Stock-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of the Assumption Used in Determining the Fair Value of Stock Options

A summary of the assumptions used in determining the fair value of stock options follows:

	Three months ended March 31, 2020
Expected volatility	27		%
Expected option life in years	6.25
Expected dividend yield	0.08		%
Risk-free interest rate	1.47		%
Weighted-average fair value of stock options	$	4.10

Summary of Stock Option Activity

A summary of stock option activity follows:

	Options	Weighted-average exercise price per option		Weighted-average remaining contractual life in years	Aggregate intrinsic value (1)
Outstanding at January 1, 2020	—	$	—	—	$	—
Granted	5,359,536	12.07		9.86	—
Exercised	—	—		—	—
Forfeited and canceled	—	—		—	—
Outstanding at March 31, 2020	5,359,536	$	12.07	9.86	$	—

(1)The aggregate intrinsic value in the table above represents the difference between the Company's most recent valuation and the exercise price of each in-the-money option on the last day of the period presented. As none of the options were in-the-money at March 31, 2020, the aggregate intrinsic value was $0.00.