, which were primarily included in “Selling, general and administrative expenses” on the accompanying Condensed Consolidated Statements of Income (in thousands): For the Three Months Ended For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 Operating lease cost $ 91,089 $ 87,363 $ 180,798 $ 174,582 Short-term operating lease cost 2,339 1,661 5,116 3,594 Variable operating lease cost 23,646 22,645 47,103 44,589 Sublease income (1,277) (1,185) (2,422) (2,383) Total lease cost $ 115,797 $ 110,484 $ 230,595 $ 220,382 The following table summarizes other lease-related information for the six months ended June 30, 2022 and 2021: For the Six Months Ended June 30, 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 180,558 $ 169,864 Right-of-use assets obtained in exchange for new operating lease liabilities 125,559 165,193

FINANCING

FINANCING	6 Months Ended
FINANCING	Jun. 30, 2022
Financing
Financing	NOTE 5 – FINANCING The following table identifies the amounts included in “Long-term debt” on the accompanying Condensed Consolidated Balance Sheets as of June 30, 2022, and December 31, 2021 (in thousands): June 30, 2022 December 31, 2021 3.800% Senior Notes due 2022, effective interest rate of 3.845% $ 300,000 $ 300,000 3.850% Senior Notes due 2023, effective interest rate of 3.851% 300,000 300,000 3.550% Senior Notes due 2026, effective interest rate of 3.570% 500,000 500,000 3.600% Senior Notes due 2027, effective interest rate of 3.619% 750,000 750,000 4.350% Senior Notes due 2028, effective interest rate of 4.383% 500,000 500,000 3.900% Senior Notes due 2029, effective interest rate of 3.901% 500,000 500,000 4.200% Senior Notes due 2030, effective interest rate of 4.205% 500,000 500,000 1.750% Senior Notes due 2031, effective interest rate of 1.798% 500,000 500,000 4.700% Senior Notes due 2032, effective interest rate of 4.740% 850,000 — Total principal amount of debt 4,700,000 3,850,000 Less: Unamortized discount and debt issuance costs 30,167 23,022 Total long-term debt $ 4,669,833 $ 3,826,978 Unsecured revolving credit facility: The Company is party to a credit agreement dated June 15, 2021 (the “Credit Agreement”). The Credit Agreement provides for a five-year $1.8 billion unsecured revolving credit facility (the “Revolving Credit Facility”) arranged by JPMorgan Chase Bank, N.A., which is scheduled to mature in June of 2026. The Credit Agreement includes a $200 million sub-limit for the issuance of letters of credit and a $75 million sub-limit for swing line borrowings under the Revolving Credit Facility. As described in the Credit Agreement governing the Revolving Credit Facility, the Company may, from time to time, subject to certain conditions, increase the aggregate commitments under the Revolving Credit Facility by up to $900 million, provided that the aggregate amount of the commitments does not exceed $2.7 billion at any time. As of June 30, 2022, and December 31, 2021, the Company had outstanding letters of credit, primarily to support obligations related to workers’ compensation, general liability and other insurance policies, under the Credit Agreement in the amounts of $48.0 million and $84.0 million, respectively, reducing the aggregate availability under the Credit Agreement by those amounts. Substantially all of these outstanding letters of credit have a one-year term from the date of issuance. As of June 30, 2022, and December 31, 2021, the Company had no outstanding borrowings under its Revolving Credit Facility. Borrowings under the Revolving Credit Facility (other than swing line loans) bear interest, at the Company’s option, at either an Alternate Base Rate or an Adjusted LIBO Rate (both as defined in the Credit Agreement) plus an applicable margin. The Credit Agreement includes customary provisions to provide for the eventual replacement of LIBOR as a benchmark interest rate. Swing line loans made under the Revolving Credit Facility bear interest at an Alternate Base Rate plus the applicable margin for Alternate Base Rate loans. In addition, the Company pays a facility fee on the aggregate amount of the commitments under the Credit Agreement in an amount equal to a percentage of such commitments. The interest rate margins and facility fee are based upon the better of the ratings assigned to the Company’s debt by Moody’s Investor Service, Inc. and Standard & Poor’s Ratings Services, subject to limited exceptions. As of June 30, 2022, based upon the Company’s current credit ratings, its margin for Alternate Base Rate loans was 0.000%, its margin for Eurodollar Revolving Loans was 0.900% and its facility fee was 0.100%. The Credit Agreement contains certain covenants, including limitations on subsidiary indebtedness, a minimum consolidated fixed charge coverage ratio of 2.50:1.00 and a maximum consolidated leverage ratio of 3.50:1.00. The consolidated fixed charge coverage ratio includes a calculation of earnings before interest, taxes, depreciation, amortization, rent and non-cash share-based compensation expense to fixed charges. Fixed charges include interest expense, capitalized interest and rent expense. The consolidated leverage ratio includes a calculation of adjusted debt to earnings before interest, taxes, depreciation, amortization, rent and non-cash share-based compensation expense. Adjusted debt includes outstanding debt, outstanding stand-by letters of credit and similar instruments, five-times rent expense and excludes any premium or discount recorded in conjunction with the issuance of long-term debt. In the event that the Company should default on any covenant (subject to customary grace periods, cure rights and materiality thresholds) contained in the Credit Agreement, certain actions may be taken, including, but not limited to, possible termination of commitments, immediate payment of outstanding principal amounts plus accrued interest and other amounts payable under the Credit Agreement and litigation from lenders. As of June 30, 2022, the Company remained in compliance with all covenants under the Credit Agreement. In addition to the letters of credit issued under the Credit Agreement described above, as of June 30, 2022, the Company had additional outstanding letters of credit, primarily to support obligations under workers’ compensation, general liability and other insurance policies, in the amount of $60.9 million. Substantially all of these letters of credit have a one-year term from the date of issuance and were not issued under the Company’s Credit Agreement or another committed facility. Senior notes: On June 15, 2022, the Company issued $850 million aggregate principal amount of unsecured 4.700% Senior Notes due 2032 (“4.700% Senior Notes due 2032”) at a price to the public of 99.684% of their face value with U.S. Bank Trust Company, National Association (f/k/a U.S. Bank National Association) (“U.S. Bank”) as trustee. Interest on the 4.700% Senior Notes due 2032 is payable on June 15 and December 15 of each year, beginning on December 15, 2022, and is computed on the basis of a 360–day year. As of June 30, 2022, the Company has issued and outstanding a cumulative $4.7 billion aggregate principal amount of unsecured senior notes, which are due between 2022 and 2032, with UMB Bank, N.A. and U.S. Bank as trustees. Interest on the senior notes, ranging from 1.750% to 4.700%, is payable semi-annually and is computed on the basis of a 360-day year. The $300 million aggregate principal amount of unsecured 3.800% Senior Notes due 2022 and the $300 million aggregate principal amount of unsecured 3.850% Senior Notes due 2023 were included in “Long-term debt” on the accompanying Condensed Consolidated Balance Sheet as of June 30, 2022, as the Company has the ability and intent to refinance these notes on a long-term basis. None of the Company’s subsidiaries is a guarantor under the senior notes. Each of the senior notes is subject to certain customary covenants, with which the Company complied as of June 30, 2022.

WARRANTIES

WARRANTIES	6 Months Ended
WARRANTIES	Jun. 30, 2022
Warranties
Warranties	NOTE 6 – WARRANTIES The Company provides warranties on certain merchandise it sells with warranty periods ranging from 30 days to limited lifetime warranties. The risk of loss arising from warranty claims is typically the obligation of the Company’s suppliers. Certain suppliers provide upfront allowances to the Company in lieu of accepting the obligation for warranty claims. For this merchandise, when sold, the Company bears the risk of loss associated with the cost of warranty claims. Differences between supplier allowances received by the Company, in lieu of warranty obligations and estimated warranty expense, are recorded as an adjustment to cost of sales. Estimated warranty costs, which are recorded as obligations at the time of sale, are based on the historical failure rate of each individual product line. The Company’s historical experience has been that failure rates are relatively consistent over time and that the ultimate cost of warranty claims to the Company has been driven by volume of units sold as opposed to fluctuations in failure rates or the variation of the cost of individual claims. The Company’s product warranty liabilities are included in “Other current liabilities” on the accompanying Condensed Consolidated Balance Sheets as of June 30, 2022, and December 31, 2021; the following table identifies the changes in the Company’s aggregate product warranty liabilities for the six months ended June 30, 2022 (in thousands): Warranty liabilities, balance at December 31, 2021 $ 77,199 Warranty claims (69,978) Warranty accruals 74,055 Foreign currency translation 9 Warranty liabilities, balance at June 30, 2022 $ 81,285

SHARE REPURCHASE PROGRAM

SHARE REPURCHASE PROGRAM	6 Months Ended
SHARE REPURCHASE PROGRAM	Jun. 30, 2022
Share Repurchase Program
Share repurchase program	NOTE 7 – SHARE REPURCHASE PROGRAM In January of 2011, the Company’s Board of Directors approved a share repurchase program. Under the program, the Company may, from time to time, repurchase shares of its common stock, solely through open market purchases effected through a broker dealer at prevailing market prices, based on a variety of factors such as price, corporate trading policy requirements and overall market conditions. The Company’s Board of Directors may increase or otherwise modify, renew, suspend or terminate the share repurchase program at any time, without prior notice. As announced on November 17, 2021, and May 16, 2022, the Company’s Board of Directors each time approved a resolution to increase the authorization amount under the share repurchase program by an additional $1.5 billion, resulting in a cumulative authorization amount of $20.3 billion. The additional authorizations are effective for three years, beginning on their respective announcement date. The following table identifies shares of the Company’s common stock that have been repurchased as part of the Company’s publicly announced share repurchase program for the three and six months ended June 30, 2022 and 2021 (in thousands, except per share data): For the Three Months Ended For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 Shares repurchased 2,219 743 3,386 2,218 Average price per share $ 620.27 $ 537.25 $ 635.40 $ 479.69 Total investment $ 1,376,013 $ 399,634 $ 2,151,209 $ 1,064,167 As of June 30, 2022, the Company had $1.4 billion remaining under its share repurchase authorization. Subsequent to the end of the second quarter and through August 8, 2022, the Company repurchased 0.5 million additional shares of its common stock under its share repurchase program, at an average price of $659.29, for a total investment of $311.8 million. The Company has repurchased a total of 89.4 million shares of its common stock under its share repurchase program since the inception of the program in January of 2011 and through August 8, 2022, at an average price of $214.81, for a total aggregate investment of $19.2 billion.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)	NOTE 8 – ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive income (loss) includes adjustments for foreign currency translations. The tables below summarize activity for changes in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2022 and 2021 (in thousands): Foreign Total Accumulated Other Currency (1) Comprehensive Loss Accumulated other comprehensive loss, balance at March 31, 2022 $ (1,736) $ (1,736) Change in accumulated other comprehensive loss (1,875) (1,875) Accumulated other comprehensive loss, balance at June 30, 2022 $ (3,611) $ (3,611) Foreign Total Accumulated Other Currency (1) Comprehensive Loss Accumulated other comprehensive loss, balance at December 31, 2021 $ (6,799) $ (6,799) Change in accumulated other comprehensive loss 3,188 3,188 Accumulated other comprehensive loss, balance at June 30, 2022 $ (3,611) $ (3,611) Foreign Total Accumulated Other Currency (1) Comprehensive Loss Accumulated other comprehensive loss, balance at March 31, 2021 $ (6,298) $ (6,298) Change in accumulated other comprehensive loss 3,707 3,707 Accumulated other comprehensive loss, balance at June 30, 2021 $ (2,591) $ (2,591) Foreign Total Accumulated Other Currency (1) Comprehensive Loss Accumulated other comprehensive loss, balance at December 31, 2020 $ (2,155) $ (2,155) Change in accumulated other comprehensive loss (436) (436) Accumulated other comprehensive loss, balance at June 30, 2021 $ (2,591) $ (2,591) (1) Foreign currency translation is not shown net of additional U.S. tax, as other basis differences of non-U.S. subsidiaries are intended to be permanently reinvested.

REVENUE

REVENUE	6 Months Ended
REVENUE	Jun. 30, 2022
Revenue
Revenue	NOTE 9 – REVENUE The table below identifies the Company’s revenues disaggregated by major customer type for the three and six months ended June 30, 2022 and 2021 (in thousands): For the Three Months Ended For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 Sales to do-it-yourself customers $ 2,012,223 $ 1,999,401 $ 3,828,037 $ 3,780,567 Sales to professional service provider customers 1,571,176 1,384,217 2,970,540 2,623,303 Other sales and sales adjustments 87,338 81,983 168,171 152,630 Total sales $ 3,670,737 $ 3,465,601 $ 6,966,748 $ 6,556,500 See Note 6 for information concerning the expected costs associated with the Company’s assurance warranty obligations.

