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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary Information for Restricted Stock Awards and Incentive Compensation Stock Awards | The following table summarizes information for restricted stock awards and incentive compensation stock awards for 2023:
|  | Restricted Stock - Service Based |  |  | Restricted Stock - Performance Based |  |  | Incentive Compensation Stock |
|  | Number of Awards |  |  | Weighted- Average Grant-Date Fair Value |  |  | Number of Awards |  |  | Weighted- Average Grant-Date Fair Value |  |  | Number of Awards |  |  | Weighted- Average Grant-Date Fair Value |
January 1, 2023 |  |  | 215,644 |  |  | $ | 272.86 |  |  |  | 103,795 |  |  | $ | 339.17 |  |  |  | 32,149 |  |  | $ | 341.72 |
Awarded |  |  | 60,982 |  |  | $ | 369.18 |  |  |  | 33,103 |  |  | $ | 392.73 |  |  |  | 4,012 |  |  | $ | 362.08 |
Distributed |  |  | (59,184 | ) |  | $ | 305.80 |  |  |  | (70,370 | ) |  | $ | 266.97 |  |  |  | (18,835 | ) |  | $ | 325.48 |
Forfeited |  |  | (6,799 | ) |  | $ | 341.96 |  |  |  | (1,626 | ) |  | $ | 371.00 |  |  |  | — |  |  | $ | — |
Adjustment for performance |  |  | — |  |  | $ | — |  |  |  | 33,248 |  |  | $ | 266.97 |  |  |  | — |  |  | $ | — |
December 31, 2023 |  |  | 210,643 |  |  | $ | 289.26 |  |  |  | 98,150 |  |  | $ | 384.02 |  |  |  | 17,326 |  |  | $ | 364.09 |
Summary Information for Stock Options | The following table includes summary information for stock options as of December 31, 2023:
|  | Number of Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Life (years) |
Outstanding at January 1, 2023 |  |  | 15,283 |  |  | $ | 136.55 |  |  |  |
Exercised |  |  | (9,180 | ) |  | $ | 131.50 |  |  |  |
Outstanding at December 31, 2023 |  |  | 6,103 |  |  | $ | 144.14 |  |  |  | 1.1 |
Exercisable at December 31, 2023 |  |  | 6,103 |  |  | $ | 144.14 |  |  |  | 1.1 |
Schedule of Stock-Based Compensation Expense | The following table summarizes stock-based compensation expense for the years ended December 31, 2023, 2022 and 2021, unrecognized compensation cost for nonvested awards at December 31, 2023 and the weighted-average period over which unrecognized compensation cost will be recognized:
(in millions, except year data) |  | Restricted Stock |  |  | Incentive Compensation Stock |  |  | Directors’ Fees Paid in Stock |  |  | Total |
Stock-based compensation expense recognized for years ended December 31: |  |  |  |  |  |  |  |  |  |  |  |
2023 |  | $ | 48.7 |  |  | $ | 0.8 |  |  | $ | 0.5 |  |  | $ | 50.0 |
2022 |  | $ | 41.0 |  |  | $ | 1.1 |  |  | $ | 0.6 |  |  | $ | 42.7 |
2021 |  | $ | 41.4 |  |  | $ | 1.0 |  |  | $ | 0.6 |  |  | $ | 43.0 |
Unrecognized compensation cost at December 31, 2023 |  | $ | 39.5 |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 39.9 |
Weighted-average period over which unrecognized compensation cost will be recognized |  | 1.8 years |  |  | 1.3 years |  |  |  |  |  |  |
Stock-Based Compensation Expense in Future for Outstanding Awards | The following presents expected stock-based compensation expense in future periods for outstanding awards as of December 31, 2023:
(in millions) |  |  |
2024 |  | $ | 28.2 |
2025 |  |  | 9.1 |
2026 |  |  | 1.8 |
2027 |  |  | 0.7 |
2028 |  |  | 0.1 |
Total |  | $ | 39.9 |

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