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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Reconciliation between Basic and Diluted Weighted Average Shares Outstanding

The following is a reconciliation between basic and diluted weighted average shares outstanding for the years ended December 31:

 

(in millions, except per share data)

 

2023

 

 

2022

 

 

2021

 

Net income

 

$

870.5

 

 

$

671.8

 

 

$

587.1

 

Net income attributable to unvested awarded
   performance stock

 

 

(13.3

)

 

 

(12.7

)

 

 

(12.9

)

Net income attributable to common shares

 

$

857.2

 

 

$

659.1

 

 

$

574.2

 

Weighted average number of common shares
   outstanding – basic

 

 

283.9

 

 

 

282.9

 

 

 

282.2

 

Less unvested awarded performance stock
   included in weighted average number of
   common shares outstanding – basic

 

 

(4.3

)

 

 

(5.4

)

 

 

(6.2

)

Weighted average number of common
   shares outstanding for basic earnings
   per common share

 

 

279.6

 

 

 

277.5

 

 

 

276.0

 

Dilutive effect of stock options

 

 

1.2

 

 

 

1.1

 

 

 

1.4

 

Weighted average number of shares
   outstanding – diluted

 

 

280.8

 

 

 

278.6

 

 

 

277.4

 

Net income per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

3.07

 

 

$

2.38

 

 

$

2.08

 

Diluted

 

$

3.05

 

 

$

2.37

 

 

$

2.07