XML 57 R40.htm IDEA: XBRL DOCUMENT
v3.22.4

Stock-Based Incentive Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table summarizes the Company's stock-based compensation expense included as a component of general and administrative expenses in the consolidated financial statements:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In millions)
Stock-based compensation expense |  |  |  |  |
Equity classified awards expense | $ | 16.2 |  |  | $ | 11.6 |  |  | $ | 12.6 |
Liability classified awards expense | 1.4 |  |  | 2.3 |  |  | 1.0 |
Total pretax stock-based compensation expense | 17.6 |  | 13.9 |  | 13.6
Book income tax benefit | (3.5) |  |  | (3.5) |  |  | (3.4) |
Total stock-based compensation expense, net of tax | $ | 14.1 |  |  | $ | 10.4 |  |  | $ | 10.2 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table summarizes the assumptions used in the Black-Scholes model for stock options granted in the years ended December 31, 2022, 2021 and 2020:
| 2022 |  | 2021 |  | 2020
Risk free interest rate | 1.7 | % |  | 0.5 | % |  | 1.2 | %
Weighted average historical volatility | 70.1 | % |  | 67.7 | % |  | 30.5 | %
Dividend yield | 2.6 | % |  | — | % |  | 3.5 | %
Expected years until exercise | 4.5 |  | 4.5 |  | 4.6
Weighted average fair value of options granted | $ | 33.23 |  |  | $ | 40.25 |  |  | $ | 17.53 |
Schedule of Share-based Compensation, Stock Options, Activity | Stock option activity for the years ended December 31, 2022, 2021 and 2020 is summarized as follows:
| Number of Shares Under Option |  | Weighted Average Exercise Price Per Share |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2019 | 1,217,438 |  |  | $ | 66.43 |  |  |  |  |
Granted | 167,969 |  |  | 87.17 |  |  |  |  |
Exercised | (270,024) |  |  | 76.01 |  |  |  |  |
Forfeited | (45,247) |  |  | 86.39 |  |  |  |  |
Expired | (55,466) |  |  | 107.78 |  |  |  |  |
Outstanding at December 31, 2020 | 1,014,670 |  |  | 64.16 |  |  |  |  |
Granted | 95,891 |  |  | 75.28 |  |  |  |  |
Exercised | (524,536) |  |  | 48.79 |  |  |  |  |
Forfeited | (59,468) |  |  | 88.39 |  |  |  |  |
Expired | (50,653) |  |  | 98.61 |  |  |  |  |
Outstanding at December 31, 2021 | 475,904 |  |  | 76.65 |  |  |  |  |
Granted | 75,795 |  |  | 70.08 |  |  |  |  |
Exercised | (3,505) |  |  | 68.80 |  |  |  |  |
Forfeited | (6,171) |  |  | 81.13 |  |  |  |  |
Expired | (2,448) |  |  | 94.43 |  |  |  |  |
Outstanding at December 31, 2022 | 539,575 |  |  | $ | 75.65 |  |  | 6.8 |  | $ | 3.5 |
Vested and Expected to Vest at December 31, 2022 | 528,037 |  |  | $ | 75.72 |  |  | 5.9 |  | $ | 1.5 |
Exercisable at December 31, 2022 | 378,811 |  |  | $ | 75.95 |  |  | 4.9 |  | $ | 1.3 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | Activity in equity classified awards of restricted stock and restricted stock units for the years ended December 31, 2022, 2021 and 2020 is as follows:
| Shares of Restricted Stock |  | Weighted Average Grant-Date Per Share Fair Value |  | Restricted Stock Units |  | Weighted Average Grant-Date Per Share Fair Value
Outstanding at December 31, 2019 | 224,515 |  |  | $ | 70.52 |  |  | 357,807 |  |  | $ | 30.35 |
Granted | 163,522 |  |  | 73.68 |  |  | 30,997 |  |  | 77.33 |
Released | (95,211) |  |  | 55.75 |  |  | (33,234) |  |  | 63.98 |
Forfeited | (38,495) |  |  | 85.03 |  |  | — |  |  | — |
Outstanding at December 31, 2020 | 254,331 |  |  | 76.50 |  |  | 355,570 |  |  | 28.01 |
Granted | 141,264 |  |  | 83.24 |  |  | 68,998 |  |  | 63.04 |
Released | (60,407) |  |  | 66.90 |  |  | (318,976) |  |  | 23.19 |
Forfeited | (58,577) |  |  | 82.09 |  |  | — |  |  | — |
Outstanding at December 31, 2021 | 276,611 |  |  | 80.85 |  |  | 105,592 |  |  | 71.00 |
Granted | 201,789 |  |  | 70.12 |  |  | 60,914 |  |  | 49.36 |
Released | (98,864) |  |  | 86.36 |  |  | (42,611) |  |  | 66.63 |
Forfeited | (23,636) |  |  | 75.89 |  |  | — |  |  | — |
Outstanding at December 31, 2022 | 355,900 |  |  | $ | 73.57 |  |  | 123,895 |  |  | $ | 62.11 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The Company has granted cash-settled restricted stock units to certain employees. These instruments are recorded as liabilities at fair value as of the respective period end.
|  | Cash-Settled Restricted Stock Units |
Outstanding at December 31, 2019 |  | 63,852 |  |
Granted |  | 2,658 |  |
Released |  | (1,426) |  |
Forfeited |  | (12,128) |  |
Outstanding at December 31, 2020 |  | 52,956 |  |
Granted |  | — |  |
Released |  | (38,916) |  |
Forfeited |  | (1,241) |  |
Outstanding at December 31, 2021 |  | 12,799 |  |
Granted |  | 67 |  |
Released |  | (12,866) |  |
Forfeited |  | — |  |
Outstanding at December 31, 2022 |  | — |  |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + 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
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration