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Stock Based Compensation Plans (Tables) | 3 Months Ended
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Mar. 31, 2023
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, 2022 |  | 11.9 |  |  | $ | 62.64 |  |  |  |  |  |  |
Granted |  | 1.0 |  |  |  | 83.13 |  |  |  |  |  |  |
Exercised |  | (0.3 | ) |  |  | 44.95 |  |  |  |  |  |  |
Cancelled |  | (0.1 | ) |  |  | 81.43 |  |  |  |  |  |  |
Outstanding at March 31, 2023 |  | 12.5 |  |  | $ | 64.43 |  |  |  | 5.9 |  |  | $ | 300.1 |
Exercisable at March 31, 2023 |  | 7.0 |  |  | $ | 51.25 |  |  |  | 3.8 |  |  | $ | 261.8 |
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 |
| March 31, |  |  | March 31, |
| 2023 |  |  | 2022 |
Intrinsic Value of Stock Options Exercised | $ | 10.7 |  |  | $ | 16.8 |
Stock Compensation Expense Related to Stock Option Awards | $ | 14.5 |  |  | $ | 2.8 |
Issued Stock Options |  | 1.0 |  |  |  | - |
Weighted Average Fair Value of Stock Options issued (per share) | $ | 23.93 |  |  |  | - |
Fair Value of Stock Options Issued | $ | 23.7 |  |  |  | - |
Assumptions Used in Valuation of Issued Stock Options |
| Three Months Ended |
| March 31, |  |  | March 31, |
| 2023 |  |  | 2022 |
Risk-free interest rate |  | 4.0 | % |  |  | - |
Expected life in years |  | 7.3 |  |  |  | - |
Expected volatility |  | 12.3 | % |  |  | - |
Dividend yield |  | 1.3 | % |  |  | - |

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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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