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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

The following table presents share-based compensation expense:

Year						Share-Based Compensation Expense						Tax Benefit
2018						$	44.7					$	11.2
2019						49.9						8.2
2020						67.4						10.3

Schedule of Transactions in the Company's Restricted Stock

Restricted StockThe following table summarizes transactions in the Company’s restricted stock units:

			Restricted Stock Units						Weighted Average Grant Date Value
Unvested units—December 31, 2019			1.1						$	123.70
Units granted			0.4						73.75
Units vested			(0.4)						141.67
Units forfeited			(0.0)						134.52
Performance condition changes			0.1						105.92
Unvested units—December 31, 2020			1.2						99.46

Schedule of Transactions in the Company's Stock Options

The following table summarizes transactions in the Company’s stock options:

			Stock  Options						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding—December 31, 2019			2.3						$	85.58
Options granted			0.2						74.31
Options exercised			(0.0)						86.78
Options forfeited			(0.0)						147.77
Performance condition changes			0.4						74.42
Unexercised options outstanding—December 31, 2020			2.9						82.14						5.1
Exercisable at December 31, 2020			0.4						126.95						1.7

Schedule of Assumptions Used to Determine Fair Value of Options Granted

The weighted average grant date assumptions used to estimate the fair value of stock options granted were as follows:

			For the Years Ended December 31,
			2018						2019						2020
Dividend yield			0.8		%				1.7		%				1.6		%
Expected volatility(1)			25.5		%				29.4		%				30.5		%
Risk-free interest rate(2)			2.8		%				1.5		%				0.9		%
Expected life of stock options (in years)(3)			5.7						5.7						5.7
Forfeiture rate			0.0		%				0.0		%				0.0		%

__________________________

(1)Expected volatility is based on historical and implied volatility.

(2)Risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant.

(3)Expected life of options (in years) is based on the Company’s historical and expected exercise behavior.

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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