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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense by Type of Award | The following table details the stock-based compensation expense by type of award for the years ended December 31, 2023, 2022 and 2021:
(In millions) |  | 2023 |  |  | 2022 |  |  | 2021 |
Non-qualified stock options |  | $ | 4.5 |  |  | $ | 5.4 |  |  | $ | 7.3 |
Restricted stock, service based (“RSUs”) |  |  | 7.7 |  |  |  | 7.2 |  |  |  | 7.7 |
Restricted stock, performance based (“PRSUs”) |  |  | 8.0 |  |  |  | 6.7 |  |  |  | 3.6 |
Employee stock purchase plan |  |  | 0.7 |  |  |  | 0.6 |  |  |  | 0.3 |
Stock-based compensation expense |  | $ | 20.9 |  |  | $ | 19.9 |  |  | $ | 18.9 |
Tax benefit from stock exercised and converted during the period |  | $ | 2.5 |  |  | $ | 1.6 |  |  | $ | 2.5 |
Summary of Option Activity | A summary of option activity under the plan for the three years ended December 31, 2023 is as follows:
|  | Number of |  |  | Weighted- |  |  | Remaining |
|  | Options |  |  | Average |  |  | Contractual Life |
|  | (In millions) |  |  | Exercise Price |  |  | (in years) |
Outstanding at December 31, 2020 |  |  | 1.6 |  |  | $ | 51.07 |  |  |  | 6.0 |
Options granted |  |  | 0.4 |  |  | $ | 44.90 |  |  |  | - |
Options exercised |  |  | (0.3 | ) |  | $ | 38.03 |  |  |  | - |
Outstanding at December 31, 2021 |  |  | 1.7 |  |  | $ | 51.28 |  |  |  | 6.3 |
Options granted |  |  | 0.2 |  |  | $ | 52.17 |  |  |  | - |
Options exercised |  |  | (0.1 | ) |  | $ | 37.99 |  |  |  | - |
Outstanding at December 31, 2022 |  |  | 1.8 |  |  | $ | 52.01 |  |  |  | 5.7 |
Options granted |  |  | 0.2 |  |  | $ | 68.79 |  |  |  | - |
Options exercised |  |  | (0.2 | ) |  | $ | 42.95 |  |  |  | - |
Outstanding at December 31, 2023 |  |  | 1.8 |  |  | $ | 54.58 |  |  |  | 5.4 |
Schedule of Other Stock Option Statistics |
|  | Year Ended December 31, |
(In millions, except weighted average exercise price) |  | 2023 |  |  | 2022 |
Aggregate intrinsic value of outstanding options |  | $ | 33.6 |  |  | $ | 18.2 |
Aggregate intrinsic value of exercisable options |  | $ | 26.4 |  |  | $ | 11.8 |
Total intrinsic value of options exercised |  | $ | 5.9 |  |  | $ | 1.8 |
Total number of options exercisable |  |  | 1.3 |  |  |  | 1.2 |
Weighted average exercise price of options exercisable |  | $ | 54.05 |  |  | $ | 52.98 |
Total unrecognized compensation cost on non-vested options (a) |  | $ | 1.2 |  |  | $ | 1.7 |
(a) Unrecognized compensation cost relates to non-vested stock options and is expected to be recognized over the remaining vesting period ranging from one year to three years.
Schedule of Assumptions Used in Determining the Estimated the Fair Value of Stock Options | We estimated the fair value of stock options at the grant date using the Black-Scholes option pricing model with the following assumptions for the years ended December 31, 2023, 2022 and 2021:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Risk-free interest rate |  |  | 3.51 | % |  |  | 1.74 | % |  |  | 0.58 | %
Expected option life (in years) |  |  | 6.05 |  |  |  | 6.03 |  |  |  | 5.99 |
Dividend yield |  |  | 0.7 | % |  |  | 0.8 | % |  |  | 1.5 | %
Volatility |  |  | 37.14 | % |  |  | 44.21 | % |  |  | 49.65 | %
Weighted-average fair value per option granted |  | $ | 26.81 |  |  | $ | 21.40 |  |  | $ | 18.12 |
Summary of the Company's Service Based RSU Activity | The table presented below provides a summary of the Company’s RSU activity for the years ended December 31, 2023, 2022 and 2021:
|  | RSUs |  |  | Weighted-Average |
|  | Number of (In millions) |  |  | Fair Value Grant Date |
Outstanding at December 31, 2020 |  |  | 0.5 |  |  | $ | 47.98 |
RSUs granted |  |  | 0.1 |  |  | $ | 47.20 |
RSUs issued |  |  | (0.1 | ) |  | $ | 48.61 |
Outstanding at December 31, 2021 |  |  | 0.5 |  |  | $ | 47.46 |
RSUs granted |  |  | 0.1 |  |  | $ | 53.51 |
RSUs issued |  |  | (0.1 | ) |  | $ | 54.63 |
Outstanding at December 31, 2022 |  |  | 0.5 |  |  | $ | 46.93 |
RSUs granted |  |  | 0.1 |  |  | $ | 67.69 |
RSUs issued |  |  | (0.1 | ) |  | $ | 53.05 |
Outstanding at December 31, 2023 |  |  | 0.5 |  |  | $ | 50.41 |
Summary of the Company's PRSU Activity | The table presented below provides a summary, of the Company’s PRSU activity, at original grant amounts, for the years ended December 31, 2023, 2022 and 2021:
|  |  |  |  | Weighted- |
|  | Number of |  |  | Average |
|  | PRSUs |  |  | Grant Date |
|  | (In millions) |  |  | Fair Value |
Outstanding at December 31, 2020 |  |  | 0.3 |  |  | $ | 68.77 |
PRSUs granted |  |  | 0.2 |  |  | $ | 44.90 |
PRSUs issued |  |  | - |  |  | $ | 50.50 |
PRSUs cancelled |  |  | (0.1 | ) |  | $ | 68.15 |
Outstanding at December 31, 2021 |  |  | 0.4 |  |  | $ | 57.19 |
PRSUs granted |  |  | 0.1 |  |  | $ | 52.17 |
PRSUs issued |  |  | - |  |  | $ | - |
PRSUs cancelled |  |  | (0.1 | ) |  | $ | 65.56 |
Outstanding at December 31, 2022 |  |  | 0.4 |  |  | $ | 53.71 |
PRSUs granted |  |  | 0.1 |  |  | $ | 68.79 |
PRSUs issued |  |  | - |  |  | $ | - |
PRSUs cancelled |  |  | (0.1 | ) |  | $ | 73.75 |
Outstanding at December 31, 2023 |  |  | 0.4 |  |  | $ | 53.19 |

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