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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Stock-based compensation cost by award type follows:


(in millions)	2019		2018		2017
Stock option awards	$	10.8	$	11.0	$	7.7
Restricted stock awards	7.4		7.7		6.0
Performance share awards	6.0		7.4		5.6
Restricted stock units	1.3		1.4		1.4
Stock appreciation rights	8.6		—		—
Total stock-based compensation cost	$	34.1	$	27.5	$	20.7
Income tax benefit	$	12.9	$	10.6	$	12.5

The weighted average assumptions used in the determination of fair value for stock options follows:


(in millions, except per share amounts)	2019			2018 One-time Grant			2018			2017
Expected dividend yield	1.6		%	1.4		%	1.4		%	1.3		%
Expected term (in years)	4.9			3.9			5.5			5.6
Expected volatility	21.3		%	20.7		%	23.1		%	25.6		%
Risk-free interest rate	2.5		%	2.6		%	2.6		%	1.9		%
Weighted-average grant date fair value (per share)	$	21.07		$	21.91		$	23.71		$	24.57
Fair value of options granted	$	9.7		$	13.6		$	9.1		$	8.8

A summary of stock options outstanding and activity follows:


	Number of Shares (in thousands)	Weighted-Average Exercise Price (per share)		Weighted-Average Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2018	1,964	$	95.76
Options granted	460	110.82
Options exercised	(448)	82.26
Options forfeited / expired	(151)	107.81
Outstanding as of December 31, 2019	1,825	101.95		7.6	$	109.3
Vested and exercisable as of December 31, 2019	646	89.69		5.9	$	46.6

Additional information related to stock option activity during the years ended December 31 follows:


(in millions)	2019		2018		2017
Intrinsic value of options exercised	$	25.4	$	18.4	$	8.5
Fair value of options vested	$	6.3	$	10.2	$	5.4

Information related to restricted stock during the years ended December 31 follows:


	2019		2018		2017
Weighted-average grant date fair value (per share)	$	112.70	$	114.27	$	106.78

A summary of restricted stock outstanding and activity follows:


	Number of Shares (in thousands)	Weighted-Average Grant Date Fair Value (per share)		Weighted-Average Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2018	169	$	103.47
Shares granted	58	112.70
Shares vested	(50)	92.53
Shares forfeited	(4)	109.22
Outstanding as of December 31, 2019	173	109.62		1.0	$	28.0

Information related to performance shares during the years ended December 31 follows:


	2019		2018		2017
Weighted-average grant date fair value (per share)	$	149.27	$	140.20	$	141.83

A summary of performance shares outstanding and activity follows:


	Number of Shares (in thousands)	Weighted-Average Grant Date Fair Value (per share)		Weighted-Average Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2018	153	$	132.68
Awards granted	52	149.27
Awards vested	(49)	119.37
Awards withheld	(9)	118.80
Awards forfeited	(4)	143.31
Outstanding as of December 31, 2019	143	143.94		1.0	$	23.2

A summary of stock appreciation awards outstanding and activity follows:


	Number of Shares (in thousands)	Weighted-Average Exercise Price (per share)		Weighted-Average Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2018	—	$	—
Awards granted	493	106.85
Awards forfeited	(131)	106.85
Outstanding as of December 31, 2019	362	106.85		1.3	$	19.9

The weighted average assumptions used in the December 31, 2019 determination of fair value for stock appreciation rights follows:


(in millions, except per share amounts)	2018 One-time Grant
Expected dividend yield	1.3		%
Expected term (in years)	1.3
Expected volatility	24.3		%
Risk-free interest rate	1.6		%
Weighted-average grant date fair value (per share)	$	55.76
Fair value of stock appreciation rights granted	$	27.5