Stock Based Compensation Plans

6 Months Ended

Jun. 30, 2021

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, 2020		12.7		$	50.72
Granted		1.4			84.69
Exercised		(0.3	)		33.94
Outstanding at June 30, 2021		13.8		$	54.69		5.8	$	419.3
Exercisable at June 30, 2021		8.9		$	42.17		4.2	$	384.5

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,
	2021		2020		2021		2020
Intrinsic Value of Stock Options Exercised	$	9.3	$	54.6	$	18.8	$	68.9
Stock Compensation Expense Related to Stock Option Awards	$	13.4	$	12.7	$	16.5	$	15.4
Issued Stock Options		1.4		1.8		1.4		1.8
Weighted Average Fair Value of Stock Options issued (per share)	$	17.34	$	12.74	$	17.31	$	12.73
Fair Value of Stock Options Issued	$	24.6	$	23.1	$	25.1	$	23.6

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,
	2021			2020			2021			2020
Risk-free interest rate		1.4	%		0.5	%		1.3	%		0.5	%
Expected life in years		7.2			7.3			7.2			7.3
Expected volatility		20.7	%		19.9	%		20.7	%		19.8	%
Dividend yield		1.2	%		1.3	%		1.2	%		1.3	%