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Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

We recognized the following stock compensation expense:

			Year Ended December 31,
(in Millions)			2020						2019						2018
Stock option expense, net of taxes of $1.1, $1.5 and $1.3 (1)			$	4.0					$	5.7					$	4.9
Restricted stock expense, net of taxes of $2.0, $2.2 and $2.3 (2)			7.4						8.2						8.4
Performance based expense, net of taxes of $0.9, $1.7 and $1.2			3.5						6.3						4.4
Total stock compensation expense, net of taxes of $4.0, $5.4 and $4.8 (3)			$	14.9					$	20.2					$	17.7

____________________ 

(1)    We applied an estimated forfeiture rate of 4.0% per stock option grant in the calculation of the expense.

(2)     We applied an estimated forfeiture rate of 2.0% of outstanding grants in the calculation of the expense.

(3)    This expense is classified as "Selling, general and administrative expenses" in our consolidated statements of income (loss). Total stock compensation expense, net of tax, not included in the above table of $2.2 million, $0.1 million, and $4.0 million for the years ended December 31, 2020, 2019 and 2018, respectively, is included in "Discontinued operations, net of income taxes" in the consolidated statements of income (loss).

Black Scholes Valuation Assumptions for Stock Option Grants

Black Scholes valuation assumptions for stock option grants: 

			2020						2019						2018
Expected dividend yield			1.91%						1.83%						0.77%
Expected volatility			26.60%						26.07%						26.85%
Expected life (in years)			6.5						6.5						6.5
Risk-free interest rate			1.19%						2.53%						2.79%

Summary of Stock Option Activity

The following summary shows stock option activity for employees under the Plan for the three years ended December 31, 2020:

(Shares in Thousands)			Number of Options Granted But Not Exercised						Weighted-Average Remaining Contractual Life						Weighted-Average Exercise Price Per Share						Aggregate Intrinsic Value (in Millions)
December 31, 2017 (920 shares exercisable and 1,452 shares expected to vest or be exercised)			2,435						6.3 years						$	48.37					$	112.7
Granted			250												85.19
Exercised			(260)												41.80						11.7
Forfeited			(61)												52.51
December 31, 2018 (1,044 shares exercisable and 1,287 shares expected to vest or be exercised)			2,364						6.0 years						$	52.87					$	52.5
Granted			380												75.76
Conversion impact from Livent spin (1)			210												53.09
Exercised			(1,414)												39.17						67.2
Forfeited			(36)												67.82
December 31, 2019 (628 shares exercisable and 835 shares expected to vest or be exercised)			1,504						6.5 years						$	58.06					$	62.8
Granted			302												92.24
Exercised			(549)												48.02						31.3
Forfeited			(22)												81.84
December 31, 2020 (388 shares exercisable and 818 shares expected to vest or be exercised)			1,235						7.0 years						$	70.44					$	54.9

____________________

(1)Awards converted as a result of March 1, 2019 Livent separation.

Summary of Restricted Award Activity

The following table shows our employee restricted award activity for the three years ended December 31, 2020:

			Restricted Equity												Performance Based Equity
(Number of Awards in Thousands)			Number of awards						Weighted-Average Grant Date Fair Value Per Share						Number of awards						Weighted-Average Grant Date Fair Value Per Share
Nonvested at December 31, 2017			489						$	47.63					260						$	53.36
Granted			137						84.94						133						88.65
Vested			(154)						55.14						(58)						81.15
Forfeited			(13)						65.39						—						—
Nonvested at December 31, 2018			459						$	55.75					335						$	56.42
Granted			108						76.22						106						83.89
Conversion impact from Livent spin (1)			(29)						67.46						(12)						84.58
Vested			(223)						37.54						(222)						42.18
Forfeited			(13)						69.69						(1)						78.92
Nonvested at December 31, 2019			302						$	67.89					206						$	72.06
Granted			92						91.83						111						108.74
Vested			(84)						50.14						(115)						58.37
Forfeited			(12)						77.42						—						—
Nonvested at December 31, 2020			298						$	79.91					202						$	88.48

____________________

(1)Awards transferred to Livent employees as a result of March 1, 2019 Livent separation.

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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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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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.

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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.

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