Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Fair Value of Valuation Assumptions

The fair value of each stock option granted was estimated on the date of grant using the Black-Scholes valuation model that uses the following weighted-average assumptions:

	Years Ended December 31,
	2022			2021
Expected term (in years)	6.3 - 6.5			6.0 - 6.5
Expected volatility factor	44.20% - 43.71%			43.11% - 42.16%
Risk free interest rate	1.86% - 1.87%			0.66% - 0.75%
Expected dividend yield		1.25	%	0.80% - 0.82%

Summary of Stock Option Activity

The following table summarizes the stock option activity under the Company’s plan for the year ended December 31, 2022:

	Weighted Average Remaining Contractual Life in Years		Options (In thousands)		Weighted-average grant date fair value		Aggregate Intrinsic Value (In millions)
Outstanding at January 1, 2022				500.0	$	39.26
Granted				176.2		45.05
Outstanding at December 31, 2022		7.6		676.2	$	40.77	$	12.8
Exercisable at December 31, 2022		7.0		415.0	$	37.53	$	9.2
Unvested and expected to vest at December 31, 2022		8.4		245.2	$	45.86	$	3.4

Summary of Restricted Stock Unit Activity

The following table summarizes the Restricted Stock Unit (“RSU”) activity under the Company’s plan for the year ended December 31, 2022:

	Shares (In thousands)			Weighted-average grant date fair value		Aggregate Intrinsic Value (In millions)
Unvested at January 1, 2022		420.5		$	42.21
Granted		229.9			44.38
Vested		(212.4	)		40.34
Canceled/Forfeited		(63.1	)		45.70
Unvested at December 31, 2022		374.9		$	44.11	$	22.4

Summary of Performance Share Awards Activity

	Shares (In thousands)			Weighted-average grant date fair value		Aggregate Intrinsic Value (In millions)
Unvested at January 1, 2022		286.5		$	40.23
Granted		132.8			45.45
Vested		(232.1	)		33.09
Unvested at December 31, 2022		187.2		$	51.29	$	11.2

Performance Share Awards

Summary of Fair Value of Valuation Assumptions

The fair value of PSAs is determined utilizing the Monte Carlo simulation model. The following weighted-average assumptions were used in the Monte Carlo simulation model, which were based on historical data and standard industry valuation practices and methodology:

	Years Ended December 31,
	2022			2021
PSA fair value per share	$	45.45		$	64.43
Expected volatility factor		57.27	%		55.85	%
Risk free interest rate		1.64	%		0.18	%
Expected dividend yield		0.00	%		0.00	%