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Stock-Based Compensation
 9 Months Ended
Sep. 25, 2020
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation
NOTE 9. STOCK-BASED COMPENSATION
Our stock-based compensation program (the “Stock Plan”) provides for the grant of stock appreciation rights, performance stock units, restricted stock units, restricted stock awards and performance stock awards (collectively, “Stock Awards”), stock options or any other stock-based award. As of September 25, 2020, approximately 17 million shares of our common stock were available for subsequent issuance under the Stock Plan. For a full description of our stock-based compensation program refer to Note 17 of our 2019 Annual Report on Form 10-K.
Stock-based Compensation Expense
Stock-based compensation has been recognized as a component of Selling, general and administrative expenses in the accompanying Consolidated Condensed Statements of Earnings based on the portion of the awards that are ultimately expected to vest.
The following summarizes the components of our stock-based compensation expense under the Stock Plan ($ in millions):
 Three Months EndedNine Months Ended
 September 25, 2020September 27, 2019September 25, 2020September 27, 2019
Stock Awards:
Pretax compensation expense$13.2 $11.1 $37.1 $29.0 
Income tax benefit(2.2)(2.3)(6.4)(6.1)
Stock Award expense, net of income taxes11.0 8.8 30.7 22.9 
Stock options:
Pretax compensation expense8.2 5.6 23.1 16.5 
Income tax benefit(1.4)(1.2)(3.7)(3.5)
Stock option expense, net of income taxes6.8 4.4 19.4 13.0 
Total stock-based compensation:
Pretax compensation expense21.4 16.7 60.2 45.5 
Income tax benefit(3.6)(3.5)(10.1)(9.6)
Total stock-based compensation expense, net of income taxes$17.8 $13.2 $50.1 $35.9 
The following summarizes the unrecognized compensation cost for the Stock Plan awards as of September 25, 2020. This compensation cost is expected to be recognized over a weighted average period of approximately two years, representing the remaining service period related to the awards. Future compensation amounts will be adjusted for any changes in estimated forfeitures ($ in millions):
Stock Awards$71.5 
Stock options90.6 
Total unrecognized compensation cost$162.1 
Vontier Separation - Subsequent EventIn connection with the Separation and in accordance with the Employee Matters Agreement, the Company has made certain adjustments to the exercise price and the number of stock-based compensation awards with the intention of preserving the intrinsic value of the awards prior to the Separation. For employees of Vontier, stock-based compensation awards of Fortive were converted into stock-based compensation awards of Vontier, and Vontier assumed such converted awards. The Company expects any corresponding adjustments to stock-based compensation expense to be immaterial in future periods.