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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 29, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock-Based Compensation Costs
The following summarizes the components of our stock-based compensation expense under the Stock Plan and the Danaher Plans ($ in millions):
 
Three Months Ended
 
Nine Months Ended
 
September 29, 2017
 
September 30, 2016
 
September 29, 2017
 
September 30, 2016
Stock Awards:
 
 
 
 
 
 
 
Pretax compensation expense
$
7.2

 
$
7.3

 
$
22.6

 
$
21.5

Income tax benefit
(2.4
)
 
(2.3
)
 
(8.0
)
 
(7.1
)
Stock Award expense, net of income taxes
4.8

 
5.0

 
14.6

 
14.4

Stock options:
 
 
 
 
 
 
 
Pretax compensation expense
4.7

 
4.7

 
14.6

 
12.9

Income tax benefit
(1.6
)
 
(1.6
)
 
(5.0
)
 
(4.4
)
Stock option expense, net of income taxes
3.1

 
3.1

 
9.6

 
8.5

Total stock-based compensation:
 
 
 
 
 
 
 
Pretax compensation expense
11.9

 
12.0

 
37.2

 
34.4

Income tax benefit
(4.0
)
 
(3.9
)
 
(13.0
)
 
(11.5
)
Total stock-based compensation expense, net of income taxes
$
7.9

 
$
8.1

 
$
24.2

 
$
22.9
Schedule of Future Compensation
Future compensation amounts will be adjusted for any changes in estimated forfeitures ($ in millions):
Stock Awards
$
45.2

Stock options
44.8

Total unrecognized compensation cost
$
90.0
Schedule of Assumptions Used
The following summarizes the assumptions used in the Black-Scholes Merton option pricing model to value stock options granted under the Stock Plan during the nine months ended September 29, 2017:
Risk-free interest rate
1.90% - 2.26%

Weighted average volatility (a)
21.0
%
Dividend yield
0.5
%
Expected years until exercise
5.5 - 8.0

 
 
(a) Weighted average volatility was estimated based on an average historical stock price volatility of a group of peer companies, given our limited trading history.
Schedule of Stock Option Activity
The following summarizes option activity under the Stock Plan for the nine months ended September 29, 2017 (in millions, except price per share and numbers of years):
 
Options
 
Weighted
Average
Exercise
Price
 
Weighted Average
Remaining
Contractual Term
(in years)
 
Aggregate
Intrinsic
Value
Outstanding as of December 31, 2016
10.7

 
$
33.23

 
 
 
 
Granted
1.8

 
57.55

 
 
 
 
Exercised
(1.0
)
 
25.09

 
 
 
 
Canceled/forfeited
(0.3
)
 
44.87

 
 
 
 
Outstanding as of September 29, 2017
11.2

 
$
37.65

 
6.5
 
$
370.9

Vested and expected to vest as of September 29, 2017 (a)
10.8

 
$
37.23

 
6.5
 
$
362.6

Vested as of September 29, 2017
5.4

 
$
28.23

 
4.7
 
$
229.3

 
 
 
 
 
 
 
 
(a) The “expected to vest” options are the net unvested options that remain after applying the forfeiture rate assumption to total unvested options.
Schedule of Stock Unit Activity
The following summarizes information related to unvested Stock Award activity under the Stock Plan for the nine months ended September 29, 2017 (in millions; except price per share):
 
Number of
Stock Awards
 
Weighted Average
Grant-Date
Fair Value
Unvested as of December 31, 2016
2.2

 
$
39.20

Granted
0.6

 
57.04

Vested
(0.6
)
 
35.70

Forfeited
(0.1
)
 
43.65

Unvested as of September 29, 2017
2.1

 
$
45.32