Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2022

Incentive Plans

Market Performance Based Awards

		Market
		Performance
	RMS Relative	Vesting
Level	Market Performance	Percentage
Below Threshold Level	≤ -500 basis points	0	%
Threshold Level	-500 basis points	25	%
Target Level	0 basis points	50	%
High Level	≥ 500 basis points	100	%

Schedule of Valuation Assumptions

	Expected Stock Price		Risk-Free Interest
Award Date	Volatility		rate
February 19, 2020	22	%	1.39	%
February 20, 2020	22	%	1.35	%
January 1, 2021	27	%	0.17	%
February 25, 2021	26	%	0.31	%
January 1, 2022	26	%	0.97	%

Schedule of compensation expense and unearned compensation

Below is a summary of compensation expense and unearned compensation (in millions):

																	Expected
																	period to
	Deferred Compensation												Unearned Compensation				recognize
	Expensed						Capitalized						As of		As of		unearned
	Year Ended December 31,						Year Ended December 31,						December 31,		December 31,		compensation
Type of incentive award	2022		2021		2020		2022		2021		2020		2022		2021		(in years)
Long-term incentive units	$	21.7	$	15.4	$	12.8	$	0.2	$	0.2	$	0.2	$	20.7	$	19.8	1.6
Performance-based awards		21.4		23.9		24.8		0.5		0.7		0.6		30.3		39.2	1.6
Service-based restricted stock units		25.9		23.2		15.1		5.4		3.3		3.2		55.4		44.5	2.5
Interxion awards		4.7		17.7		19.7		—		—		—		1.9		8.5	0.7

Schedule of weighted average fair value

The following table sets forth the weighted-average fair value of for each type of incentive award at the date of grant for the years ended December 31, 2022, 2021 and 2020:

	Weighted Average Fair Value at Date of Grant
Type of incentive award	2022		2021		2020
Long-term incentive units	$	146.37	$	132.66	$	134.55
Performance-based awards		154.26		137.69		159.34
Restricted stock		131.57		129.52		138.82
Interxion awards		—		—		120.67

Activity for LTIP Units and service-based Restricted Stock Units for the year ended December 31, 2022 is shown below.

		Weighted-Average		Weighted-Average		Aggregate
		Grant Date Fair		Remaining Contractual		Intrinsic Value (1)
Unvested LTIP Units	Units	Value		Life (Years)		(in thousands)
Unvested, beginning of period	250,468	$	132.66
Granted	169,663		153.67
Vested	(140,873)		130.79
Cancelled or expired	—		—
Unvested, end of period	279,258	$	146.37		1.55	$	28,001

(1) The intrinsic value is calculated based on the market value of our common stock as of December 31, 2022.

Summary of Long-Term Incentive Unit Activity

		Weighted-Average		Weighted-Average		Aggregate
		Grant Date Fair		Remaining Contractual		Intrinsic Value (1)
Unvested LTIP Units	Units	Value		Life (Years)		(in thousands)
Unvested, beginning of period	250,468	$	132.66
Granted	169,663		153.67
Vested	(140,873)		130.79
Cancelled or expired	—		—
Unvested, end of period	279,258	$	146.37		1.55	$	28,001

(1) The intrinsic value is calculated based on the market value of our common stock as of December 31, 2022.

Summary of Restricted Stock Activity

		Weighted-Average		Weighted-Average			Aggregate
		Grant Date Fair		Remaining Contractual			Intrinsic Value (1)
Unvested Restricted Stock Units	Shares	Value		Life (Years)			(in thousands)
Unvested, beginning of period	509,369	$	129.52
Granted	373,953		131.69
Vested	(309,631)		128.22
Cancelled or expired	(65,854)		132.14
Unvested, end of period	507,837	$	131.57		2.36	$		50,921

(1) The intrinsic value is calculated based on the market value of our common stock as of December 31, 2022.