Stock-Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense for the six month periods ended June 30, 2022 and 2021 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 June 30,				For the Six Month Period Ended June 30,
	2022		2021		2022		2021
Stock-based compensation expense recognized in:
Continuing operations	$	22.4	$	21.5	$	42.2	$	43.1
Discontinued operations	—		8.4		—		10.9
Total stock-based compensation expense	$	22.4	$	29.9	$	42.2	$	54.0

Schedule of Stock Option Activity

A summary of the Company’s stock option (including SARs) activity for the six month period ended June 30, 2022 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Exercise Price (per share)
Stock options outstanding as of December 31, 2021	6,746	$	21.76
Granted	734	53.08
Exercised or settled	(373)	22.94
Forfeited	(103)	36.13
Expired	—	—
Stock options outstanding as of June 30, 2022	7,004	24.77
Vested as of June 30, 2022	4,965	18.24

Schedule of Stock Option Fair Value Assumptions

The following assumptions were used to estimate the fair value of options granted during the six month periods ended June 30, 2022 and 2021 using the Black-Scholes option-pricing model.

	For the Six Month Period Ended June 30,
Assumptions	2022		2021
Expected life of options (in years)	6.3		6.3
Risk-free interest rate	1.9% - 3.1%		0.9% - 1.1%
Assumed volatility	37.1% - 38.3%		39.1% - 39.4%
Expected dividend rate	0.2	%	0.0	%

Schedule of Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity for the six month period ended June 30, 2022 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2021	2,677	$	34.08
Granted	468	53.02
Vested	(454)	31.86
Forfeited	(142)	35.77
Non-vested as of June 30, 2022	2,549	37.86

Schedule of Performance Stock Unit Activity

A summary of the Company’s performance stock unit activity for the six month period ended June 30, 2022 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2021	393	$	39.89
Granted	175	63.39
Forfeited	(29)	39.61
Non-vested as of June 30, 2022	539	47.54

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 six month periods ended June 30, 2022 and 2021 using the Monte Carlo simulation pricing model.

	For the Six Month Period Ended June 30,
Assumptions	2022		2021
Expected term (in years)	2.9		2.9
Risk-free interest rate	1.7	%	0.2	%
Assumed volatility	36.4	%	36.9	%
Expected dividend rate	0.2	%	—	%