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Share-Based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2022
Schedule of Changes in Stock Options

The following table presents stock option activity for the year ended December 31, 2022:

 

 

 

Number of shares (thousands)

 

 

Weighted-average exercise price

 

 

Weighted-average remaining contractual term (years)

 

 

Aggregate intrinsic value
(millions)

 

Option shares outstanding, December 31, 2021

 

 

73.5

 

 

$

46.05

 

 

 

 

 

 

 

Option shares exercised

 

 

(39.6

)

 

$

44.93

 

 

 

 

 

 

 

Option shares outstanding, December 31, 2022

 

 

33.9

 

 

$

47.35

 

 

 

1.1

 

 

$

0.7

 

Option shares exercisable, vested and expected to vest,
     December 31, 2022

 

 

33.9

 

 

$

47.35

 

 

 

1.1

 

 

$

0.7

 

Schedule of Information Related to Stock Option Exercises

The following table presents information related to stock option exercises:

 

 

 

2022

 

 

2021

 

 

2020

 

Total intrinsic value of stock options exercised

 

$

1.3

 

 

$

4.1

 

 

$

5.6

 

Cash proceeds received from stock options exercised

 

 

1.8

 

 

 

2.5

 

 

 

4.7

 

Tax deduction realized from stock options exercised

 

 

0.1

 

 

 

0.4

 

 

 

1.2

 

Schedule of Restricted Stock and Restricted Stock Units Activity

We also grant non-vested stock awards in the form of Restricted Stock Units (“RSUs”), Performance Stock Units (“PSUs”) and Restricted Stock Awards ("RSAs"). A summary of the 2022 activity related to the RSUs, PSUs and RSAs is as follows:

 

 

 

Non-Vested Stock Awards

 

 

 

RSUs

 

 

PSUs

 

 

RSAs

 

 

 

Number of shares (thousands)

 

 

Weighted-
average fair value
at grant date

 

 

Number of shares (thousands)

 

 

Weighted-
average fair value
at grant date

 

 

Number of shares (thousands)

 

 

Weighted-
average fair value
at grant date

 

December 31, 2021

 

65.0

 

 

$

87.94

 

 

 

301.8

 

 

$

92.74

 

 

 

72.6

 

 

$

77.99

 

Granted

 

 

77.3

 

 

 

86.98

 

 

 

118.2

 

 

 

96.67

 

 

 

-

 

 

 

-

 

Performance adjustments

 

 

-

 

 

 

-

 

 

 

(27.5

)

 

 

(71.84

)

 

 

-

 

 

 

-

 

Vested

 

 

(24.1

)

 

 

(90.32

)

 

 

(74.4

)

 

 

(77.80

)

 

 

(20.4

)

 

 

(77.90

)

Forfeited

 

 

(6.1

)

 

 

(87.60

)

 

 

(11.7

)

 

 

(102.92

)

 

 

(1.5

)

 

 

(77.22

)

December 31, 2022

 

112.1

 

 

$

86.66

 

 

 

306.4

 

 

$

99.38

 

 

 

50.7

 

 

$

78.05

 

ScheduleOfShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsValuationAssumptionsTableTextBlock

 

 

2022

 

 

2021

 

Weighted-average grant date fair value of market-based PSUs granted (dollars per award)

 

$

104.92

 

 

$

117.85

 

Assumptions

 

 

 

 

 

 

Risk-free rate of return

 

 

1.8

%

 

 

0.3

%

Expected volatility

 

 

37.0

%

 

 

37.0

%

Expected term (in years)

 

 

3.1

 

 

 

3.1

 

Expected dividend yield

 

 

0.0

%

 

 

0.0

%