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Equity-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement, Disclosure [Abstract]  
Schedule Equity-Based Compensation Expense
Equity-based compensation expense, which is recorded in Selling and administrative expenses in the Consolidated Statements of Operations was as follows:
Year Ended December 31,
202020192018
Equity-based compensation expense$42.5 $48.5 $40.7 
Income tax benefit(1)
(7.7)(9.8)(9.9)
Equity-based compensation expense, net of tax$34.8 $38.7 $30.8 
(1)Represents equity-based compensation tax expense at the statutory tax rates. Excess tax benefits associated with equity awards are excluded from this disclosure and separately disclosed in Note 11 (Income Taxes).
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions The weighted-average assumptions used to value the stock options granted were as follows:
Year Ended December 31,
202020192018
Grant date fair value$20.46 $19.26 $14.80 
Volatility (1)
25.50 %20.00 %20.00 %
Risk-free rate (2)
0.51 %2.53 %2.75 %
Expected dividend yield1.52 %1.23 %1.14 %
Expected term (in years) (3)
6.06.06.0
(1)Based upon an assessment of the two-year and five-year historical and implied volatility for the Company's selected peer group, adjusted for the Company's leverage.
(2)Based on a composite US Treasury rate.
(3)Calculated using the simplified method, which defines the expected term as the average of the option's contractual term and the option's weighted-average vesting period. The Company utilizes this method as it has limited historical stock option data that is sufficient to derive a reasonable estimate of the expected stock option term.
Schedule of Stock Options Roll Forward
Stock option activity for the year ended December 31, 2020 was as follows:
OptionsNumber of OptionsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (years)Aggregate Intrinsic Value
Outstanding at January 1, 2020
4,138,242 $59.39 
Granted991,431 100.80 
Forfeited/Expired(44,409)92.54 
Exercised(1)
(1,119,812)44.05 
Outstanding at December 31, 2020
3,965,452 $73.71 6.48$230.3 
Vested and exercisable at December 31, 2020
2,192,951 $56.63 4.98$164.8 
Expected to vest after December 31, 2020
1,745,547 $94.70 8.32$64.7 
(1)The total intrinsic value of stock options exercised during the years ended December 31, 2020, 2019 and 2018 was $94 million, $83 million and $47 million, respectively.
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
RSU activity for the year ended December 31, 2020 was as follows:
Number of UnitsWeighted-Average Grant-Date Fair Value
Non-vested at January 1, 2020
209,378 $75.56 
Granted (1)
66,685 112.55 
Vested (2)
(172,691)68.78 
Forfeited(10,936)86.16 
Non-vested at December 31, 2020
92,436 $107.88 
(1)The weighted-average grant date fair value of RSUs granted during the years ended December 31, 2020, 2019 and 2018 was $112.55, $103.24 and $73.95, respectively.
(2)The aggregate fair value of RSUs that vested during the years ended December 31, 2020, 2019 and 2018 was $12 million, $4 million and $2 million, respectively.
Schedule of Nonvested Performance-based Units Activity
PSU activity for the year ended December 31, 2020 was as follows:
Number of UnitsWeighted-Average Grant-Date Fair Value
Non-vested at January 1, 2020
381,905 $87.78 
Granted (1)
253,307 102.96 
Attainment Adjustment (2)
166,574 59.00 
Vested (3)
(353,245)68.07 
Forfeited(27,377)88.98 
Non-vested at December 31, 2020
421,164 $102.07 
(1)The weighted-average grant date fair value of PSUs granted during the years ended December 31, 2020, 2019 and 2018 was $102.96, $101.33 and $73.74, respectively.
(2)During the year ended December 31, 2020, the attainment on PSUs vested at December 31, 2019 was adjusted to reflect actual performance.
(3)The aggregate fair value of PSUs that vested during the years ended December 31, 2020, 2019 and 2018 was $24 million, $18 million and $13 million, respectively.