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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation Arrangements by Share-Based Payment Award | At December 31, 2022, the Company had total unrecognized stock-based compensation expense of $125.2 million that is expected to be recognized over a weighted-average period of 1.05 years.
| 2022 |  | 2021 |  | 2020
Stock-based compensation expense | $ | 99.7 |  |  | $ | 97.7 |  |  | $ | 95.9 |
Income tax benefit recognized | 24.6 |  |  | 24.1 |  |  | 23.6 |
Weighted-Average Assumptions Used for Estimating the Fair Value of Option Rights | The fair value of the Company’s options was estimated at the date of grant using a Black-Scholes-Merton option-pricing model with the following weighted-average assumptions for all options granted:
| 2022 |  | 2021 |  | 2020
Risk-free interest rate | 4.00 | % |  | 1.11 | % |  | .39 | %
Expected life of options | 5.05 years |  | 5.05 years |  | 5.05 years
Expected dividend yield of stock | .92 | % |  | .75 | % |  | .88 | %
Expected volatility of stock | 31.6 | % |  | 26.8 | % |  | 26.7 | %
Summary of Non-Qualified and Incentive Stock Option Right Activity | The following table summarizes the Company’s option activity:
| Optioned Shares |  | Weighted Average Exercise Price Per Share |  | Aggregate Intrinsic Value |  | Weighted Average Remaining Term (in Years)
Outstanding at January 1, 2022 | 8,982,935 |  |  | $ | 147.83 |  |  | $ | 1,835.5 |  |  | 6.09
Granted | 1,000,863 |  |  | 220.57 |  |  |  |  |
Exercised | (780,677) |  |  | 86.91 |  |  |  |  |
Forfeited | (81,902) |  |  | 247.92 |  |  |  |  |
Expired | (18,581) |  |  | 182.48 |  |  |  |  |
Outstanding at December 31, 2022 | 9,102,638 |  |  | $ | 160.09 |  |  | $ | 756.6 |  |  | 5.82
Exercisable at December 31, 2022 | 7,088,732 |  |  | $ | 137.09 |  |  | $ | 727.7 |  |  | 4.91
The following table summarizes fair value and intrinsic value information for option activity:
| 2022 |  | 2021 |  | 2020
Weighted average grant date fair value per share | $ | 69.82 |  |  | $ | 68.63 |  |  | $ | 46.56 |
Total fair value of options vested | 57.9 |  |  | 53.2 |  |  | 51.0 |
Total intrinsic value of options exercised | 125.4 |  |  | 485.8 |  |  | 407.9 |
Summary of RSU Activity | The following table summarizes the Company’s RSU activity:
| Number of RSUs |  | Weighted Average Grant Date Fair Value Per Share |  | Aggregate Intrinsic Value |  | Weighted Average Remaining Term (in Years)
Outstanding at January 1, 2022 | 510,680 |  |  | $ | 185.38 |  |  | $ | 179.8 |  |  | 0.96
Granted | 254,935 |  |  | 271.75 |  |  |  |  |
Vested | (357,832) |  |  | 145.47 |  |  |  |  |
Forfeited | (5,859) |  |  | 225.42 |  |  |  |  |
Outstanding at December 31, 2022 | 401,924 |  |  | 231.09 |  |  | $ | 95.4 |  |  | 1.02
The following table summarizes the fair value and intrinsic value information for RSU activity:
| 2022 |  | 2021 |  | 2020
Weighted average grant date fair value per share | $ | 271.75 |  |  | $ | 238.89 |  |  | $ | 193.79 |
Intrinsic value of RSUs vested during year | 97.5 |  |  | 66.3 |  |  | 75.0 |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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