XML 55 R39.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Stock-based Compensation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-based Compensation Expense | The Company's stock-based compensation expense for the year ended December 31, 2023, 2022 and 2021 included PRSUs, RSUs and stock options. A summary of the Company’s stock-based compensation expense is presented below:
| Year Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
PRSU expense | $ | 24.9 |  |  | $ | 31.0 |  |  | $ | 39.4 |
RSU expense | 20.6 |  |  | 21.0 |  |  | 20.5 |
Stock option expense | 2.2 |  |  | 1.1 |  |  | 1.5 |
Total stock-based compensation expense | $ | 47.7 |  |  | $ | 53.1 |  |  | $ | 61.4 |
Summary of PRSU Activity and Related Information | A summary of the Company's PRSU activity and related information for the years ended December 31, 2023 and 2022 is presented below:
(shares in millions) | Shares |  | Weighted Average Grant Date Fair Value
Awards unvested at December 31, 2021 | 4.9 |  |  | $ | 22.99 |
Granted | 0.3 |  |  | 51.38 |
Performance adjustments(1) | — |  |  | — |
Vested | (1.3) |  |  | 21.38 |
Forfeited | (0.1) |  |  | 28.71 |
Awards unvested at December 31, 2022 | 3.8 |  |  | 25.85 |
Granted | 0.4 |  |  | 37.22 |
Performance adjustments(1) | 0.4 |  |  | 38.98 |
Vested | (1.6) |  |  | 24.40 |
Forfeited | (0.1) |  |  | 43.96 |
Awards unvested at December 31, 2023 | 2.9 |  |  | $ | 29.53 |
(1) | Adjustments based on current attainment expectations of performance targets.
Schedule of Stock Options Valuation Assumptions |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Expected volatility of stock | N/A |  | 53.2 % |  | N/A
Expected life of option, in years | N/A |  | 5 |  | N/A
Risk-free interest rate | N/A |  | 2.9% |  | N/A
Expected dividend yield on stock | N/A |  | 2.0% |  | N/A
Schedule of Stock Option Activity | A summary of the Company's stock option activity under the 2003 Plan and 2013 Plan for the years ended December 31, 2023 and 2022 is presented below:
(in millions, except per share amounts and years) | Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Options outstanding at December 31, 2021 | 3.8 |  |  | $ | 17.03 |  |  |  |  |
Granted | 1.2 |  |  | 30.00 |  |  |  |  |
Exercised | — |  |  | 10.44 |  |  |  |  |
Forfeited | (0.1) |  |  | 18.19 |  |  |  |  |
Options outstanding at December 31, 2022 | 4.9 |  |  | $ | 20.34 |  |  |  |  |
Granted | — |  |  | — |  |  |  |  |
Exercised | (0.2) |  |  | 15.89 |  |  |  |  |
Forfeited | (0.1) |  |  | 14.06 |  |  |  |  |
Options outstanding at December 31, 2023 | 4.6 |  |  | $ | 20.54 |  |  | 6.37 |  | $ | 139.7 |
Options exercisable at December 31, 2023 | 3.7 |  |  | $ | 18.24 |  |  | 6.10 |  | $ | 120.9 |
A summary of the Company's unvested shares relating to stock options as of December 31, 2023 and 2022, and changes during the years ended December 31, 2023 and 2022, are presented below:
(shares in millions) | Shares |  | Weighted Average Grant Date Fair Value
Options unvested at December 31, 2021 | 0.3 |  |  | $ | 15.45 |
Granted | 1.2 |  |  | 30.00 |
Vested | (0.3) |  |  | 10.44 |
Forfeited | — |  |  | — |
Options unvested at December 31, 2022 | 1.2 |  |  | $ | 30.00 |
Granted | — |  |  | — |
Vested | (0.3) |  |  | 30.00 |
Forfeited | — |  |  | — |
Options unvested at December 31, 2023 | 0.9 |  |  | $ | 30.00 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the Company's RSU activity and related information for the years ended December 31, 2023 and 2022 is presented below:
(in millions, except per share amounts) | Shares |  | Weighted Average Grant Date Fair Value |  | Aggregate Intrinsic Value
Awards outstanding at December 31, 2021 | 3.3 |  |  | $ | 17.37 |  |  |
Granted | 0.4 |  |  | 46.49 |  |  |
Vested | (1.3) |  |  | 15.96 |  |  |
Terminated | (0.1) |  |  | 32.84 |  |  |
Awards outstanding at December 31, 2022 | 2.3 |  |  | $ | 22.99 |  |  | $ | 78.3 |
Granted | 0.5 |  |  | 35.11 |  |  |
Vested | (1.1) |  |  | 18.70 |  |  |
Terminated | — |  |  | 34.74 |  |  |
Awards outstanding at December 31, 2023 | 1.7 |  |  | $ | 29.51 |  |  | $ | 84.7 |
Schedule of Unrecognized Compensation Expense | A summary of total unrecognized stock-based compensation expense based on current performance estimates related to stock options, RSUs and PRSUs for the year ended December 31, 2023 is presented below:
(in millions, except years) | December 31, 2023 |  | Weighted Average Remaining Vesting Period (Years)
Unrecognized stock option expense | $ | 5.6 |  |  | 2.51
Unrecognized RSU expense | 20.4 |  |  | 2.30
Unrecognized PRSU expense | 19.2 |  |  | 1.68
Total unrecognized stock-based compensation expense | $ | 45.2 |  |  | 2.06

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (i) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration