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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Total share-based compensation expense for the years ended 2023, 2022 and 2021, was as follows:


In millions	2023		2022		2021
Restricted stock units	$	11.3	$	9.8	$	8.7
Performance share units	7.7		11.1		4.1
Stock options	4.5		4.1		3.8
Total	$	23.5	$	25.0	$	16.6

Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity for the year ended December 31, 2023:


Shares in millions	Number of shares	Weighted average grant date fair value
Outstanding as of January 1, 2023	0.6	$	30.32
Granted	0.3	45.97
Vested	(0.3)	29.81

Outstanding as of December 31, 2023	0.6	37.66

Performance Share Units Activity

The following table summarizes PSU activity for the year ended December 31, 2023:


Shares in millions	Number of shares	Weighted average grant date fair value
Outstanding as of January 1, 2023	0.7	$	32.74
Granted	0.1	68.72
Vested	(0.3)	25.70

Outstanding as of December 31, 2023	0.5	44.67

Stock Option Assumptions

A summary of the assumptions used in determining the fair value of these PSUs is as follows:


	2023			2022			2021
Risk-free interest rate	4.66		%	1.45		%	0.24		%
Expected share price volatility	51.5		%	51.2		%	50.7		%
Grant-date fair value	$	68.72		$	42.82		$	39.12

We estimated the fair value of each stock option award issued in the annual share-based compensation grant using a Black-Scholes option pricing model, modified for dividends, and using the following assumptions for the years ended December 31:


	2023			2022			2021
Risk-free interest rate	3.77		%	1.50		%	0.45		%
Expected dividend yield	1.73		%	1.96		%	2.94		%
Expected share price volatility	36.6		%	33.3		%	32.6		%
Expected term (years)	6.5			6.2			6.5
Weighted-average grant-date fair value for options granted during the year	$	16.56		$	9.24		$	6.13

Stock Options Activity

The following table summarizes stock option activity for the year ended December 31, 2023:


Shares and intrinsic value in millions	Number of shares	Weighted average exercise price		Weighted-average remaining contractual life (years)	Aggregate intrinsic Value
Outstanding as of January 1, 2023	4.3	$	24.78
Granted	0.3	46.15
Exercised	(0.5)	24.60

Outstanding as of December 31, 2023	4.1	26.36
Options exercisable as of December 31, 2023	3.3	23.78		4.5	$	115.9
Options expected to vest as of December 31, 2023	0.8	36.52		8.2	18.3