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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2020
Stock-based compensation |
Schedule of compensation expense | Stock-based compensation cost by award type follows:
(in millions) |  | 2020 |  | 2019 |  | 2018
Stock option awards |  | $ | 11.2 |  |  | $ | 10.8 |  |  | $ | 11.0 |
Restricted stock awards |  | 8.9 |  |  | 7.4 |  |  | 7.7 |
Performance share awards |  | 7.9 |  |  | 6.0 |  |  | 7.4 |
Restricted stock units |  | 1.4 |  |  | 1.3 |  |  | 1.4 |
Stock appreciation rights |  | 3.4 |  |  | 8.6 |  |  | — |
Total stock-based compensation cost incurred |  | 32.8 |  |  | 34.1 |  |  | 27.5 |
Capitalized cost during the period |  | (4.5) |  |  | (10.6) |  |  | (1.3) |
Amortization of capitalized cost during the period |  | 1.6 |  |  | 7.9 |  |  | 0.8 |
Total stock-based compensation expense |  | $ | 29.9 |  |  | $ | 31.4 |  |  | $ | 27.0 |
Income tax benefit |  | $ | 9.6 |  |  | $ | 12.9 |  |  | $ | 10.6 |
Schedule of weighted-average assumptions for equity awards | The weighted average assumptions used in the determination of fair value for stock options follows:
(in millions, except per share amounts) |  | 2020 |  | 2019 |  | 2018 |  | 2018 One-time Grant
Expected dividend yield |  | 1.3 | % |  | 1.6 | % |  | 1.4 | % |  | 1.4 | %
Expected term (in years) |  | 4.8 |  | 4.9 |  | 5.5 |  | 3.9
Expected volatility |  | 21.9 | % |  | 21.3 | % |  | 23.1 | % |  | 20.7 | %
Risk-free interest rate |  | 1.4 | % |  | 2.5 | % |  | 2.6 | % |  | 2.6 | %
Weighted-average grant date fair value (per share) |  | $ | 29.29 |  |  | $ | 21.07 |  |  | $ | 23.71 |  |  | $ | 21.91 |
Fair value of options granted |  | $ | 11.6 |  |  | $ | 9.7 |  |  | $ | 9.1 |  |  | $ | 13.6 |
Schedule of stock option activity under the Company's stock option awards | A summary of stock options outstanding and activity follows:
|  | Number of Shares (in thousands) |  | Weighted-Average Exercise Price (per share) |  | Weighted-Average Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2019 |  | 1,825 |  |  | $ | 101.95 |  |  |  |  |
Options granted |  | 395 |  |  | 159.49 |  |  |  |  |
Options exercised |  | (229) |  |  | 95.49 |  |  |  |  |
Options forfeited / expired |  | (165) |  |  | 119.11 |  |  |  |  |
Outstanding as of December 31, 2020 |  | 1,826 |  |  | 114.03 |  |  | 7.0 |  | $ | 78.8 |
Vested and exercisable as of December 31, 2020 |  | 768 |  |  | 98.25 |  |  | 5.4 |  | $ | 44.5 |
Additional information related to stock option activity during the years ended December 31 follows:
(in millions) |  | 2020 |  | 2019 |  | 2018
Intrinsic value of options exercised |  | $ | 11.9 |  |  | $ | 25.4 |  |  | $ | 18.4 |
Fair value of options vested |  | $ | 7.9 |  |  | $ | 6.3 |  |  | $ | 10.2 |
Schedule of activity related to restricted stock | Information related to restricted stock during the years ended December 31 follows:
|  | 2020 |  | 2019 |  | 2018
Weighted-average grant date fair value (per share) |  | $ | 147.78 |  |  | $ | 112.70 |  |  | $ | 114.27 |
A summary of restricted stock outstanding and activity follows:
|  | Number of Shares (in thousands) |  | Weighted-Average Grant Date Fair Value (per share) |  | Weighted-Average Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2019 |  | 173 |  |  | $ | 109.62 |  |  |  |  |
Shares granted |  | 69 |  |  | 147.78 |  |  |  |  |
Shares vested |  | (66) |  |  | 114.39 |  |  |  |  |
Shares forfeited |  | (10) |  |  | 123.70 |  |  |  |  |
Outstanding as of December 31, 2020 |  | 166 |  |  | 122.88 |  |  | 0.8 |  | $ | 26.0 |
Additional information related to restricted stock award activity during the years ended December 31 follows:
(in millions) |  | 2020 |  | 2019 |  | 2018
Intrinsic value of restricted stock exercised |  | $ | 9.6 |  |  | $ | 5.6 |  |  | $ | 11.7 |
Fair value of restricted stock vested |  | $ | 7.5 |  |  | $ | 4.6 |  |  | $ | 9.8 |
Additional information related to restricted stock unit activity during the years ended December 31 follows:
(in thousands, except per share amounts) |  | 2020 |  | 2019 |  | 2018
Restricted stock units granted |  | 8 |  |  | 12 |  |  | 13 |
Weighted-average grant date fair value (per share) (1) |  | $ | 161.41 |  |  | $ | 110.79 |  |  | $ | 108.72 |
(1)Restricted stock units' fair value is based on the closing market price of the stock on the respective dates of the grants.
Schedule of activity related to performance shares | Information related to performance shares during the years ended December 31 follows:
|  | 2020 |  | 2019 |  | 2018
Weighted-average grant date fair value (per share) |  | $ | 222.50 |  |  | $ | 149.27 |  |  | $ | 140.20 |
A summary of performance shares outstanding and activity follows:
|  | Number of Shares (in thousands) |  | Weighted-Average Grant Date Fair Value (per share) |  | Weighted-Average Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2019 |  | 143 |  |  | $ | 143.94 |  |  |  |  |
Awards granted |  | 46 |  |  | 222.50 |  |  |  |  |
Awards vested |  | (80) |  |  | 141.79 |  |  |  |  |
Awards converted |  | 36 |  |  | 141.81 |  |  |  |  |
Awards forfeited |  | (9) |  |  | 167.03 |  |  |  |  |
Outstanding as of December 31, 2020 |  | 136 |  |  | 170.34 |  |  | 0.9 |  | $ | 21.2 |
Additional information related to performance share activity during the years ended December 31 follows:
(in millions) |  | 2020 |  | 2019 |  | 2018
Intrinsic value of performance share awards exercised |  | $ | 12.9 |  |  | $ | 5.0 |  |  | $ | 5.3 |
Fair value of performance share awards vested |  | $ | 11.3 |  |  | $ | 5.9 |  |  | $ | 5.2 |
Schedule of activity related to stock appreciation rights | A summary of stock appreciation awards outstanding and activity follows:
|  | Number of Shares (in thousands) |  | Weighted-Average Exercise Price (per share) |  | Weighted-Average Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2019 |  | 362 |  |  | $ | 106.85 |  |  |  |  |
Awards exercised |  | (3) |  |  | 106.85 |  |  |  |  |
Awards forfeited |  | (78) |  |  | 106.85 |  |  |  |  |
Outstanding as of December 31, 2020 |  | 281 |  |  | 106.85 |  |  | 0.3 |  | $ | 13.9 |
Stock appreciation rights |
Stock-based compensation |
Schedule of weighted-average assumptions for equity awards | The weighted average assumptions used in the December 31, 2020 determination of fair value for stock appreciation rights follows:
(in millions, except per share amounts) |  | 2018 One-time Grant
Expected dividend yield |  | 1.5 | %
Expected term (in years) |  | 0.3
Expected volatility |  | 30.1 | %
Risk-free interest rate |  | 0.1 | %
Weighted-average grant date fair value (per share) |  | $ | 48.24 |
Fair value of stock appreciation rights granted |  | $ | 13.5 |

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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 http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + 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 (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&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 http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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