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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
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,
| 2023 |  | 2022 |  | 2021
Option awards | $ | 11.5 |  | $ | 11.4 |  | $ | 9.8
Other share-based awards | 30.7 |  | 39.2 |  | 40.9
Total share-based compensation before tax | 42.2 |  | 50.6 |  | 50.7
Tax benefit | 10.3 |  | 12.0 |  | 12.1
Total share-based compensation expense included in net income | $ | 31.9 |  | $ | 38.6 |  | $ | 38.6
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, 2023:
| Omnibus Plan (Active)
| Options Outstanding |  | Weighted-Average Exercise Price
Balance as of December 31, 2022 | 3,123,743 |  |  | $ | 106.16
Granted | 294,359 |  |  | 117.36
Exercised | (483,066) |  |  | 98.21
Forfeited/Expired | (109,051) |  |  | 130.67
Balance as of December 31, 2023 | 2,825,985 |  |  | $ | 107.75
Options exercisable as of December 31, 2023 | 2,238,191 |  |  | $ | 105.57
Schedule of weighted average fair value | The following assumptions were used to estimate the weighted-average fair value of options granted of $43.39, $37.41 and $36.77 during the years ended December 31, 2023, 2022 and 2021, respectively:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Weighted-average volatility | 45% |  | 43% |  | 43%
Expected dividend yield | 2.2% |  | 2.2% |  | 2.1%
Expected term (in years) | 5.4 |  | 4.9 |  | 4.7
Weighted-average risk-free interest rate | 3.5% |  | 1.7% |  | 0.5%
Schedule of restricted stock activity | The following table summarizes restricted stock activity for the year ended December 31, 2023:
| Shares Outstanding |  | Weighted-Average Grant Price
Balance as of December 31, 2022 | 866,018 |  |  | $ | 113.40
Granted | 382,508 |  |  | 110.39
Vested | (375,098) |  |  | 98.54
Forfeited/Cancelled | (68,239) |  |  | 117.73
Balance as of December 31, 2023 | 805,189 |  |  | $ | 118.42
Expected to vest as of December 31, 2023 | 796,880 |  |  | $ | 118.52

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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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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