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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Compensation Expense | Stock-based compensation cost by award type follows:
(in millions) |  | 2024 |  | 2023 |  | 2022
Stock option awards |  | $ | 14.0 |  |  | $ | 14.4 |  |  | $ | 10.2 |
Restricted stock awards |  | 9.4 |  |  | 8.3 |  |  | 7.2 |
Performance share awards |  | 9.4 |  |  | 8.8 |  |  | 8.3 |
Total stock-based compensation cost incurred |  | 32.8 |  |  | 31.5 |  |  | 25.7 |
Capitalized cost during the period |  | (3.3) |  |  | (4.5) |  |  | (1.9) |
Amortization of capitalized cost during the period |  | 3.4 |  |  | 4.7 |  |  | 1.2 |
Total stock-based compensation expense |  | $ | 32.9 |  |  | $ | 31.7 |  |  | $ | 25.0 |
Income tax benefit |  | $ | 18.7 |  |  | $ | 11.4 |  |  | $ | 11.5 |
Summary of Weighted-Average Assumptions for Equity Awards | The weighted average assumptions used in the determination of fair value for stock options follows:
(in millions, except per share amounts and percentages) |  | 2024 |  | 2023 |  | 2022 Broad-based Grant |  | 2022 |  |
Expected dividend yield |  | 1.2 | % |  | 1.2 | % |  | 1.0 | % |  | 0.9 | % |  |
Expected term (in years) |  | 4.7 |  | 4.6 |  | 3.8 |  | 4.7 |  |
Expected volatility |  | 32.1 | % |  | 32.4 | % |  | 31.9 | % |  | 29.1 | % |  |
Risk-free interest rate |  | 3.9 | % |  | 3.6 | % |  | 3.9 | % |  | 1.8 | % |  |
Weighted-average grant date fair value (per share) |  | $ | 97.11 |  |  | $ | 74.20 |  |  | $ | 80.23 |  |  | $ | 55.96 |  |  |
Fair value of options granted |  | $ | 11.4 |  |  | $ | 13.3 |  |  | $ | 40.4 |  |  | $ | 12.8 |  |  |
Summary of Stock Option Activity Under the Company's Stock Option Awards | A summary of stock options outstanding and activity follows:
|  | Number of Units (in thousands) |  | Weighted-Average Exercise Price (per share) |  | Weighted-Average Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2023 |  | 1,433 |  |  | $ | 199.79 |  |  |  |  |
Options granted |  | 117 |  |  | 320.38 |  |  |  |  |
Options exercised |  | (521) |  |  | 154.37 |  |  |  |  |
Options forfeited / expired |  | (154) |  |  | 284.63 |  |  |  |  |
Outstanding as of December 31, 2024 |  | 875 |  |  | 227.97 |  |  | 6.4 |  | $ | 123.3 |
Vested and exercisable as of December 31, 2024 |  | 402 |  |  | 164.81 |  |  | 4.6 |  | $ | 81.9 |
Additional information related to stock option activity during the years ended December 31 follows:
(in millions) |  | 2024 |  | 2023 |  | 2022
Intrinsic value of options exercised |  | $ | 118.2 |  |  | $ | 23.5 |  |  | $ | 57.9 |
Summary of Activity Related to Restricted Stock | A summary of restricted stock outstanding and activity follows:
|  | Number of Shares (in thousands) |  | Weighted-Average Grant Date Fair Value (per share) |  | Weighted-Average Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2023 |  | 126 |  |  | $ | 205.96 |  |  |  |  |
Shares granted |  | 36 |  |  | 337.83 |  |  |  |  |
Shares vested |  | (53) |  |  | 170.01 |  |  |  |  |
Shares forfeited |  | (9) |  |  | 285.75 |  |  |  |  |
Outstanding as of December 31, 2024 |  | 100 |  |  | 265.53 |  |  | 1.0 |  | $ | 36.9 |
Additional information related to restricted stock award activity during the years ended December 31 follows:
(in millions) |  | 2024 |  | 2023 |  | 2022
Weighted-average grant date fair value (per share) |  | $ | 337.83 |  |  | $ | 250.83 |  |  | $ | 227.44 |
Intrinsic value of restricted stock exercised |  | 18.5 |  |  | 10.7 |  |  | 15.7 |
Summary of Activity Related to Performance Shares | A summary of performance shares outstanding and activity follows:
|  | Number of Shares (in thousands) |  | Weighted-Average Grant Date Fair Value (per share) |  | Weighted-Average Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2023 |  | 118 |  |  | $ | 285.97 |  |  |  |  |
Awards granted |  | 24 |  |  | 467.92 |  |  |  |  |
Awards vested |  | (96) |  |  | 213.19 |  |  |  |  |
Awards converted |  | 48 |  |  | 213.19 |  |  |  |  |
Awards forfeited |  | (4) |  |  | 405.35 |  |  |  |  |
Outstanding as of December 31, 2024 |  | 90 |  |  | 368.42 |  |  | 0.8 |  | $ | 33.1 |
Additional information related to performance share activity during the years ended December 31 follows:
(in millions) |  | 2024 |  | 2023 |  | 2022
Weighted-average grant date fair value (per share) |  | $ | 467.92 |  |  | $ | 368.47 |  |  | $ | 313.77 |
Intrinsic value of performance share awards exercised |  | 31.0 |  |  | 19.9 |  |  | 22.0 |

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