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Stock-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense
Stock-based compensation expense for the years ended December 31, 2024, 2023 and 2022 is included in “Cost of sales” and “Selling and administrative expenses” in the Consolidated Statements of Operations and is only related to continuing operations.
202420232022
Equity awards granted under the 2013 Plan and 2017 Plan(1)
$58.8 $51.1 $80.0 
Increase (decrease) in the liability for stock appreciation rights (“SAR”)— 0.8 (1.1)
Total stock-based compensation expense$58.8 $51.9 $78.9 
(1) In 2022, of the $80.0 million of expense for equity awards granted under the 2013 Plan and 2017 Plan, $39.5 million related to the $150 million equity grant to nearly 16,000 employees worldwide announced in the third quarter of 2020.
Schedule of Stock Option Awards
A summary of the Company’s stock option activity for the year ended December 31, 2024 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, 20235,282 $31.09 
Granted
610 90.55 
Exercised or Settled(1,615)19.96 
Forfeited
(88)65.08 
Expired
(4)40.22 
Outstanding at December 31, 20244,185 43.33 5.5$197.4 
Vested at December 31, 20242,708 29.34 4.1$165.5 
Schedule of Fair Value Assumptions
The following assumptions were used to estimate the fair value of options granted during the years ended December 31, 2024, 2023 and 2022.
202420232022
Expected life of options (in years)
6.3 - 7.5
6.3 - 7.5
6.3
Risk-free interest rate
3.7% - 4.3%
3.8% - 4.6%
1.9% - 3.9%
Assumed volatility
34.9% - 35.2%
35.6% - 36.6%
37.1% - 38.3%
Expected dividend rate
0.1%
0.0% - 0.1%
0.1% - 0.2%
The following assumptions were used to estimate the fair value of performance share units granted during the year ended December 31, 2024, 2023 and 2022 using the Monte Carlo simulation pricing model.
202420232022
Expected term (in years)
2.8
2.9
2.9 - 5.0
Risk-free interest rate
4.5%
4.4%
1.7% - 3.4%
Assumed volatility
28.9%
31.8%
35.0% - 36.4%
Expected dividend rate0.1 %0.1 %0.2 %
Schedule of Restricted Stock Unit Activity
A summary of the Company’s restricted stock unit activity for the year ended December 31, 2024 is presented in the following table (underlying shares in thousands).
SharesWeighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2023957 $52.18 
Granted433 90.94 
Vested(469)47.96 
Forfeited(87)68.20 
Non-vested as of December 31, 2024834 73.00 
Schedule of Performance Stock Unit Activity
A summary of the Company’s performance stock unit activity for the year ended December 31, 2024 is presented in the following table (underlying shares in thousands).
SharesWeighted-Average Grant-Date Fair Value
Non-vested as of December 31, 20231,380 $49.53 
Granted87 132.98 
Change in units based on performance122 55.84 
Vested(244)55.84 
Forfeited(6)71.81 
Non-vested as of December 31, 20241,339 54.28