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Stock Based Compensation Plans (Tables) | 6 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of Option Activity | The following table provides a summary of option activity:
|  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  |  |  | Average |  |  |  |
|  |  |  | Weighted |  |  | Remaining |  |  |  |
|  |  |  | Average |  |  | Contractual |  |  | Aggregate |
|  |  |  | Exercise |  |  | Term |  |  | Intrinsic |
| Options |  |  | Price |  |  | (in Years) |  |  | Value |
Outstanding at December 31, 2021 |  | 11.3 |  |  | $ | 58.83 |  |  |  |  |  |  |
Granted |  | 1.5 |  |  |  | 85.16 |  |  |  |  |  |  |
Exercised |  | (0.5 | ) |  |  | 38.41 |  |  |  |  |  |  |
Cancelled |  | (0.2 | ) |  |  | 78.54 |  |  |  |  |  |  |
Outstanding at June 30, 2022 |  | 12.1 |  |  | $ | 62.45 |  |  |  | 6.2 |  |  | $ | 366.7 |
Exercisable at June 30, 2022 |  | 7.4 |  |  | $ | 50.75 |  |  |  | 4.5 |  |  | $ | 311.2 |
Information Regarding Intrinsic Value of Stock Options Exercised and Stock Compensation Expense Related to Stock Option Awards | The following table provides information regarding the intrinsic value of stock options exercised and stock compensation expense related to stock option awards:
| Three Months Ended |  |  | Six Months Ended |
| June 30, |  |  | June 30, |  |  | June 30, |  |  | June 30, |
| 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Intrinsic Value of Stock Options Exercised | $ | 9.5 |  |  | $ | 9.3 |  |  | $ | 26.3 |  |  | $ | 18.8 |
Stock Compensation Expense Related to Stock Option Awards | $ | 14.7 |  |  | $ | 13.4 |  |  | $ | 17.5 |  |  | $ | 16.5 |
Issued Stock Options |  | 1.5 |  |  |  | 1.4 |  |  |  | 1.5 |  |  |  | 1.4 |
Weighted Average Fair Value of Stock Options issued (per share) | $ | 21.43 |  |  | $ | 17.34 |  |  | $ | 21.45 |  |  | $ | 17.31 |
Fair Value of Stock Options Issued | $ | 31.3 |  |  | $ | 24.6 |  |  | $ | 31.6 |  |  | $ | 25.1 |
Assumptions Used in Valuation of Issued Stock Options | The following table provides a summary of the assumptions used in the valuation of issued stock options:
| Three Months Ended |  |  | Six Months Ended |
| June 30, |  |  | June 30, |  |  | June 30, |  |  | June 30, |
| 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Risk-free interest rate |  | 2.9 | % |  |  | 1.4 | % |  |  | 2.9 | % |  |  | 1.3 | %
Expected life in years |  | 7.1 |  |  |  | 7.2 |  |  |  | 7.1 |  |  |  | 7.2 |
Expected volatility |  | 21.7 | % |  |  | 20.7 | % |  |  | 21.7 | % |  |  | 20.7 | %
Dividend yield |  | 1.2 | % |  |  | 1.2 | % |  |  | 1.2 | % |  |  | 1.2 | %

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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + 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 (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + 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 (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(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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