SHARE-BASED COMPENSATION AND BE

SHARE-BASED COMPENSATION AND BENEFIT PLANS	6 Months Ended
SHARE-BASED COMPENSATION AND BENEFIT PLANS	Jun. 30, 2022
Share-Based Compensation and Benefit Plans
Share-based compensation and benefit plans	NOTE 10 – SHARE-BASED COMPENSATION AND BENEFIT PLANS The Company recognizes share-based compensation expense based on the fair value of the grants, awards or shares at the time of the grant, award or issuance. Share-based compensation includes stock option awards, restricted stock awards and stock appreciation rights issued under the Company’s incentive plans and stock issued through the Company’s employee stock purchase plan. Stock options: The Company’s incentive plans provide for the granting of stock options for the purchase of common stock of the Company to certain key employees of the Company. Employee stock options are granted at an exercise price that is equal to the closing market price of the Company’s common stock on the date of the grant. Employee stock options granted under the plans expire after 10 years and typically vest 25% per year, over four years. The Company records compensation expense for the grant date fair value of the option awards evenly over the vesting period or minimum required service period. The table below identifies stock option activity under these plans during the six months ended June 30, 2022 (in thousands, except per share data): Shares Weighted- Average (in thousands) Exercise Price Outstanding at December 31, 2021 1,206 $ 300.09 Granted 107 670.59 Exercised (91) 287.21 Forfeited or expired (8) 441.03 Outstanding at June 30, 2022 1,214 $ 332.76 Exercisable at June 30, 2022 869 $ 264.09 The fair value of each stock option award is estimated on the date of the grant using the Black-Scholes option pricing model. The Black-Scholes model requires the use of assumptions, including the risk free rate, expected life, expected volatility and expected dividend yield. ● Risk-free interest rate – The United States Treasury rates in effect at the time the options are granted for the options’ expected life. ● Expected life – Represents the period of time that options granted are expected to be outstanding. The Company uses historical experience to estimate the expected life of options granted. ● Expected volatility – Measure of the amount, by which the Company’s stock price is expected to fluctuate, based on a historical trend. ● Expected dividend yield – The Company has not paid, nor does it have plans in the foreseeable future to pay, any dividends. The table below identifies the weighted-average assumptions used for grants awarded during the six months ended June 30, 2022 and 2021: June 30, 2022 2021 Risk free interest rate 1.81 % 0.83 % Expected life 6.4 Years 6.2 Years Expected volatility 28.7 % 30.0 % Expected dividend yield — % — % The following table summarizes activity related to stock options awarded by the Company for the three and six months ended June 30, 2022 and 2021 (in thousands, except per share data): For the Three Months Ended For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 Compensation expense for stock options awarded $ 4,909 $ 5,105 $ 10,210 $ 10,367 Income tax benefit from compensation expense related to stock options 1,214 1,314 2,525 2,668 The weighted-average grant-date fair value of options granted during the six months ended June 30, 2022, was $216.87, compared to $144.30 for the six months ended June 30, 2021. The remaining unrecognized compensation expense related to unvested stock option awards at June 30, 2022, was $41.9 million, and the weighted-average period of time over which this cost will be recognized is 2.7 years. Other share-based compensation plans: The Company sponsors other share-based compensation plans: an employee stock purchase plan and incentive plans that provide for the awarding of shares of restricted stock to certain key employees and directors. The Company’s employee stock purchase plan (the “ESPP”) permits eligible employees to purchase shares of the Company’s common stock at 85% of the fair market value. The fair value of shares issued under the ESPP is based on the average of the high and low market prices of the Company’s common stock during the offering periods, and compensation expense is recognized based on the discount between the fair value and the employee purchase price for the shares sold to employees. Restricted stock awarded under the incentive plans to certain key employees and directors vests after one-year or evenly over a three-year period and is held in escrow until such vesting has occurred. The fair value of shares awarded under the incentive plans is based on the closing market price of the Company’s common stock on the date of the award, and compensation expense is recorded evenly over the vesting period or the minimum required service period. The table below summarizes activity related to the Company’s other share-based compensation plans for the three and six months ended June 30, 2022 and 2021 (in thousands): For the Three Months Ended For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 Compensation expense for shares issued under the ESPP $ 808 $ 782 $ 1,601 $ 1,432 Income tax benefit from compensation expense related to shares issued under the ESPP 200 201 396 368 Compensation expense for restricted shares awarded 452 396 891 776 Income tax benefit from compensation expense related to restricted awards $ 112 $ 102 $ 220 $ 200 Profit sharing and savings plan: The Company sponsors a contributory profit sharing and savings plan (the “401(k) Plan”) that covers substantially all employees who are at least 21 years of age and have completed one year of service. The Company makes matching contributions equal to 100% of the first 2% of each employee’s wages that are contributed and 25% of the next 4% of each employee’s wages that are contributed. An employee generally must be employed on December 31 to receive that year’s Company matching contribution, with the matching contribution funded annually at the beginning of the subsequent year following the year in which the matching contribution was earned. The Company may also make additional discretionary profit sharing contributions to the plan on an annual basis as determined by the Board of Directors. The Company did not make any discretionary contributions to the 401(k) Plan during the six months ended June 30, 2022 or 2021. The Company expensed matching contributions under the 401(k) Plan in the amount of $9.2 million and $8.7 million for the three months ended June 30, 2022 and 2021, respectively, which were primarily included in “Selling, general and administrative expenses” on the accompanying Condensed Consolidated Statements of Income. The Company expensed matching contributions under the 401(k) Plan in the amount of $17.8 million and $15.9 million for the six months ended June 30, 2022 and 2021, respectively, which were primarily included in “Selling, general and administrative expenses” on the accompanying Condensed Consolidated Statements of Income. Nonqualified deferred compensation plan: The Company sponsors a nonqualified deferred compensation plan (the “Deferred Compensation Plan”) for highly compensated employees whose contributions to the 401(k) Plan are limited due to the application of the annual limitations under the Internal Revenue Code. The Deferred Compensation Plan provides these employees with the opportunity to defer the full 6% of matched compensation, including salary and incentive based compensation that was precluded under the Company’s 401(k) Plan, which is then matched by the Company using the same formula as the 401(k) Plan. An employee generally must be employed on December 31 to receive that year’s Company matching contribution, with the matching contribution funded annually at the beginning of the subsequent year following the year in which the matching contribution was earned. In the event of bankruptcy, the assets of this plan are available to satisfy the claims of general creditors. The Company has an unsecured obligation to pay, in the future, the value of the deferred compensation and Company match, adjusted to reflect the performance, whether positive or negative, of selected investment measurement options chosen by each participant during the deferral period. The liability for compensation deferred under the Deferred Compensation Plan was $47.5 million and $52.5 million as of June 30, 2022, and December 31, 2021, respectively, which was included in “Other liabilities” on the accompanying Condensed Consolidated Balance Sheets. The Company expensed matching contributions under the Deferred Compensation Plan in the amount of less than $0.1 million and $0.1 million for each of the three months ended June 30, 2022 and 2021, respectively, which were included in “Selling, general and administrative expenses” on the accompanying Condensed Consolidated Statements of Income. The Company expensed matching contributions under the Deferred Compensation Plan in the amount of $0.1 million for each of the six months ended June 30, 2022 and 2021, which were included in “Selling, general and administrative expenses” on the accompanying Condensed Consolidated Statements of Income. Stock appreciation rights: The Company’s incentive plans provide for the granting of stock appreciation rights, which expire after 10 years and vest 25% per year, over four years, and are settled in cash. As of June 30, 2022, there were 12,398 stock appreciation rights outstanding, and during the six months ended June 30, 2022, there were 2,587 stock appreciation rights granted. The liability for compensation to be paid for redeemed stock appreciation rights was $1.1 million and $1.3 million as of June 30, 2022, and December 31, 2021, respectively, which were included in “Other liabilities” on the Condensed Consolidated Balance Sheets. The Company recorded compensation benefit for stock appreciation rights in the amount of $0.1 million and compensation expense for stock appreciation rights in the amount of $0.2 million for the three months ended June 30, 2022 and 2021, respectively, which were included in “Selling, general and administrative expenses” on the accompanying Condensed Consolidated Statements of Income. The Company recorded compensation benefit for stock appreciation rights in the amount of $0.1 million and compensation expense for stock appreciation rights in the amount of $0.4 million for the six months ended June 30, 2022 and 2021, respectively, which were included in “Selling, general and administrative expenses” on the accompanying Condensed Consolidated Statements of Income.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
EARNINGS PER SHARE	Jun. 30, 2022
Earnings Per Share
Earnings per share	NOTE 11 – EARNINGS PER SHARE The following table illustrates the computation of basic and diluted earnings per share for the three and six months ended June 30, 2022 and 2021 (in thousands, except per share data): For the Three Months Ended For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 Numerator (basic and diluted): Net income $ 576,760 $ 585,451 $ 1,058,640 $ 1,087,060 Denominator: Weighted-average common shares outstanding – basic 65,116 69,618 65,840 69,997 Effect of stock options (1) 570 646 594 643 Weighted-average common shares outstanding – assuming dilution 65,686 70,264 66,434 70,640 Earnings per share: Earnings per share-basic $ 8.86 $ 8.41 $ 16.08 $ 15.53 Earnings per share-assuming dilution $ 8.78 $ 8.33 $ 15.94 $ 15.39 Antidilutive potential common shares not included in the calculation of diluted earnings per share: Stock options (1) 135 122 133 187 Weighted-average exercise price per share of antidilutive stock options (1) $ 656.05 $ 463.76 $ 656.62 $ 449.20 (1) See Note 10 for further information concerning the terms of the Company’s share-based compensation plans. For the three and six months ended June 30, 2022 and 2021, the computation of diluted earnings per share did not include certain securities. These securities represent underlying stock options not included in the computation of diluted earnings per share, because the inclusion of such equity awards would have been antidilutive. See Note 7 for information concerning the Company’s subsequent share repurchases.

