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Stock-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | A summary of stock option activity for the year ended December 31, 2022 was as follows (options and aggregate intrinsic value in millions):
|  |  |  |  | Weighted- Average Exercise |  |  | Weighted-Average Remaining Contractual Term |  |  | Aggregate Intrinsic |
|  | Options |  |  | Price |  |  | (Years) |  |  | Value |
Outstanding as of January 1 |  |  | 7.0 |  |  | $ | 18.98 |  |  |  |  |  |  |
Granted |  |  | 0.5 |  |  | $ | 18.62 |  |  |  |  |  |  |
Exercised |  |  | (0.6 | ) |  | $ | 17.56 |  |  |  |  |  |  |
Cancelled/forfeited |  |  | (0.5 | ) |  | $ | 23.64 |  |  |  |  |  |  |
Outstanding as of December 31 |  |  | 6.4 |  |  | $ | 18.68 |  |  |  | 6.6 |  |  | $ | — |
Options exercisable as of December 31 |  |  | 4.1 |  |  | $ | 18.97 |  |  |  | 5.3 |  |  | $ | — |
Schedule of Restricted Stock Units and Performance-based Restricted Stock Units Activity | A summary of activity for restricted stock units and performance-based restricted stock units for the year ended December 31, 2022 was as follows (units in millions):
|  |  |  |  | Weighted-Average |
|  | Units |  |  | Grant-Date Fair Value |
Non-vested as of January 1 |  |  | 7.5 |  |  | $ | 21.91 |
Granted |  |  | 4.0 |  |  | $ | 19.45 |
Vested |  |  | (2.2 | ) |  | $ | 21.11 |
Forfeited |  |  | (2.9 | ) |  | $ | 21.17 |
Non-vested as of December 31 |  |  | 6.4 |  |  | $ | 21.01 |
Schedule of Impact on Earnings | The following table sets forth the total impact on earnings for stock-based compensation expense recognized in the Consolidated Statements of Income resulting from stock options, restricted stock units, performance-based restricted stock units and deferred stock units for the years ended December 31, 2022, 2021, and 2020 (in millions, except per share data):
|  | 2022 |  |  | 2021 |  |  | 2020 |
Stock-based compensation expense |  | $ | (45.5 | ) |  | $ | (44.3 | ) |  | $ | (41.7 | )
Income tax benefit from stock-based compensation expense |  |  | 8.1 |  |  |  | 7.5 |  |  |  | 6.9 |
Net income impact |  | $ | (37.4 | ) |  | $ | (36.8 | ) |  | $ | (34.8 | )
Earnings per share impact: |  |  |  |  |  |  |  |  |
Basic and diluted |  | $ | (0.10 | ) |  | $ | (0.09 | ) |  | $ | (0.08 | )
Schedule of Assumptions for Black-Scholes Option Pricing Model | The Company used the following assumptions for the Black-Scholes option pricing model to determine the value of Western Union options granted for the years ended December 31, 2022, 2021, and 2020:
|  | 2022 |  |  | 2021 |  |  | 2020 |
Stock options granted: |  |  |  |  |  |  |  |  |
Weighted-average risk-free interest rate |  |  | 1.9 | % |  | 1.3% |  |  | 1.5% |
Weighted-average dividend yield |  |  | 4.3 | % |  | 4.2% |  |  | 4.0% |
Volatility |  |  | 29.9 | % |  | 29.1% |  |  | 25.2% |
Expected term (in years) |  |  | 7.28 |  |  |  | 7.03 |  |  |  | 7.12 |
Weighted-average grant date fair value |  | $ | 3.47 |  |  | $ | 3.26 |  |  | $ | 3.96 |

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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 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. + 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 (c)(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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