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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of share-based compensation expenses | Total share-based compensation expenses were as follows (in millions):
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Option awards | $ | 11.4 |  | $ | 9.8 |  | $ | 13.8
Other share-based awards | 39.2 |  | 40.9 |  | 40.9
Total share-based compensation before tax | 50.6 |  | 50.7 |  | 54.7
Tax benefit | 12.0 |  | 12.1 |  | 13.1
Total share-based compensation expense included in net income | $ | 38.6 |  | $ | 38.6 |  | $ | 41.6
Schedule of stock option activity | The following summarizes stock option activity and the weighted average exercise price for the Omnibus Plan for the year ended December 31, 2022:
| Omnibus Plan (Active)
| Options Outstanding |  | Weighted Average Exercise Price
Balance as of December 31, 2021 | 3,279,701 |  |  | $ | 104.29
Granted | 346,535 |  |  | 113.11
Exercised | (351,332) |  |  | 87.36
Forfeited/Expired | (151,161) |  |  | 125.59
Balance as of December 31, 2022 | 3,123,743 |  |  | $ | 106.16
Options exercisable as of December 31, 2022 | 2,504,752 |  |  | $ | 104.91
Schedule of weighted average fair value | The following assumptions were used to estimate the weighted average fair value of options granted of $37.41, $36.77 and $21.76 during the years ended December 31, 2022, 2021 and 2020, respectively:
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Weighted-average volatility | 43% |  | 43% |  | 34%
Expected dividend yield | 2.2% |  | 2.1% |  | 2.6%
Expected term (in years) | 4.9 |  | 4.7 |  | 4.5
Weighted average risk free interest rate | 1.7% |  | 0.5% |  | 1.4%
Schedule of restricted stock activity | The following table summarizes restricted stock activity for the year ended December 31, 2022:
| Shares Outstanding |  | Weighted Average Grant Price
Balance as of December 31, 2021 | 1,063,753 |  |  | $ | 101.72
Granted | 347,083 |  |  | 119.42
Vested | (443,170) |  |  | 91.05
Forfeited/Cancelled | (101,648) |  |  | 109.24
Balance as of December 31, 2022 | 866,018 |  |  | $ | 113.40
Expected to vest as of December 31, 2022 | 904,410 |  |  | $ | 112.52

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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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- 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
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