Stock Based Compensation Plans

6 Months Ended

Jun. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [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, 2019		14.0		$	43.23
Granted		1.8			73.89
Exercised		(1.5	)		29.35
Cancelled		(0.1	)		61.87
Outstanding at June 30, 2020		14.2		$	48.61		5.9	$	407.0
Exercisable at June 30, 2020		8.9		$	38.78		4.2	$	341.9

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,
	2020		2019		2020		2019
Intrinsic Value of Stock Options Exercised	$	54.6	$	47.8	$	68.9	$	71.9
Stock Compensation Expense Related to Stock Option Awards	$	12.7	$	12.2	$	15.4	$	14.5
Issued Stock Options		1.8		1.4		1.8		1.4
Weighted Average Fair Value of Stock Options issued (per share)	$	12.74	$	14.94	$	12.73	$	14.94
Fair Value of Stock Options Issued	$	23.1	$	21.3	$	23.6	$	21.3

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,
	2020			2019			2020			2019
Risk-free interest rate		0.5	%		2.1	%		0.5	%		2.1	%
Expected life in years		7.3			7.3			7.3			7.3
Expected volatility		19.9	%		17.2	%		19.8	%		17.2	%
Dividend yield		1.3	%		1.2	%		1.3	%		1.2	%