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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of stock -based compensation expense in operations | Stock-based compensation expense was included in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations as follows (in millions):
| For the Years Ended December 31,
| 2025 |  | 2024 |  | 2023
Compensation expense | $ | 28.4 |  |  | $ | 28.5 |  |  | $ | 30.1 |
Summary of status of undistributed performance share units | A summary of the status of our undistributed performance share units as of December 31, 2025, and changes during the year then ended, is presented below (in thousands, except per share data):
| Shares |  | Weighted- Average Grant Date Fair Value per Share
Undistributed performance share units as of December 31, 2024 | 99.1 |  |  | $ | 305.14 |
Granted | 18.1 |  |  | $ | 558.78 |
Adjustment to shares paid based on payout ratio | 30.4 |  |  | $ | 245.27 |
Distributed | (42.2) |  |  | $ | 289.77 |
Forfeited | (7.1) |  |  | $ | 387.59 |
Undistributed performance share units as of December 31, 2025 (1) | 98.3 |  |  | $ | 330.10 |
(1) Undistributed performance share units include 36,590 units with a weighted-average grant date fair value of $473.11 per share that had not yet vested and 61,710 units that have vested but were not yet distributed with a fair value of $15.1 million.
Fair value of performance share units and tax deductions | The total fair value of performance share units distributed and the resulting tax deductions to realized tax benefits were as follows (in millions):
| For the Years Ended December 31,
| 2025 |  | 2024 |  | 2023
Fair value of performance share units distributed | $ | 21.2 |  |  | $ | 19.5 |  |  | $ | 13.5 |
Realized tax benefits from tax deductions | $ | 5.2 |  |  | $ | 4.8 |  |  | $ | 3.3 |
Summary of non vested restricted stock units | A summary of our non-vested restricted stock units as of December 31, 2025 and changes during the year then ended is presented below (in thousands, except per share data):
| Shares |  | Weighted- Average Grant Date Fair Value per Share
Non-vested restricted stock units as of December 31, 2024 | 70.9 |  |  | $ | 306.01 |
Granted | 24.1 |  |  | $ | 551.56 |
Vested | (40.6) |  |  | $ | 243.07 |
Forfeited | (8.9) |  |  | $ | 388.26 |
Non-vested restricted stock units as of December 31, 2025 (1) | 45.5 |  |  | $ | 474.46 |
(1) As of December 31, 2025, we had $12.1 million of total unrecognized compensation cost related to non-vested restricted stock units that are expected to be recognized over a weighted-average period of 1.87 years. Our estimated forfeiture rate for restricted stock units was 20.0% as of December 31, 2025.
Fair value of restricted stock units and tax deductions | The total fair value of restricted stock units vested and the resulting tax deductions to realized tax benefits were as follows (in millions):
| For the Years Ended December 31,
| 2025 |  | 2024 |  | 2023
Fair value of restricted stock units vested | $ | 17.9 |  |  | $ | 17.3 |  |  | $ | 15.0 |
Realized tax benefits from tax deductions | $ | 4.4 |  |  | $ | 4.2 |  |  | $ | 3.7 |
Summary of stock appreciation rights activity | A summary of our stock appreciation rights as of December 31, 2025, and changes during the year then ended, is presented below (in thousands, except per share data):
| Shares |  | Weighted-Average Exercise Price per Share
Outstanding stock appreciation rights as of December 31, 2024 | 203.7 |  |  | $ | 306.61 |
Granted | 37.3 |  |  | $ | 576.28 |
Exercised | (37.3) |  |  | $ | 281.41 |
Forfeited | (14.1) |  |  | $ | 417.89 |
Outstanding stock appreciation rights as of December 31, 2025 | 189.6 |  |  | $ | 356.37 |
Exercisable stock appreciation rights as of December 31, 2025 | 153.1 |  |  | $ | 317.79 |
Summary of stock appreciation rights outstanding | The following table summarizes information about stock appreciation rights outstanding as of December 31, 2025 (in millions, except per share data and years; shares in thousands):
|  | Stock Appreciation Rights Outstanding |  | Stock Appreciation Rights Exercisable
Range of Exercise Prices |  | Shares |  | Weighted-Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value |  | Shares (1) |  | Weighted-Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value
$214.63 to $257.08 |  | 19.9 |  |  | 1.0 |  | $ | 4.6 |  |  | 19.9 |  |  | 1.0 |  | $ | 5.1 |
$278.00 to $328.65 |  | 46.5 |  |  | 2.54 |  | $ | 8.4 |  |  | 46.5 |  |  | 2.54 |  | $ | 14.2 |
$259.56 to $418.69 |  | 90.3 |  |  | 4.45 |  | $ | 14.6 |  |  | 76.8 |  |  | 4.33 |  | $ | 23.6 |
$576.28 |  | 32.9 |  |  | 6.1 |  | $ | — |  |  | 9.9 |  |  | 6.1 |  | $ | 5.7 |
(1) Share amounts are rounded but the balance accurately reflects the actual amount of exercisable stock appreciation rights as of December 31, 2025.
Schedule of total intrinsic value of stock appreciation rights exercised | The total intrinsic value of stock appreciation rights exercised and the resulting tax deductions to realize tax benefits were as follows (in millions):
| For the Years Ended December 31,
| 2025 |  | 2024 |  | 2023
Intrinsic value of stock appreciation rights exercised | $ | 10.7 |  |  | $ | 25.4 |  |  | $ | 19.8 |
Realized tax benefits from tax deductions | $ | 2.6 |  |  | $ | 6.2 |  |  | $ | 4.8 |
Performance Shares [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of share-based payment awards | The following table provides information on our performance share units:
| For the Years Ended December 31,
| 2025 |  | 2024 |  | 2023
Compensation expense for performance share units (in millions) | $ | 12.8 |  |  | $ | 14.9 |  |  | $ | 15.2 |
Weighted-average fair value of grants, per share | $ | 558.78 |  |  | $ | 403.68 |  |  | $ | — |
Payout ratio for shares paid | 200 | % |  | 189 | % |  | 131 | %
Restricted Stock Units [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of share-based payment awards | The following table provides information on our restricted stock units (in millions, except per share data):
| For the Years Ended December 31,
| 2025 |  | 2024 |  | 2023
Compensation expense for restricted stock units | $ | 10.5 |  |  | $ | 9.4 |  |  | $ | 10.8 |
Weighted-average fair value of grants, per share | $ | 551.56 |  |  | $ | 404.91 |  |  | $ | — |
Stock Appreciation Rights (SARs) [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of share-based payment awards | The following table provides information on our stock appreciation rights (in millions, except per share data):
| For the Years Ended December 31,
| 2025 |  | 2024 |  | 2023
Compensation expense for stock appreciation rights | $ | 5.1 |  |  | $ | 4.2 |  |  | $ | 4.1 |
Weighted-average fair value of grants, per share | $ | 161.50 |  |  | $ | 136.37 |  |  | $ | — |
Schedule of assumptions used | The fair value of the stock appreciation rights granted in 2025 and 2024 were estimated on the date of grant using the following assumptions.
|  | 2025 |  | 2024
Expected dividend yield |  | 0.97 | % |  | 1.23 | %
Risk-free interest rate |  | 4.28 | % |  | 4.05 | %
Expected volatility |  | 29.95 | % |  | 34.89 | %
Expected life (in years) |  | 4.09 |  | 4.18

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