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Stock Based Compensation Plans (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Option Activity | The following table provides a summary of option activity:
|  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  |  |  | Average |  |  |  |
|  |  |  | Weighted |  |  | Remaining |  |  |  |
|  |  |  | Average |  |  | Contractual |  |  | Aggregate |
|  |  |  | Exercise |  |  | Term |  |  | Intrinsic |
| Options |  |  | Price |  |  | (in Years) |  |  | Value |
Outstanding at December 31, 2023 |  | 10.2 |  |  | $ | 68.77 |  |  |  |  |  |  |
Granted |  | 1.0 |  |  |  | 100.28 |  |  |  |  |  |  |
Exercised |  | (1.4 | ) |  |  | 47.37 |  |  |  |  |  |  |
Outstanding at March 31, 2024 |  | 9.8 |  |  | $ | 74.61 |  |  |  | 6.4 |  |  | $ | 296.3 |
Exercisable at March 31, 2024 |  | 5.2 |  |  | $ | 62.32 |  |  |  | 4.5 |  |  | $ | 217.3 |
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:
| Three Months Ended |
| March 31, |  |  | March 31, |
| 2024 |  |  | 2023 |
Intrinsic Value of Stock Options Exercised | $ | 68.8 |  |  | $ | 10.7 |
Stock Compensation Expense Related to Stock Option Awards | $ | 16.5 |  |  | $ | 14.5 |
Issued Stock Options |  | 1.0 |  |  |  | 1.0 |
Weighted Average Fair Value of Stock Options issued (per share) | $ | 29.81 |  |  | $ | 23.93 |
Fair Value of Stock Options Issued | $ | 30.1 |  |  | $ | 23.7 |
Assumptions Used in Valuation of Issued Stock Options |
| Three Months Ended |
| March 31, |  |  | March 31, |
| 2024 |  |  | 2023 |
Risk-free interest rate |  | 4.2 | % |  |  | 4.0 | %
Expected life in years |  | 7.2 |  |  |  | 7.3 |
Expected volatility |  | 22.3 | % |  |  | 12.3 | %
Dividend yield |  | 1.1 | % |  |  | 1.3 | %

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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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