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Stock Based Compensation Plans and Other Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Option Activity | Stock option transactions for the year ended December 31, 2023 were as follows:
|  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  | Weighted |  |  | Average |  |  |  |
|  |  |  | Average |  |  | Remaining |  |  | Aggregate |
|  |  |  | Exercise |  |  | Contractual |  |  | Intrinsic |
| Options |  |  | Price |  |  | Term |  |  | Value |
Outstanding as of December 31, 2022 |  | 11.9 |  |  | $ | 62.64 |  |  |  |  |  |  |
Granted |  | 1.0 |  |  |  | 83.64 |  |  |  |  |  |  |
Exercised |  | (2.5 | ) |  |  | 44.72 |  |  |  |  |  |  |
Cancelled |  | (0.2 | ) |  |  | 81.33 |  |  |  |  |  |  |
Outstanding as of December 31, 2023 |  | 10.2 |  |  | $ | 68.77 |  |  |  | 5.8 |  |  | $ | 265.1 |
Exercisable as of December 31, 2023 |  | 6.4 |  |  | $ | 59.26 |  |  |  | 4.3 |  |  | $ | 226.4 |
Summary of Information Relating to Options Outstanding and Exercisable | The following table summarizes information relating to options outstanding and exercisable as of December 31, 2023:
|  | Options Outstanding |  |  | Options Exercisable |
|  |  |  |  | Weighted |  |  | Weighted |  |  |  |  |  | Weighted |
|  | Outstanding |  |  | Average |  |  | Average |  |  | Exercisable |  |  | Average |
Range of |  | as of |  |  | Remaining |  |  | Exercise |  |  | as of |  |  | Exercise |
Exercise Prices |  | 12/31/2023 |  |  | Contractual Life |  |  | Price |  |  | 12/31/2023 |  |  | Price |
$30.01 - $40.00 |  |  | 0.2 |  |  |  | 0.5 |  |  | $ | 34.81 |  |  |  | 0.2 |  |  | $ | 34.81 |
$40.01 - $50.00 |  |  | 1.3 |  |  |  | 2.1 |  |  | $ | 44.25 |  |  |  | 1.3 |  |  | $ | 44.25 |
$50.01 - $60.00 |  |  | 2.3 |  |  |  | 4.0 |  |  | $ | 51.85 |  |  |  | 2.3 |  |  | $ | 51.85 |
$60.01 - $70.00 |  |  | 0.0 |  |  |  | 0.0 |  |  | $ | 0.0 |  |  |  | 0.0 |  |  | $ | 0.0 |
$70.01 - $80.00 |  |  | 2.5 |  |  |  | 6.0 |  |  | $ | 75.33 |  |  |  | 2.5 |  |  | $ | 75.33 |
$80.01 - $90.00 |  |  | 3.8 |  |  |  | 8.3 |  |  | $ | 84.35 |  |  |  | 0.0 |  |  | $ | 0.0 |
$90.01 - $100.00 |  |  | 0.1 |  |  |  | 8.1 |  |  | $ | 94.13 |  |  |  | 0.1 |  |  | $ | 90.83 |
|  |  | 10.2 |  |  |  | 5.8 |  |  | $ | 68.77 |  |  |  | 6.4 |  |  | $ | 59.26 |
Information Regarding Intrinsic Value of Stock Options Exercised and Stock Compensation Expense Related to Stock Option Awards | The following table provides information regarding the intrinsic value of stock options exercised and stock compensation expense related to stock option awards:
| 2023 |  |  | 2022 |  |  | 2021 |
Intrinsic Value of Stock Options Exercised | $ | 125.5 |  |  | $ | 32.1 |  |  | $ | 157.3 |
Stock Compensation Expense Related to Stock Option Awards | $ | 26.3 |  |  | $ | 25.7 |  |  | $ | 23.3 |
Issued Stock Options |  | 1.0 |  |  |  | 1.6 |  |  |  | 1.5 |
Weighted Average Fair Value of Stock Options issued (per share) | $ | 24.06 |  |  | $ | 21.50 |  |  | $ | 17.32 |
Fair Value of Stock Options Issued | $ | 24.9 |  |  | $ | 33.6 |  |  | $ | 26.6 |
Assumptions Used in Valuation of Issued Stock Options | The following table provides a summary of the assumptions used in the valuation of issued stock options:
| 2023 |  |  | 2022 |  |  | 2021 |
Risk-free interest rate |  | 4.0 | % |  |  | 2.9 | % |  |  | 1.3 | %
Expected life in years |  | 7.3 |  |  |  | 7.1 |  |  |  | 7.2 |
Expected volatility |  | 22.4 | % |  |  | 21.7 | % |  |  | 20.7 | %
Dividend yield |  | 1.3 | % |  |  | 1.2 | % |  |  | 1.2 | %

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