Stock-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of the Company’s stock option (including SARs) activity for the three month period ended March 31, 2023 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Exercise Price (per share)
Stock options outstanding as of December 31, 2022	6,383	$	25.22
Granted	741	57.89
Exercised or settled	(457)	20.49
Forfeited	(31)	42.87
Expired	—	53.09
Stock options outstanding as of March 31, 2023	6,636	29.11
Vested as of March 31, 2023	4,798	21.14

Schedule of Stock Option Fair Value Assumptions

The following assumptions were used to estimate the fair value of options granted during the three month periods ended March 31, 2023 and 2022 using the Black-Scholes option-pricing model.

	For the Three Month Period Ended March 31,
Assumptions	2023		2022
Expected life of options (in years)	6.3 - 7.5		6.3
Risk-free interest rate	4.0% - 4.1%		1.9%
Assumed volatility	36.6%		38.3%
Expected dividend rate	0.1	%	0.2	%

Schedule of Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity for the three month period ended March 31, 2023 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2022	1,005	$	43.50
Granted	377	57.89
Vested	(340)	37.36
Forfeited	(20)	46.71
Non-vested as of March 31, 2023	1,022	50.79

Schedule of Performance Stock Unit Activity

A summary of the Company’s performance stock unit activity for the three month period ended March 31, 2023 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2022	1,539	$	44.99
Granted	149	75.52
Change in units based on performance	222	29.72
Vested	(444)	29.72
Forfeited	(17)	59.67
Non-vested as of March 31, 2023	1,449	50.29

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 three month periods ended March 31, 2023 and 2022 using the Monte Carlo simulation pricing model.

	For the Three Month Period Ended March 31,
Assumptions	2023		2022
Expected term (in years)	2.9		2.9
Risk-free interest rate	4.4%		1.7	%
Assumed volatility	31.8%		36.4	%
Expected dividend rate	0.1	%	0.2	%