XML 50 R38.htm IDEA: XBRL DOCUMENT v3.22.4
Stock-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Stock Options Roll Forward
A summary of the stock option activity under the Incentive Plan for the year ended December 31, 2022, is presented below:

Stock OptionsNumber of Stock OptionsWeighted Average Exercise Price Per ShareAggregate Intrinsic
Value (1)
(in millions)		Weighted Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2021705,749 $350.74   
Granted67,000 501.50   
Exercised(44,550)340.35   
Forfeited(46,125)363.75   
Outstanding as of December 31, 2022682,074 $365.34 $77.4 4.9
Exercisable as of December 31, 2022244,454 $344.89 $31.8 4.5
Unvested as of December 31, 2022437,620 $376.77 $45.6 5.1

(1)The intrinsic value of stock options is the amount by which the market price of the stock as of December 31, 2022 exceeded the exercise price of the options.
Schedule of Stock Options Valuation Assumptions
We estimated the fair value of each stock option on the date of grant using a Black-Scholes valuation model with the following assumptions:

Valuation Assumptions2022
Risk-free interest rate1.5%-4.4%
Expected stock price volatility38.0%-41.0%
Expected life of stock options (in years)3.5-4.0
Summary Of Restricted Stock Units Activity summary of the restricted stock unit (“RSU”) activity under the Incentive Plan for the year ended December 31, 2022, is presented below:
Restricted Stock UnitsNumber of Restricted Stock UnitsWeighted Average Grant-Date Fair Value Per ShareAggregate Intrinsic
Value (2)
(in millions)		Weighted Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2021376,835 $143.70   
Granted22,867 488.27   
Converted(57,928)126.25   
Forfeited(546)437.63   
Outstanding as of December 31, 2022 (1)341,228 $169.28 $161.9 1.6
Vested as of December 31, 2022312,872 $142.40 $148.4 1.4

(1)No RSUs outstanding at December 31, 2022 were convertible to shares of common stock.
(2)The intrinsic value of RSUs is measured by applying the closing stock price as of December 31, 2022 to the applicable number of units.
 [1]
Schedule Of Stock Based Compensation Expense
Stock-based compensation expense consists of the following:
(In millions)For the Years Ended December 31,
 202220212020
Stock options$33.8 $33.7 $— 
Restricted stock units2.7 (1.1)4.2 
Restricted stock— (7.8)2.0 
Total$36.5 $24.8 $6.2 
Schedule Of Future Share-Based Compensation Cost
Assuming performance targets are achieved in the periods currently estimated, we expect to recognize the remaining expense for stock-based awards outstanding as of December 31, 2022 over a weighted average period of 1.2 years, as follows:
(In millions)   
For the Years Ended December 31,Stock OptionsRestricted
Stock Units		Restricted StockTotal Projected Expense
2023$34.4 $3.5 $— $37.9 
202434.3 2.8 — 37.1 
20255.2 2.2 — 7.4 
20261.2 1.5 — 2.7 
Total$75.1 $10.0 $— $85.1 
[1] The intrinsic value of RSUs is measured by applying the closing stock price as of December 31, 2022 to the applicable number of units.