Stock Based Compensation Plans

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation Plans

6.Stock Based Compensation Plans

The following table provides a summary of option activity:

						Weighted
						Average
				Weighted		Remaining
				Average		Contractual		Aggregate
				Exercise		Term		Intrinsic
	Options			Price		(in Years)		Value
Outstanding at December 31, 2021		11.3		$	58.83
Granted		1.5			85.16
Exercised		(0.5	)		38.41
Cancelled		(0.2	)		78.54
Outstanding at June 30, 2022		12.1		$	62.45		6.2	$	366.7
Exercisable at June 30, 2022		7.4		$	50.75		4.5	$	311.2

The following table provides information regarding the intrinsic value of stock options exercised and stock compensation expense related to stock option awards:

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2022		2021		2022		2021
Intrinsic Value of Stock Options Exercised	$	9.5	$	9.3	$	26.3	$	18.8
Stock Compensation Expense Related to Stock Option Awards	$	14.7	$	13.4	$	17.5	$	16.5
Issued Stock Options		1.5		1.4		1.5		1.4
Weighted Average Fair Value of Stock Options issued (per share)	$	21.43	$	17.34	$	21.45	$	17.31
Fair Value of Stock Options Issued	$	31.3	$	24.6	$	31.6	$	25.1

The following table provides a summary of the assumptions used in the valuation of issued stock options:

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2022			2021			2022			2021
Risk-free interest rate		2.9	%		1.4	%		2.9	%		1.3	%
Expected life in years		7.1			7.2			7.1			7.2
Expected volatility		21.7	%		20.7	%		21.7	%		20.7	%
Dividend yield		1.2	%		1.2	%		1.2	%		1.2	%