Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense for the nine month periods ended September 30, 2021 and 2020 are included in “Cost of sales” and “Selling and administrative expenses” in the Condensed Consolidated Statements of Operations and are as follows.

	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2021		2020		2021		2020
Stock-based compensation expense - continuing and discontinued operations	$	21.9	$	12.8	$	75.9	$	29.0
Stock-based compensation expense recognized in discontinued operations	—		0.9		10.9		1.7
Stock-based compensation expense recognized in continuing operations	$	21.9	$	11.9	$	65.0	$	27.3

Schedule of Stock Option Activity

A summary of the Company’s stock option (including SARs) activity for the nine month period ended September 30, 2021 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Exercise Price (per share)
Stock options outstanding as of December 31, 2020	7,742	$	18.47
Granted	793	45.75
Exercised or settled	(1,305)	15.97
Forfeited	(231)	30.57
Expired	(6)	13.01
Stock options outstanding as of September 30, 2021	6,993	21.64
Vested as of September 30, 2021	4,551	15.85

Schedule of Stock Option Fair Value Assumptions

The following assumptions were used to estimate the fair value of options granted during the nine month periods ended September 30, 2021 and 2020 using the Black-Scholes option-pricing model.

	For the Nine Month Period Ended September 30,
Assumptions	2021		2020
Expected life of options (in years)	6.3		6.3
Risk-free interest rate	0.9% - 1.1%		0.4% - 1.5%
Assumed volatility	38.9% - 39.4%		24.6% - 41.1%
Expected dividend rate	0.0	%	0.0	%

Schedule of Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity for the nine month period ended September 30, 2021 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2020	5,546	$	33.09
Granted	340	45.74
Vested	(2,497)	33.38
Forfeited	(616)	34.21
Non-vested as of September 30, 2021	2,773	34.13

Schedule of Performance Stock Unit Activity

A summary of the Company’s performance stock unit activity for the nine month period ended September 30, 2021 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2020	255	$	29.72
Granted	158	55.84
Forfeited	(20)	36.36
Non-vested as of September 30, 2021	393	39.89

Schedule of Performance Share Units Fair Value Assumptions

The following assumptions were used to estimate the fair value of performance share units granted during the nine month periods ended September 30, 2021 and 2020 using the Monte Carlo simulation pricing model.

	For the Nine Month Period Ended September 30,
Assumptions	2021		2020
Expected term (in years)	2.9		2.8
Risk-free interest rate	0.2	%	0.5	%
Assumed volatility	36.9	%	35.2	%
Expected dividend rate	—	%	—	%