LEGAL MATTERS

LEGAL MATTERS	6 Months Ended
LEGAL MATTERS	Jun. 30, 2022
Legal Matters
Legal matters	NOTE 12 – LEGAL MATTERS The Company is currently involved in litigation incidental to the ordinary conduct of the Company’s business. Based on existing facts and historical patterns, the Company accrues for litigation losses in instances where an adverse outcome is probable and the Company is able to reasonably estimate the probable loss in accordance with Accounting Standard Codification 450-20. The Company also accrues for an estimate of legal costs to be incurred for litigation matters. Although the Company cannot ascertain the amount of liability that it may incur from legal matters, it does not currently believe that, in the aggregate, these matters, taking into account applicable insurance and accruals, will have a material adverse effect on its consolidated financial position, results of operations or cash flows in a particular quarter or annual period.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Jun. 30, 2022
Recent Accounting Pronouncements
Recent accounting pronouncements	NOTE 13 – RECENT ACCOUNTING PRONOUNCEMENTS No recent accounting pronouncements or changes in accounting pronouncements have occurred since those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, that are of material significance, or have potential material significance, to the Company.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
BASIS OF PRESENTATION (Policies)	Jun. 30, 2022
Basis of Presentation.
Principles of consolidation, policy	Principles of consolidation: The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company balances and transactions have been eliminated in consolidation.

VARIABLE INTEREST ENTITIES (Pol

VARIABLE INTEREST ENTITIES (Policies)	6 Months Ended
VARIABLE INTEREST ENTITIES (Policies)	Jun. 30, 2022
Variable Interest Entities
Variable interest entities, policy	The Company invests in certain tax credit funds that promote renewable energy. These investments generate a return primarily through the realization of federal tax credits and other tax benefits. The Company accounts for the tax attributes of its renewable energy investments using the deferral method. Under this method, realized investment tax credits and other tax benefits are recognized as a reduction of the renewable energy investments. The Company has determined its investment in these tax credit funds were investments in variable interest entities (“VIEs”). The Company analyzes any investments in VIEs at inception and again if certain triggering events are identified to determine if it is the primary beneficiary. The Company considers a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIEs’ economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities. As of June 30, 2022, the Company had invested in four unconsolidated tax credit fund entities that were considered to be VIEs and concluded it was not the primary beneficiary of any of the entities, as it did not have the power to control the activities that most significantly impact the entities, and has therefore accounted for these investments using the equity method. The Company’s maximum exposure to losses associated with these VIEs is generally limited to its net investment, which was $23.6 million as of June 30, 2022, and was included in “Other assets, net” on the accompanying Condensed Consolidated Balance Sheets.

FAIR VALUE MEASUREMENTS (Polici

FAIR VALUE MEASUREMENTS (Policies)	6 Months Ended
FAIR VALUE MEASUREMENTS (Policies)	Jun. 30, 2022
Fair Value Measurements
Fair value of financial instruments	The Company uses the fair value hierarchy, which prioritizes the inputs used to measure the fair value of certain of its financial instruments. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The Company uses the income and market approaches to determine the fair value of its assets and liabilities. The three levels of the fair value hierarchy are set forth below: ● Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. ● Level 2 – Inputs other than quoted prices in active markets included within Level 1 that are observable for the asset or liability, either directly or indirectly. ● Level 3 – Unobservable inputs for the asset or liability.

