Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense for the nine month periods ended September 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 September 30,				For the Nine Month Period Ended September 30,
	2022		2021		2022		2021
Stock-based compensation expense recognized in:
Continuing operations	$	20.1	$	21.9	$	62.3	$	65.0
Discontinued operations	—		—		—		10.9
Total stock-based compensation expense	$	20.1	$	21.9	$	62.3	$	75.9

Schedule of Stock Option Activity

A summary of the Company’s stock option (including SARs) activity for the nine month period ended September 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	741	53.05
Exercised or settled	(711)	20.67
Forfeited	(127)	37.49
Expired	(6)	38.19
Stock options outstanding as of September 30, 2022	6,643	25.05
Vested as of September 30, 2022	4,649	18.34

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, 2022 and 2021 using the Black-Scholes option-pricing model.

	For the Nine Month Period Ended September 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%		38.9% - 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 nine month period ended September 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	551	52.33
Vested	(1,997)	34.02
Forfeited	(176)	36.67
Non-vested as of September 30, 2022	1,055	43.29

Schedule of Performance Stock Unit Activity

A summary of the Company’s performance stock unit activity for the nine month period ended September 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	1,175	46.56
Forfeited	(29)	39.61
Non-vested as of September 30, 2022	1,539	44.99

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, 2022 and 2021 using the Monte Carlo simulation pricing model.

	For the Nine Month Period Ended September 30,
Assumptions	2022		2021
Expected term (in years)	2.9 - 5.0		2.9
Risk-free interest rate	1.7% - 3.4%		0.2	%
Assumed volatility	35.0% - 36.4%		36.9	%
Expected dividend rate	0.2	%	—	%