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Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Compensation [Abstract]  
Summary of Company's Outstanding Restricted Stock Units
A summary of the Company’s outstanding RSUs is presented below:
 
Restricted Stock Units
 
Weighted-Average
Grant-Date
Fair Value
Restricted stock units outstanding at December 31, 2018
864,404

 
$
90.26

Grants (1)
299,487

 
102.86

Vests (2)
(374,702
)
 
88.83

Forfeitures and adjustments
(39,235
)
 
96.41

Restricted stock units outstanding at December 31, 2019
749,954

 
$
95.69

Restricted stock units vested, but deferred at December 31, 2019
57,602

 
$
71.19


(1)
The weighted average grant date fair value for RSUs granted in 2018 and 2017 was $93.20 and $99.40, respectively.
(2)
The total fair value of RSUs vested was $38.4 million, $25.3 million and $29.4 million for the years ended December 31, 2019, 2018 and 2017, respectively.
Summary of Share-based Compensation Activity
The following table shows a summary of RSU activity during the years ended December 31, 2019, 2018 and 2017:
 
 
Years Ended December 31,
 
2019
 
2018
 
2017
RSU compensation expense
$
29.5

 
$
36.0

 
$
23.7

Income tax benefit
(5.3
)
 
(6.5
)
 
(8.3
)
RSU compensation expense, net of tax
$
24.2

 
$
29.5

 
$
15.4


The following table shows a summary of PSU activity during the years ended December 31, 2019, 2018 and 2017:
 
Years Ended December 31,
 
2019
 
2018
 
2017
PSU compensation expense
$
23.2

 
$
19.6

 
$
10.5

Income tax benefit
(2.7
)
 
(3.1
)
 
(3.7
)
PSU compensation expense, net of tax
$
20.5

 
$
16.5

 
$
6.8
Schedule of Company's Outstanding Performance Share Units
A summary of the Company’s outstanding PSUs is presented below:
 
Performance
Share Units
 
Weighted-Average
Grant-Date
Fair Value
Performance share units outstanding, December 31, 2018
634,908

 
$
102.91

Grants (1)
250,603

 
105.23

Vests (2)
(195,490
)
 
81.90

Performance adjustment (3)
(51,731
)
 
79.23

Forfeitures and adjustments
(16,280
)
 
105.90

Performance share units outstanding, December 31, 2019
622,010

 
$
112.38

 
(1)
The weighted average grant date fair value for PSUs granted in 2018 and 2017 was $123.51 and $112.23, respectively.
(2)
The total fair value of PSUs vested was $19.7 million, $16.5 million and $22.5 million for the years ended December 31, 2019, 2018 and 2017, respectively.
(3)
Represents the change in PSUs issued based upon the attainment of performance goals established by the Company.
Schedule of Estimation of Fair Value of Awards
 
For awards granted during the
years ended December 31,
 
2019
 
2018
 
2017
Expected volatility
20.92
%
 
23.17
%
 
21.81
%
Expected term (years)
2.80

 
2.46

 
2.81

Risk free interest rate
2.40
%
 
2.64
%
 
1.62
%
Schedule of Share-based Payment Award, ESPP, Valuation Assumptions
 
For awards issued during the
years ended December 31,
  
2019
 
2018
 
2017
Expected volatility
18.47 - 26.91%
 
20.90 - 27.73%
 
21.83 - 27.20%
Risk free interest rates
2.10 - 2.56%
 
1.61 - 2.14%
 
0.37 - 0.65%
Dividend yield
2.18 - 2.63%
 
1.49 - 1.56%
 
1.61 - 1.69%
Expected term (years)
0.5
 
0.5
 
0.5