WARRANTIES (Policies)

WARRANTIES (Policies)	6 Months Ended
WARRANTIES (Policies)	Jun. 30, 2022
Warranties
Warranties, policy	The Company provides warranties on certain merchandise it sells with warranty periods ranging from 30 days to limited lifetime warranties. The risk of loss arising from warranty claims is typically the obligation of the Company’s suppliers. Certain suppliers provide upfront allowances to the Company in lieu of accepting the obligation for warranty claims. For this merchandise, when sold, the Company bears the risk of loss associated with the cost of warranty claims. Differences between supplier allowances received by the Company, in lieu of warranty obligations and estimated warranty expense, are recorded as an adjustment to cost of sales. Estimated warranty costs, which are recorded as obligations at the time of sale, are based on the historical failure rate of each individual product line. The Company’s historical experience has been that failure rates are relatively consistent over time and that the ultimate cost of warranty claims to the Company has been driven by volume of units sold as opposed to fluctuations in failure rates or the variation of the cost of individual claims.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Jun. 30, 2022
Fair Value Measurements
Valuation of marketable securities	The tables below identify the estimated fair value of the Company’s marketable securities, determined by reference to quoted market prices (Level 1), as of June 30, 2022, and December 31, 2021 (in thousands): June 30, 2022 Quoted Priced in Active Markets Significant Other Significant for Identical Instruments Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Marketable securities $ 47,468 $ — $ — $ 47,468 December 31, 2021 Quoted Prices in Active Markets Significant Other Significant for Identical Instruments Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total Marketable securities $ 52,456 $ — $ — $ 52,456
Valuation of senior notes	June 30, 2022 December 31, 2021 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Senior Notes $ 4,669,833 $ 4,501,833 $ 3,826,978 $ 4,135,629

LEASES (Tables)

LEASES (Tables)	6 Months Ended
LEASES (Tables)	Jun. 30, 2022
Leases
Summary of total lease cost	For the Three Months Ended For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 Operating lease cost $ 91,089 $ 87,363 $ 180,798 $ 174,582 Short-term operating lease cost 2,339 1,661 5,116 3,594 Variable operating lease cost 23,646 22,645 47,103 44,589 Sublease income (1,277) (1,185) (2,422) (2,383) Total lease cost $ 115,797 $ 110,484 $ 230,595 $ 220,382
Other lease related information	For the Six Months Ended June 30, 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 180,558 $ 169,864 Right-of-use assets obtained in exchange for new operating lease liabilities 125,559 165,193

FINANCING (Tables)

FINANCING (Tables)	6 Months Ended
FINANCING (Tables)	Jun. 30, 2022
Financing
Outstanding financing facilities	June 30, 2022 December 31, 2021 3.800% Senior Notes due 2022, effective interest rate of 3.845% $ 300,000 $ 300,000 3.850% Senior Notes due 2023, effective interest rate of 3.851% 300,000 300,000 3.550% Senior Notes due 2026, effective interest rate of 3.570% 500,000 500,000 3.600% Senior Notes due 2027, effective interest rate of 3.619% 750,000 750,000 4.350% Senior Notes due 2028, effective interest rate of 4.383% 500,000 500,000 3.900% Senior Notes due 2029, effective interest rate of 3.901% 500,000 500,000 4.200% Senior Notes due 2030, effective interest rate of 4.205% 500,000 500,000 1.750% Senior Notes due 2031, effective interest rate of 1.798% 500,000 500,000 4.700% Senior Notes due 2032, effective interest rate of 4.740% 850,000 — Total principal amount of debt 4,700,000 3,850,000 Less: Unamortized discount and debt issuance costs 30,167 23,022 Total long-term debt $ 4,669,833 $ 3,826,978

WARRANTIES (Tables)

WARRANTIES (Tables)	6 Months Ended
WARRANTIES (Tables)	Jun. 30, 2022
Warranties
Changes in product warranty liabilities	Warranty liabilities, balance at December 31, 2021 $ 77,199 Warranty claims (69,978) Warranty accruals 74,055 Foreign currency translation 9 Warranty liabilities, balance at June 30, 2022 $ 81,285

SHARE REPURCHASE PROGRAM (Table

SHARE REPURCHASE PROGRAM (Tables)	6 Months Ended
SHARE REPURCHASE PROGRAM (Tables)	Jun. 30, 2022
Share Repurchase Program
Schedule of shares repurchased	For the Three Months Ended For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 Shares repurchased 2,219 743 3,386 2,218 Average price per share $ 620.27 $ 537.25 $ 635.40 $ 479.69 Total investment $ 1,376,013 $ 399,634 $ 2,151,209 $ 1,064,167

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss)
Summary of activity for changes in accumulated other comprehensive income (loss)	Foreign Total Accumulated Other Currency (1) Comprehensive Loss Accumulated other comprehensive loss, balance at March 31, 2022 $ (1,736) $ (1,736) Change in accumulated other comprehensive loss (1,875) (1,875) Accumulated other comprehensive loss, balance at June 30, 2022 $ (3,611) $ (3,611) Foreign Total Accumulated Other Currency (1) Comprehensive Loss Accumulated other comprehensive loss, balance at December 31, 2021 $ (6,799) $ (6,799) Change in accumulated other comprehensive loss 3,188 3,188 Accumulated other comprehensive loss, balance at June 30, 2022 $ (3,611) $ (3,611) Foreign Total Accumulated Other Currency (1) Comprehensive Loss Accumulated other comprehensive loss, balance at March 31, 2021 $ (6,298) $ (6,298) Change in accumulated other comprehensive loss 3,707 3,707 Accumulated other comprehensive loss, balance at June 30, 2021 $ (2,591) $ (2,591) Foreign Total Accumulated Other Currency (1) Comprehensive Loss Accumulated other comprehensive loss, balance at December 31, 2020 $ (2,155) $ (2,155) Change in accumulated other comprehensive loss (436) (436) Accumulated other comprehensive loss, balance at June 30, 2021 $ (2,591) $ (2,591) (1) Foreign currency translation is not shown net of additional U.S. tax, as other basis differences of non-U.S. subsidiaries are intended to be permanently reinvested.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
REVENUE (Tables)	Jun. 30, 2022
Revenue
Disaggregation of revenue	For the Three Months Ended For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 Sales to do-it-yourself customers $ 2,012,223 $ 1,999,401 $ 3,828,037 $ 3,780,567 Sales to professional service provider customers 1,571,176 1,384,217 2,970,540 2,623,303 Other sales and sales adjustments 87,338 81,983 168,171 152,630 Total sales $ 3,670,737 $ 3,465,601 $ 6,966,748 $ 6,556,500

SHARE-BASED COMPENSATION AND _2

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Tables)	6 Months Ended
SHARE-BASED COMPENSATION AND BENEFIT PLANS (Tables)	Jun. 30, 2022
Employee stock option [Member]
Share-Based Compensation and Benefit Plans
Summary of stock options	Shares Weighted- Average (in thousands) Exercise Price Outstanding at December 31, 2021 1,206 $ 300.09 Granted 107 670.59 Exercised (91) 287.21 Forfeited or expired (8) 441.03 Outstanding at June 30, 2022 1,214 $ 332.76 Exercisable at June 30, 2022 869 $ 264.09
Black-Scholes option pricing model	June 30, 2022 2021 Risk free interest rate 1.81 % 0.83 % Expected life 6.4 Years 6.2 Years Expected volatility 28.7 % 30.0 % Expected dividend yield — % — %
Summary of activity of share-based compensation and benefit plans	For the Three Months Ended For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 Compensation expense for stock options awarded $ 4,909 $ 5,105 $ 10,210 $ 10,367 Income tax benefit from compensation expense related to stock options 1,214 1,314 2,525 2,668
Restricted stock [Member]
Share-Based Compensation and Benefit Plans
Summary of activity of share-based compensation and benefit plans	For the Three Months Ended For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 Compensation expense for shares issued under the ESPP $ 808 $ 782 $ 1,601 $ 1,432 Income tax benefit from compensation expense related to shares issued under the ESPP 200 201 396 368 Compensation expense for restricted shares awarded 452 396 891 776 Income tax benefit from compensation expense related to restricted awards $ 112 $ 102 $ 220 $ 200

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 30, 2022
Earnings Per Share
Computation of basic and diluted earnings per share	For the Three Months Ended For the Six Months Ended June 30, June 30, 2022 2021 2022 2021 Numerator (basic and diluted): Net income $ 576,760 $ 585,451 $ 1,058,640 $ 1,087,060 Denominator: Weighted-average common shares outstanding – basic 65,116 69,618 65,840 69,997 Effect of stock options (1) 570 646 594 643 Weighted-average common shares outstanding – assuming dilution 65,686 70,264 66,434 70,640 Earnings per share: Earnings per share-basic $ 8.86 $ 8.41 $ 16.08 $ 15.53 Earnings per share-assuming dilution $ 8.78 $ 8.33 $ 15.94 $ 15.39 Antidilutive potential common shares not included in the calculation of diluted earnings per share: Stock options (1) 135 122 133 187 Weighted-average exercise price per share of antidilutive stock options (1) $ 656.05 $ 463.76 $ 656.62 $ 449.20 (1) See Note 10 for further information concerning the terms of the Company’s share-based compensation plans.

VARIABLE INTEREST ENTITIES (Nar

VARIABLE INTEREST ENTITIES (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) entity
Variable Interest Entities
Number of unconsolidated tax credit fund entities that were considered to be Variable Interest Entities \| entity	4
Equity method investment in VIEs, net \| $	$ 23.6

FAIR VALUE MEASUREMENTS (Narrat

FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Fair Value Measurements
(Decrease) increase in fair value of marketable securities	$ (6.4)	$ 2.5	$ (9.2)	$ 4
Non-financial assets and liabilities measured at fair value on a nonrecurring basis	$ 0		$ 0		$ 0

FAIR VALUE MEASUREMENTS (Fair V

FAIR VALUE MEASUREMENTS (Fair Value of Marketable Securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Measurements
Estimated fair value of marketable securities	$ 47,468	$ 52,456
Fair value, inputs, Level 1 [Member]
Fair Value Measurements
Estimated fair value of marketable securities	$ 47,468	$ 52,456

FAIR VALUE MEASUREMENTS (Fair_2

FAIR VALUE MEASUREMENTS (Fair Value of Senior Notes) (Details) - Fair value, inputs, Level 2 [Member] - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Measurements
Carrying amount of senior notes	$ 4,669,833	$ 3,826,978
Estimated fair value of senior notes	$ 4,501,833	$ 4,135,629

LEASES (Summary of Total Lease

LEASES (Summary of Total Lease Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases
Operating lease cost	$ 91,089	$ 87,363	$ 180,798	$ 174,582
Short-term operating lease cost	2,339	1,661	5,116	3,594
Variable operating lease cost	23,646	22,645	47,103	44,589
Sublease income	(1,277)	(1,185)	(2,422)	(2,383)
Total lease cost	$ 115,797	$ 110,484	$ 230,595	$ 220,382

LEASES (Supplemental Cash Flow

LEASES (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Leases
Cash paid for amounts included in the measurement of operating lease liabilities, operating cash flows from operating leases	$ 180,558	$ 169,864
Right-of-use asset obtained in exchange for new operating lease liability	$ 125,559	$ 165,193

FINANCING (Unsecured Revolving

FINANCING (Unsecured Revolving Credit Facility) (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Letter of credit [Member]
Financing
Letters of credit	$ 60.9
Line of credit facility [Member]
Financing
Unsecured revolving credit facility	$ 0	$ 0
Line of credit facility covenant compliance	As of June 30, 2022, the Company remained in compliance with all covenants under the Credit Agreement.
Line of credit facility [Member] \| Unsecured debt [Member]
Financing
Credit agreement inception date	Jun. 15, 2021
Number of years in credit facility, term	5 years
Current maximum borrowing capacity under credit facility	$ 1,800
Maximum aggregate increase to credit facility allowable	900
Maximum aggregate capacity of credit facility allowable	2,700
Letters of credit	$ 48	$ 84
Line of credit facility fee percentage	0.10%
Minimum debt instrument consolidated fixed charge coverage ratio covenant	2.50
Maximum debt instrument consolidated leverage ratio covenant	3.50
Line of credit facility [Member] \| Unsecured debt [Member] \| Spread over Alternate Base rate [Member]
Financing
Line of credit current interest rate	0%
Line of credit facility [Member] \| Unsecured debt [Member] \| Spread over Eurodollar Revolving rate [Member]
Financing
Line of credit current interest rate	0.90%
Line of credit facility [Member] \| Unsecured debt [Member] \| Letter of credit [Member]
Financing
Line of credit facility sublimit	$ 200
Line of credit facility [Member] \| Unsecured debt [Member] \| Swing line revolver [Member]
Financing
Line of credit facility sublimit	$ 75

