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Stock-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Activity | A summary of stock option activity for the year ended December 31, 2023 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 |  |  | 6.4 |  |  | $ | 18.68 |  |  |  |  |  |  |
Granted |  |  | 1.0 |  |  | $ | 13.27 |  |  |  |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Cancelled/forfeited |  |  | (0.3 | ) |  | $ | 13.94 |  |  |  |  |  |  |
Outstanding as of December 31 |  |  | 7.1 |  |  | $ | 18.09 |  |  |  | 6.3 |  |  | $ | — |
Options exercisable as of December 31 |  |  | 4.8 |  |  | $ | 19.10 |  |  |  | 5.2 |  |  | $ | — |
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, 2023 was as follows (units in millions):
|  |  |  |  | Weighted-Average |
|  | Units |  |  | Grant-Date Fair Value |
Non-vested as of January 1 |  |  | 6.4 |  |  | $ | 21.01 |
Granted |  |  | 4.6 |  |  | $ | 13.00 |
Vested |  |  | (1.9 | ) |  | $ | 20.72 |
Forfeited |  |  | (1.8 | ) |  | $ | 19.48 |
Non-vested as of December 31 |  |  | 7.3 |  |  | $ | 16.39 |
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, 2023, 2022, and 2021 (in millions, except per share data):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Stock-based compensation expense |  | $ | (35.9 | ) |  | $ | (45.5 | ) |  | $ | (44.3 | )
Income tax benefit from stock-based compensation expense |  |  | 6.1 |  |  |  | 8.1 |  |  |  | 7.5 |
Net income impact |  | $ | (29.8 | ) |  | $ | (37.4 | ) |  | $ | (36.8 | )
Earnings per share impact: |  |  |  |  |  |  |  |  |
Basic and diluted |  | $ | (0.08 | ) |  | $ | (0.10 | ) |  | $ | (0.09 | )
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, 2023, 2022, and 2021:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Stock options granted: |  |  |  |  |  |  |  |  |
Weighted-average risk-free interest rate |  |  | 4.0 | % |  |  | 1.9 | % |  | 1.3% |
Weighted-average dividend yield |  |  | 6.0 | % |  |  | 4.3 | % |  | 4.2% |
Volatility |  |  | 27.8 | % |  |  | 29.9 | % |  | 29.1% |
Expected term (in years) |  |  | 7.23 |  |  |  | 7.28 |  |  |  | 7.03 |
Weighted-average grant date fair value |  | $ | 2.09 |  |  | $ | 3.47 |  |  | $ | 3.26 |

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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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