Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of the Company’s stock option (including SARs) activity for the nine month period ended September 30, 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	756	58.04
Exercised or settled	(1,245)	17.96
Forfeited	(160)	49.91
Expired	(3)	34.77
Stock options outstanding as of September 30, 2023	5,731	30.43
Vested as of September 30, 2023	4,025	22.09

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, 2023 and 2022 using the Black-Scholes option-pricing model.

	For the Nine Month Period Ended September 30,
Assumptions	2023		2022
Expected life of options (in years)	6.3 - 7.5		6.3
Risk-free interest rate	3.8% - 4.4%		1.9% - 3.1%
Assumed volatility	36.0% - 36.6%		37.1% - 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 nine month period ended September 30, 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	446	59.15
Vested	(353)	37.52
Forfeited	(94)	51.31
Non-vested as of September 30, 2023	1,004	51.82

Schedule of Performance Stock Unit Activity

A summary of the Company’s performance stock unit activity for the nine month period ended September 30, 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	(86)	64.42
Non-vested as of September 30, 2023	1,380	49.53

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, 2023 and 2022 using the Monte Carlo simulation pricing model.

	For the Nine Month Period Ended September 30,
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	%