FINANCING (Senior Notes) (Narra

FINANCING (Senior Notes) (Narrative) (Details) $ in Thousands		6 Months Ended
	Jun. 15, 2022 USD ($) D	Jun. 30, 2022 USD ($) D entity	Dec. 31, 2021 USD ($)
Financing
Face amount of senior notes		$ 4,700,000	$ 3,850,000
Senior notes [Member]
Financing
Face amount of senior notes		$ 4,700,000
Number of days in annual interest calculation period \| D		360
Number of guarantors under the senior notes \| entity		0
Minimum [Member] \| Senior notes [Member]
Financing
Interest rate of senior notes		1.75%
Maximum [Member] \| Senior notes [Member]
Financing
Interest rate of senior notes		4.70%
3.800% Senior Notes due 2022 [Member] \| Senior notes [Member]
Financing
Face amount of senior notes		$ 300,000	$ 300,000
Interest rate of senior notes		3.80%	3.80%
3.850% Senior Notes due 2023 [Member] \| Senior notes [Member]
Financing
Face amount of senior notes		$ 300,000	$ 300,000
Interest rate of senior notes		3.85%	3.85%
4.700% Senior Notes due 2032 [Member] \| Senior notes [Member]
Financing
Issuance date of senior notes	Jun. 15, 2022
Face amount of senior notes	$ 850,000	$ 850,000
Interest rate of senior notes	4.70%	4.70%
Percentage of face value of debt instrument	99.684%
Number of days in annual interest calculation period \| D	360

FINANCING (Outstanding Financin

FINANCING (Outstanding Financing Facilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 15, 2022	Dec. 31, 2021
Financing
Senior notes, principal amount	$ 4,700,000		$ 3,850,000
Less: Unamortized discount and debt issuance costs	30,167		23,022
Total long-term debt	4,669,833		3,826,978	[1]
Senior notes [Member]
Financing
Senior notes, principal amount	4,700,000
Senior notes [Member] \| 3.800% Senior Notes due 2022 [Member]
Financing
Senior notes, principal amount	$ 300,000		$ 300,000
Interest rate of senior notes	3.80%		3.80%
Senior notes, effective interest rate	3.845%		3.845%
Senior notes [Member] \| 3.850% Senior Notes due 2023 [Member]
Financing
Senior notes, principal amount	$ 300,000		$ 300,000
Interest rate of senior notes	3.85%		3.85%
Senior notes, effective interest rate	3.851%		3.851%
Senior notes [Member] \| 3.550% Senior Notes due 2026 [Member]
Financing
Senior notes, principal amount	$ 500,000		$ 500,000
Interest rate of senior notes	3.55%		3.55%
Senior notes, effective interest rate	3.57%		3.57%
Senior notes [Member] \| 3.600% Senior Notes due 2027 [Member]
Financing
Senior notes, principal amount	$ 750,000		$ 750,000
Interest rate of senior notes	3.60%		3.60%
Senior notes, effective interest rate	3.619%		3.619%
Senior notes [Member] \| 4.350% Senior Notes due 2028 [Member]
Financing
Senior notes, principal amount	$ 500,000		$ 500,000
Interest rate of senior notes	4.35%		4.35%
Senior notes, effective interest rate	4.383%		4.383%
Senior notes [Member] \| 3.900% Senior Notes due 2029 [Member]
Financing
Senior notes, principal amount	$ 500,000		$ 500,000
Interest rate of senior notes	3.90%		3.90%
Senior notes, effective interest rate	3.901%		3.901%
Senior notes [Member] \| 4.200% Senior Notes due 2030 [Member]
Financing
Senior notes, principal amount	$ 500,000		$ 500,000
Interest rate of senior notes	4.20%		4.20%
Senior notes, effective interest rate	4.205%		4.205%
Senior notes [Member] \| 1.750% Senior Notes due 2031 [Member]
Financing
Senior notes, principal amount	$ 500,000		$ 500,000
Interest rate of senior notes	1.75%		1.75%
Senior notes, effective interest rate	1.798%		1.798%
Senior notes [Member] \| 4.700% Senior Notes due 2032 [Member]
Financing
Senior notes, principal amount	$ 850,000	$ 850,000
Interest rate of senior notes	4.70%	4.70%
Senior notes, effective interest rate	4.74%

[1]The balance sheet at December 31, 2021, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements.

WARRANTIES (Product Warranty Li

WARRANTIES (Product Warranty Liabilities) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Warranties
Warranty liabilities, beginning balance	$ 77,199
Warranty claims	(69,978)
Warranty accruals	74,055
Foreign currency translation	9
Warranty liabilities, ending balance	$ 81,285

SHARE REPURCHASE PROGRAM (Narra

SHARE REPURCHASE PROGRAM (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands			1 Months Ended	3 Months Ended		6 Months Ended		139 Months Ended
	May 16, 2022	Nov. 17, 2021	Aug. 08, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Aug. 08, 2022
Share Repurchase Program
Increase in authorized amount	$ 1,500,000	$ 1,500,000
Cumulative authorized amount	$ 20,300,000
Authorization effective period	3 years	3 years
Remaining balance under share repurchase program				$ 1,400,000		$ 1,400,000
Common stock repurchased, shares				2,219	743	3,386	2,218
Common stock repurchased, average price per share				$ 620.27	$ 537.25	$ 635.40	$ 479.69
Common stock repurchased, value				$ 1,376,013	$ 399,634	$ 2,151,209	$ 1,064,167
Subsequent event [Member]
Share Repurchase Program
Common stock repurchased, shares			500					89,400
Common stock repurchased, average price per share			$ 659.29					$ 214.81
Common stock repurchased, value			$ 311,800					$ 19,200,000

SHARE REPURCHASE PROGRAM (Sched

SHARE REPURCHASE PROGRAM (Schedule of Shares Repurchased) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Repurchase Program
Shares repurchased	2,219	743	3,386	2,218
Average price per share	$ 620.27	$ 537.25	$ 635.40	$ 479.69
Total investment	$ 1,376,013	$ 399,634	$ 2,151,209	$ 1,064,167

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022		Jun. 30, 2021
Balance at beginning of period	$ (328,273)	$ (6,977)	$ (66,423)	[1]	$ 140,258
Change in accumulated other comprehensive loss	(1,875)	3,707	3,188		(436)
Balance at end of period	(1,107,430)	217,694	(1,107,430)		217,694
Accumulated other comprehensive income (loss) [Member]
Balance at beginning of period	(1,736)	(6,298)	(6,799)		(2,155)
Change in accumulated other comprehensive loss	(1,875)	3,707	3,188		(436)
Balance at end of period	(3,611)	(2,591)	(3,611)		(2,591)
Foreign currency [Member]
Balance at beginning of period	(1,736)	(6,298)	(6,799)		(2,155)
Change in accumulated other comprehensive loss	(1,875)	3,707	3,188		(436)
Balance at end of period	$ (3,611)	$ (2,591)	$ (3,611)		$ (2,591)

[1]The balance sheet at December 31, 2021, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements.

