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Stock-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense
Stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021 are included in “Cost of sales” and “Selling and administrative expenses” in the Consolidated Statements of Operations and are as follows.
202320222021
Stock-based compensation expense recognized in:
Continuing operations$51.9 $78.9 $87.2 
Discontinued operations— — 10.9 
Total stock-based compensation expense$51.9 $78.9 $98.1 
Schedule of Stock Option Awards
A summary of the Company’s stock option (including SARs) activity for the year ended December 31, 2023 is presented in the following table (underlying shares in thousands).
SharesWeighted-Average Exercise Price
(per share)		Wtd. Avg. Remaining Contractual Term (years)Aggregate Intrinsic Value of In-The-Money Options
(in millions)
Outstanding at December 31, 20226,383 $25.22 
Granted
763 58.11 
Exercised or Settled(1,662)18.61 
Forfeited
(199)50.31 
Expired
(3)41.52 
Outstanding at December 31, 20235,282 31.09 5.3$244.3 
Vested at December 31, 20233,644 22.45 3.9$200.0 
Schedule of Fair Value Assumptions
The following assumptions were used to estimate the fair value of options granted during the years ended December 31, 2023, 2022 and 2021.
202320222021
Expected life of options (in years)
6.3 - 7.5
6.36.3
Risk-free interest rate
3.8% - 4.6%
1.9% - 3.9%
0.9% - 1.3%
Assumed volatility
35.6% - 36.6%
37.1% - 38.3%
38.6% - 39.4%
Expected dividend rate
0.1%
0.1% - 0.2%
0.0% - 0.1%
The following assumptions were used to estimate the fair value of performance share units granted during the year ended December 31, 2023, 2022 and 2021 using the Monte Carlo simulation pricing model.
202320222021
Expected term (in years)
2.9
2.9 - 5.0
2.9
Risk-free interest rate
4.4%
1.7% - 3.4%
0.2 %
Assumed volatility
31.8%
35.0% - 36.4%
36.9 %
Expected dividend rate0.1 %0.2 %0.0 %
Schedule of Restricted Stock Unit Activity
A summary of the Company’s restricted stock unit activity for the year ended December 31, 2023 is presented in the following table (underlying shares in thousands).
SharesWeighted-Average Grant-Date Fair Value
Non-vested as of December 31, 20221,005 $43.50 
Granted451 59.22 
Vested(378)37.51 
Forfeited(121)52.03 
Non-vested as of December 31, 2023957 52.18 
Schedule of Performance Stock Unit Activity
A summary of the Company’s performance stock unit activity for the year ended December 31, 2023 is presented in the following table (underlying shares in thousands).
SharesWeighted-Average Grant-Date Fair Value
Non-vested as of December 31, 20221,539 $44.99 
Granted149 75.52 
Change in units based on performance222 29.72 
Vested(444)29.72 
Forfeited(86)64.42 
Non-vested as of December 31, 20231,380 49.53