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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Valuation assumptions
Year Ended December 31,
202220212020
Dividend yield— %— %— %
Expected volatility24.0 %24.2 %16.6 %
Risk free interest rate2.0 %1.0 %1.2 %
Expected option life6.0 years6.0 years6.0 years
Option activity
A summary of stock option and SAR activity under the Company’s Long Term Incentive and Share Award Plans during 2022 is presented below:
Year Ended December 31, 2022
Number of
Options / SARs		Weighted Average Exercise PriceWeighted Average Contractual TermAggregate Intrinsic Value
Outstanding, beginning of year17,083,160 $25.06 
Granted784,963 $47.46 
Exercised(3,412,371)$16.91 
Forfeited or expired(34,851)$39.96 
Outstanding, end of year14,420,901 $28.17 4.37$499,051 
Exercisable, end of year12,433,470 $26.20 3.77$454,769 
Weighted average grant date fair value
Year Ended December 31,
202220212020
Weighted average grant date fair value$13.26 $9.22 $8.14 
Aggregate intrinsic value of Options/SARs exercised$113,409 $47,074 $59,723 
Unvested restricted share and unit activity
A summary of restricted share and restricted unit activity under the Company’s Long Term Incentive and Share Award Plans for 2022 is presented below:
Restricted
Common
Shares
Restricted
Unit
Awards
Unvested Shares:
Unvested balance, beginning of year2,070,837 699,866 
Granted914,694 174,699 
Vested(744,096)(330,144)
Forfeited(75,881)(27,128)
Unvested balance, end of year2,165,554 517,293 
Weighted Average Grant Date Fair Value:
Unvested balance, beginning of year$36.35 $33.29 
Granted$47.45 $47.50 
Vested$38.21 $34.38 
Forfeited$41.13 $37.51 
Unvested balance, end of year$40.23 $37.17 
Performance shares and units, valuation assumptions
Year Ended December 31,
202220212020
Expected volatility38.1 %37.5 %18.1 %
Risk free interest rate1.7 %0.3 %1.1 %
Unvested performance share and unit activity
Performance
Shares
Performance
Units
Unvested Shares:
Unvested balance, beginning of year1,861,760 29,770 
Granted669,742 21,030 
Performance adjustment (1) (2)(54,904)8,921 
Vested(583,544)(19,695)
Forfeited(10,138)(316)
Unvested balance, end of year1,882,916 39,710 
Weighted Average Grant Date Fair Value:
Unvested balance, beginning of year$38.93 $38.71 
Granted$49.91 $49.91 
Performance adjustment (1) (2)$36.07 $35.83 
Vested$36.07 $35.83 
Forfeited$49.91 $49.91 
Unvested balance, end of year$43.75 $45.33 
(1)    The performance adjustment represents the difference between the number of performance shares granted and earned, which vested following the end of the performance period. The performance shares were granted at the maximum level of achievement.
(2)    The performance adjustment represents the change in PSUs, which vested following the end of the performance period. The performance units were granted at the target level of achievement.
Share based compensation expense
The following tables present pre-tax and after-tax share-based compensation expense recognized as well as the unrecognized compensation cost associated with unvested awards and the weighted average period over which it is expected to be recognized.
Year Ended December 31,
202220212020
Pre-Tax
Stock options and SARs$11,891 $12,316 $11,744 
Restricted share and unit awards50,278 46,817 41,284 
Performance awards21,510 23,696 14,729 
ESPP3,993 3,751 2,135 
Total$87,672 $86,580 $69,892 
After-Tax
Stock options and SARs$10,726 $10,927 $10,388 
Restricted share and unit awards42,346 39,349 34,599 
Performance awards19,794 21,920 13,380 
ESPP3,660 3,471 1,978 
Total$76,526 $75,667 $60,345 
Unrecognized compensation cost
December 31, 2022
Stock Options and SARsRestricted Common
Shares and Units		Performance Common Shares and Units
Unrecognized compensation cost related to unvested awards$6,357 $42,096 $7,520 
Weighted average recognition period (years)0.751.000.48
Restricted Common Shares And Restricted Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Weighted average grant date fair value of restricted stock
The following table presents the weighted average grant date fair value of restricted shares and restricted unit awards granted and the aggregate fair value of restricted shares and unit awards vesting in each year.
Year Ended December 31,
202220212020
Restricted shares and restricted unit awards granted1,089,393 1,261,773 1,535,330 
Weighted average grant date fair value$47.45 $36.12 $37.55 
Aggregate fair value of vested restricted share and unit awards$78,129 $65,477 $39,703 
Performance Common Shares and Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Weighted average grant date fair value of restricted stock
The following table presents the weighted average grant date fair values of performance awards granted.
Year Ended December 31,
202220212020
Performance awards690,772 685,104 557,204 
Weighted average grant date fair value$49.91 $37.38 $44.17