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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Share-Based Compensation Expense Share-based compensation expense was as follows (in millions):

 

 

 

For the Years Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Total expense, pre-tax

 

$

79.7

 

 

$

84.3

 

 

$

65.5

 

Tax benefit related to awards

 

 

16.9

 

 

 

21.8

 

 

 

14.6

 

Total expense, net of tax

 

$

62.8

 

 

$

62.5

 

 

$

50.9

 
Summary of Stock Option Activity

A summary of stock option activity for the year ended December 31, 2020 is as follows (options in thousands):

 

 

 

Stock

Options

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Life

 

 

Intrinsic

Value

(in millions)

 

Outstanding at January 1, 2020

 

 

7,285

 

 

$

107.53

 

 

 

 

 

 

 

 

 

Options granted

 

 

1,370

 

 

 

155.68

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(1,028

)

 

 

100.69

 

 

 

 

 

 

 

 

 

Options forfeited

 

 

(175

)

 

 

135.54

 

 

 

 

 

 

 

 

 

Options expired

 

 

(29

)

 

 

113.53

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2020

 

 

7,423

 

 

$

116.67

 

 

 

6.3

 

 

$

282.0

 

Vested or expected to vest as of December 31, 2020

 

 

7,205

 

 

$

115.92

 

 

 

6.2

 

 

$

278.8

 

Exercisable at December 31, 2020

 

 

4,581

 

 

$

104.20

 

 

 

5.0

 

 

$

228.5

 
Weighted Average Fair Value for Stock Options Granted

The following table presents information regarding the weighted average fair value of stock options granted, the assumptions used to determine fair value, the intrinsic value of options exercised and the tax benefit of options exercised in the indicated year:

 

 

 

For the Years Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Dividend yield

 

 

0.6

%

 

 

0.8

%

 

 

0.8

%

Volatility

 

 

22.3

%

 

 

22.1

%

 

 

22.1

%

Risk-free interest rate

 

 

1.3

%

 

 

2.4

%

 

 

2.7

%

Expected life (years)

 

 

5.0

 

 

 

5.5

 

 

 

5.2

 

Weighted average fair value of options granted

 

$

31.65

 

 

$

28.68

 

 

$

26.66

 

Intrinsic value of options exercised (in millions)

 

$

50.1

 

 

$

76.8

 

 

$

46.6

 

Tax benefit of options exercised (in millions)

 

$

9.6

 

 

$

15.8

 

 

$

6.8

 
Summary of Nonvested RSU Activity

A summary of nonvested RSU activity for the year ended December 31, 2020 is as follows (RSUs in thousands):

 

 

 

 

 

 

 

Weighted

Average

 

 

 

 

 

 

 

Grant Date

 

 

 

RSUs

 

 

Fair Value

 

Outstanding at January 1, 2020

 

 

1,228

 

 

$

118.11

 

Granted

 

 

446

 

 

 

148.10

 

Vested

 

 

(281

)

 

 

114.35

 

Forfeited

 

 

(323

)

 

 

132.42

 

Outstanding at December 31, 2020

 

 

1,070

 

 

 

129.65