REVENUE (Disaggregation of Reve

REVENUE (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue
Sales	$ 3,670,737	$ 3,465,601	$ 6,966,748	$ 6,556,500
DIY customer [Member]
Disaggregation of Revenue
Sales	2,012,223	1,999,401	3,828,037	3,780,567
Professional service provider customer [Member]
Disaggregation of Revenue
Sales	1,571,176	1,384,217	2,970,540	2,623,303
Other customers and sales adjustments [Member]
Disaggregation of Revenue
Sales	$ 87,338	$ 81,983	$ 168,171	$ 152,630

SHARE-BASED COMPENSATION AND _3

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Stock Option) (Narrative) (Details) - Stock option [Member] - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-Based Compensation and Benefit Plans
Options, weighted-average grant-date fair value	$ 216.87	$ 144.30
Remaining unrecognized compensation expense	$ 41.9
Weighted-average period for cost recognition	2 years 8 months 12 days
Employee stock option [Member]
Share-Based Compensation and Benefit Plans
Options expiration period	10 years
Vesting period	4 years
Option vesting rate per year	25%

SHARE-BASED COMPENSATION AND _4

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Other Share-Based Compensation) (Narrative) (Details) - Employee stock purchase plan [Member]	6 Months Ended
	Jun. 30, 2022
Share-Based Compensation and Benefit Plans
Employee stock purchase plan stock purchase percentage	85%
Restricted stock [Member] \| Minimum [Member]
Share-Based Compensation and Benefit Plans
Vesting period	1 year
Restricted stock [Member] \| Maximum [Member]
Share-Based Compensation and Benefit Plans
Vesting period	3 years

SHARE-BASED COMPENSATION AND _5

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Profit Sharing and Savings Plan) (Narrative) (Detail) - Profit sharing and savings plan [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Compensation and Benefit Plans
Profit sharing and savings plan, employer discretionary contribution			$ 0	$ 0
Profit sharing and savings plan, cost recognized	$ 9,200	$ 8,700	$ 17,800	$ 15,900
Employee's first 2% of contributed wages [Member]
Share-Based Compensation and Benefit Plans
Profit sharing and savings plan, Company match			100%
Employee's next 4% of contributed wages [Member]
Share-Based Compensation and Benefit Plans
Profit sharing and savings plan, Company match			25%

SHARE-BASED COMPENSATION AND _6

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Nonqualified Deferred Compensation Plan) (Narrative) (Details) - Nonqualified Deferred Compensation Plan [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Share-Based Compensation and Benefit Plans
Deferred compensation plan obligation	$ 47.5		$ 47.5		$ 52.5
Deferred compensation plan cost recognized	$ 0.1	$ 0.1	$ 0.1	$ 0.1

SHARE-BASED COMPENSATION AND _7

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Stock Appreciation Rights) (Narrative) (Details) - Stock appreciation rights (SARs) [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Share-Based Compensation and Benefit Plans
Stock appreciation rights expiration period			10 years
Stock appreciation rights vesting rate per year			25%
Vesting period			4 years
Stock appreciation rights outstanding	12,398		12,398
Stock appreciation rights granted during the period, units			2,587
Liability for compensation to be paid for redeemed stock appreciation rights	$ 1.1		$ 1.1		$ 1.3
Compensation expense (benefit) for share-based compensation	$ (0.1)	$ 0.2	$ (0.1)	$ 0.4

SHARE-BASED COMPENSATION AND _8

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Summary of Stock Options) (Details) - Employee stock option [Member] - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2022
Share-Based Compensation and Benefit Plans
Outstanding shares, beginning balance	1,206
Outstanding weighted-average exercise price, beginning balance	$ 300.09
Granted, shares	107
Granted, weighted-average exercise price	$ 670.59
Exercised, shares	(91)
Exercised, weighted-average exercise price	$ 287.21
Forfeited or expired, shares	(8)
Forfeited or expired, weighted-average exercise price	$ 441.03
Outstanding shares, ending balance	1,214
Outstanding weighted-average exercise price, ending balance	$ 332.76
Exercisable shares, ending balance	869
Exercisable weighted-average exercise price, ending balance	$ 264.09

SHARE-BASED COMPENSATION AND _9

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Black-Scholes Option Pricing Model) (Details) - Employee stock option [Member]	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-Based Compensation and Benefit Plans
Risk-free interest rate	1.81%	0.83%
Expected life	6 years 4 months 24 days	6 years 2 months 12 days
Expected volatility	28.70%	30%
Expected dividend yield	0%	0%

SHARE-BASED COMPENSATION AND_10

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Stock Option Activity) (Details) - Stock option [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Compensation and Benefit Plans
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 216.87	$ 144.30
Employee stock option [Member]
Share-Based Compensation and Benefit Plans
Compensation expense (benefit) for share-based compensation	$ 4,909	$ 5,105	$ 10,210	$ 10,367
Income tax benefit from compensation expense for share-based compensation	$ 1,214	$ 1,314	$ 2,525	$ 2,668

SHARE-BASED COMPENSATION AND_11

SHARE-BASED COMPENSATION AND BENEFIT PLANS (Other Share-Based Compensation Activity) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee stock purchase plan [Member]
Share-Based Compensation and Benefit Plans
Compensation expense (benefit) for share-based compensation	$ 808	$ 782	$ 1,601	$ 1,432
Income tax benefit from compensation expense for share-based compensation	200	201	396	368
Restricted stock [Member]
Share-Based Compensation and Benefit Plans
Compensation expense (benefit) for share-based compensation	452	396	891	776
Income tax benefit from compensation expense for share-based compensation	$ 112	$ 102	$ 220	$ 200

EARNINGS PER SHARE (Computation

EARNINGS PER SHARE (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator (basic and diluted):
Net income	$ 576,760	$ 585,451	$ 1,058,640	$ 1,087,060
Denominator:
Denominator for basic earnings per share - weighted-average shares	65,116	69,618	65,840	69,997
Effect of stock options	570	646	594	643
Denominator for diluted earnings per share - weighted-average shares and assumed conversion	65,686	70,264	66,434	70,640
Earnings per share - basic	$ 8.86	$ 8.41	$ 16.08	$ 15.53
Earnings per share - assuming dilution	$ 8.78	$ 8.33	$ 15.94	$ 15.39
Antidilutive stock options	135	122	133	187
Weighted-average exercise price per share of antidilutive stock options	$ 656.05	$ 463.76	$ 656.62	$ 449.20