Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Fair Value Assumptions

The fair value of stock options that the Company assumed in connection with the acquisition of Ingersoll Rand Industrial was estimated using the Black-Scholes model with the following assumptions.

Converted Stock Option Awards Assumptions:
Expected life of options (in years)	2.0 - 3.6
Risk-free interest rate	0.9	%
Assumed volatility	34.2	%
Expected dividend rate	0.0	%

The following assumptions were used to estimate the fair value of options granted during the years ended December 31, 2020, 2019 and 2018.

	2020		2019		2018
Assumptions:
Expected life of options (in years)	6.3		6.3		7.0 - 7.5
Risk-free interest rate	0.4% - 1.5%		1.7% - 2.6%		2.9% - 3.1%
Assumed volatility	24.6% - 41.1%		24.8% - 31.8%		31.1% - 35.4%
Expected dividend rate	0.0	%	0.0	%	0.0	%

Schedule of Stock Option Activity

A summary of the Company’s stock option (including SARs) activity for the year ended December 31, 2020 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Exercise Price (per share)		Wtd. Avg. Remaining Contractual Term (years)	Aggregate Intrinsic Value of In-The-Money Options (in millions)
Outstanding at December 31, 2019	8,028	$	14.14
Converted Ingersoll Rand Industrial stock options	985	24.72
Granted	1,460	24.77
Exercised or Settled	(2,479)	9.83
Forfeited	(237)	26.01
Expired	(15)	30.26
Outstanding at December 31, 2020	7,742	18.47		6.2	$	208.5
Vested at December 31, 2020	4,642	13.09		4.7	$	149.4

Schedule of Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity for the year ended December 31, 2020 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2019	719	29.31
Converted Ingersoll Rand Industrial restricted stock units	305	33.06
Granted	5,043	33.40
Vested	(312)	30.14
Forfeited	(209)	31.79
Non-vested as of December 31, 2020	5,546	33.09

Schedule of Performance Stock Unit Activity

A summary of the Company’s performance stock unit activity for the year ended December 31, 2020 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2019	—	$	—
Granted	302	29.72
Vested	—	—
Forfeited	(47)	29.72
Non-vested as of December 31, 2020	255	29.72