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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense by Type of Award

The following table details the stock-based compensation expense by type of award for the years ended December 31, 2023, 2022 and 2021:

(In millions)

 

2023

 

 

2022

 

 

2021

 

Non-qualified stock options

 

$

4.5

 

 

$

5.4

 

 

$

7.3

 

Restricted stock, service based (“RSUs”)

 

 

7.7

 

 

 

7.2

 

 

 

7.7

 

Restricted stock, performance based (“PRSUs”)

 

 

8.0

 

 

 

6.7

 

 

 

3.6

 

Employee stock purchase plan

 

 

0.7

 

 

 

0.6

 

 

 

0.3

 

Stock-based compensation expense

 

$

20.9

 

 

$

19.9

 

 

$

18.9

 

Tax benefit from stock exercised and converted during the period

 

$

2.5

 

 

$

1.6

 

 

$

2.5

 
Summary of Option Activity

A summary of option activity under the plan for the three years ended December 31, 2023 is as follows:

 

 

 

Number of

 

 

Weighted-

 

 

Remaining

 

 

 

Options

 

 

Average

 

 

Contractual Life

 

 

 

(In millions)

 

 

Exercise Price

 

 

(in years)

 

Outstanding at December 31, 2020

 

 

1.6

 

 

$

51.07

 

 

 

6.0

 

Options granted

 

 

0.4

 

 

$

44.90

 

 

 

-

 

Options exercised

 

 

(0.3

)

 

$

38.03

 

 

 

-

 

Outstanding at December 31, 2021

 

 

1.7

 

 

$

51.28

 

 

 

6.3

 

Options granted

 

 

0.2

 

 

$

52.17

 

 

 

-

 

Options exercised

 

 

(0.1

)

 

$

37.99

 

 

 

-

 

Outstanding at December 31, 2022

 

 

1.8

 

 

$

52.01

 

 

 

5.7

 

Options granted

 

 

0.2

 

 

$

68.79

 

 

 

-

 

Options exercised

 

 

(0.2

)

 

$

42.95

 

 

 

-

 

Outstanding at December 31, 2023

 

 

1.8

 

 

$

54.58

 

 

 

5.4

 

 

 

 
Schedule of Other Stock Option Statistics

 

 

Year Ended December 31,

 

(In millions, except weighted average exercise price)

 

2023

 

 

2022

 

Aggregate intrinsic value of outstanding options

 

$

33.6

 

 

$

18.2

 

Aggregate intrinsic value of exercisable options

 

$

26.4

 

 

$

11.8

 

Total intrinsic value of options exercised

 

$

5.9

 

 

$

1.8

 

Total number of options exercisable

 

 

1.3

 

 

 

1.2

 

Weighted average exercise price of options exercisable

 

$

54.05

 

 

$

52.98

 

Total unrecognized compensation cost on non-vested options (a)

 

$

1.2

 

 

$

1.7

 

 

 

(a)
Unrecognized compensation cost relates to non-vested stock options and is expected to be recognized over the remaining vesting period ranging from one year to three years.
Schedule of Assumptions Used in Determining the Estimated the Fair Value of Stock Options

We estimated the fair value of stock options at the grant date using the Black-Scholes option pricing model with the following assumptions for the years ended December 31, 2023, 2022 and 2021:

 

 

2023

 

 

2022

 

 

2021

 

Risk-free interest rate

 

 

3.51

%

 

 

1.74

%

 

 

0.58

%

Expected option life (in years)

 

 

6.05

 

 

 

6.03

 

 

 

5.99

 

Dividend yield

 

 

0.7

%

 

 

0.8

%

 

 

1.5

%

Volatility

 

 

37.14

%

 

 

44.21

%

 

 

49.65

%

Weighted-average fair value per option granted

 

$

26.81

 

 

$

21.40

 

 

$

18.12

 

 
Summary of the Company's Service Based RSU Activity

The table presented below provides a summary of the Company’s RSU activity for the years ended December 31, 2023, 2022 and 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RSUs

 

 

Weighted-Average

 

 

 

Number of (In millions)

 

 

Fair Value Grant Date

 

Outstanding at December 31, 2020

 

 

0.5

 

 

$

47.98

 

RSUs granted

 

 

0.1

 

 

$

47.20

 

RSUs issued

 

 

(0.1

)

 

$

48.61

 

Outstanding at December 31, 2021

 

 

0.5

 

 

$

47.46

 

RSUs granted

 

 

0.1

 

 

$

53.51

 

RSUs issued

 

 

(0.1

)

 

$

54.63

 

Outstanding at December 31, 2022

 

 

0.5

 

 

$

46.93

 

RSUs granted

 

 

0.1

 

 

$

67.69

 

RSUs issued

 

 

(0.1

)

 

$

53.05

 

Outstanding at December 31, 2023

 

 

0.5

 

 

$

50.41

 

 
Summary of the Company's PRSU Activity

The table presented below provides a summary, of the Company’s PRSU activity, at original grant amounts, for the years ended December 31, 2023, 2022 and 2021:

 

 

 

 

 

Weighted-

 

 

 

Number of

 

 

Average

 

 

 

PRSUs

 

 

Grant Date

 

 

 

(In millions)

 

 

Fair Value

 

Outstanding at December 31, 2020

 

 

0.3

 

 

$

68.77

 

PRSUs granted

 

 

0.2

 

 

$

44.90

 

PRSUs issued

 

 

-

 

 

$

50.50

 

PRSUs cancelled

 

 

(0.1

)

 

$

68.15

 

Outstanding at December 31, 2021

 

 

0.4

 

 

$

57.19

 

PRSUs granted

 

 

0.1

 

 

$

52.17

 

PRSUs issued

 

 

-

 

 

$

-

 

PRSUs cancelled

 

 

(0.1

)

 

$

65.56

 

Outstanding at December 31, 2022

 

 

0.4

 

 

$

53.71

 

PRSUs granted

 

 

0.1

 

 

$

68.79

 

PRSUs issued

 

 

-

 

 

$

-

 

PRSUs cancelled

 

 

(0.1

)

 

$

73.75

 

Outstanding at December 31, 2023

 

 

0.4

 

 

$

53.19