Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Performance-Based Option Activity

Performance-based option activity under the 2007 SIP, the 2013 SIP, and the 2018 EIP was as follows:

	Shares			Weighted Average Exercise Price (per share)			Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in millions)
Performance-based options outstanding at December 31, 2019		68,281		$	13.58			2.6	$	3.7
Granted		1,818,728		$	65.27			—
Exercised		(42,730	)		(13.46	)		—		—
Performance-based options outstanding at December 31, 2020		1,844,279		$	64.55			9.2	$	77.5
Exercised		(65,882	)		(47.23	)		—		—
Forfeited or expired		(1,347	)		—			—		—
Performance-based options outstanding at December 31, 2021		1,777,050		$	64.72			8.3	$	70.6
Exercised		(14,755	)		(13.46	)		—		—
Forfeited or expired		(1,857	)		—			—		—
Performance-based options outstanding at December 31, 2022		1,760,438		$	66.10			7.4	$	0.1
Performance-based options exercisable at December 31, 2022		260,438		$	70.90			7.5	$	0.1

Summary of Term-Based Stock Option Activity

Term-based stock option activity under the 2007 SIP, the 2013 SIP, and the 2018 EIP, was as follows:

	Shares			Weighted Average Exercise Price (per share)			Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in millions)
Term-based options outstanding at December 31, 2019		13,144,937		$	29.74			7.8	$	501.3
Granted		2,282,334			66.06			—		—
Exercised		(3,889,096	)		(20.42	)		—		—
Forfeited or expired		(555,101	)		(32.09	)		—		—
Term-based options outstanding at December 31, 2020		10,983,074		$	40.47			7.8	$	725.9
Granted		759,126			84.07			—		—
Exercised		(2,942,465	)		(26.71	)		—		—
Forfeited or expired		(283,866	)		(48.62	)		—		—
Term-based options outstanding at December 31, 2021		8,515,869		$	48.87			7.3	$	473.4
Granted		81,145			56.29			—		—
Exercised		(931,520	)		(32.14	)		—		—
Forfeited or expired		(369,408	)		(58.59	)		—		—
Term-based options outstanding at December 31, 2022		7,296,086		$	50.59			6.4	$	117.4
Term-based options exercisable at December 31, 2022		4,965,415		$	44.23			6.4	$	104.9

Other Information Pertaining to Term-Based Options

Other information pertaining to term-based options was as follows:

	Year Ended December 31,
	2022		2021		2020
Weighted average grant date fair value per share	$	24.12	$	33.09	$	21.15

Fair Value of Stock Option Estimated Using Black-Scholes Option Pricing Model

The fair value of the term-based stock options was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

	Year Ended December 31,
	2022			2021			2020
Expected volatility		40.7	%		35.8	%		29.8	%
Expected dividend rate		—			—			—
Risk-free interest rate		2.6	%		1.3	%		0.6	%

Summary of Restricted Stock Units Activity

RSU activity under the 2013 SIP and the 2018 EIP, was as follows:

	Shares
RSUs outstanding at December 31, 2019		819,818
Granted		685,997
Shares issued upon vesting of RSUs		(73,475	)
Forfeited or canceled		(42,955	)
RSUs outstanding at December 31, 2020		1,389,385
Granted		890,852
Shares issued upon vesting of RSUs		(262,239	)
Forfeited or canceled		(82,059	)
RSUs outstanding at December 31, 2021		1,935,939
Granted		1,624,345
Shares issued upon vesting of RSUs		(504,586	)
Forfeited or canceled		(164,881	)
RSUs outstanding at December 31, 2022		2,890,817
RSUs releasable at December 31, 2022		661,484

Other Information Pertaining to RSUs

Other information pertaining to RSUs was as follows:

	Year Ended December 31,
	2022		2021		2020
Weighted average grant date fair value per share	$	69.35	$	85.08	$	69.57

Summary of Performance Stock Units

PSU activity under the 2018 EIP was as follows:

	Shares
PSUs outstanding at December 31, 2019		—
Granted		145,017
Forfeited or canceled		(9,797	)
PSUs outstanding at December 31, 2020		135,220
Granted		348,483
Shares issued upon vesting of PSUs		(2,050	)
Forfeited or canceled		(162,908	)
PSUs outstanding at December 31, 2021		318,745
Granted		582,662
Shares issued upon vesting of PSUs		(168,414	)
Forfeited or canceled		(26,526	)
PSUs outstanding at December 31, 2022		706,467
PSUs releasable at December 31, 2022		—

Summary of Global Employee Stock Purchase Plan Activity

Our GESPP activity was as follows:

	Year Ended December 31,
	2022		2021
Shares issued		243,043		153,235
Weighted average purchase price (per share)	$	48.59	$	81.69

Summary of Fair Value of Stock Purchase Rights Granted under the Global Employee Stock Purchase Plan Estimated Using Weighted-Average Assumptions

The fair value of the stock purchase rights granted under the GESPP was estimated using the following weighted-average assumptions:

	Year Ended December 31,
	2022			2021			2020
Expected volatility		29.3	%		33.7	%		46.4	%
Expected dividend rate		—			—			—
Risk-free interest rate		0.2	%		0.1	%		1.1	%
Expected term (in years)		0.3			0.3			0.3
Grant date fair value per share	$	21.16		$	22.07		$	17.11