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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Compensation Expense
Stock-based compensation cost by award type follows:
(in millions)202420232022
Stock option awards$14.0 $14.4 $10.2 
Restricted stock awards9.4 8.3 7.2 
Performance share awards9.4 8.8 8.3 
Total stock-based compensation cost incurred32.8 31.5 25.7 
Capitalized cost during the period(3.3)(4.5)(1.9)
Amortization of capitalized cost during the period3.4 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)202420232022
Broad-based Grant		2022
Expected dividend yield1.2 %1.2 %1.0 %0.9 %
Expected term (in years)
4.74.63.84.7
Expected volatility32.1 %32.4 %31.9 %29.1 %
Risk-free interest rate3.9 %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, 20231,433 $199.79 
Options granted117 320.38 
Options exercised(521)154.37 
Options forfeited / expired(154)284.63 
Outstanding as of December 31, 2024875 227.97 6.4$123.3 
Vested and exercisable as of December 31, 2024402 164.81 4.6$81.9 
Additional information related to stock option activity during the years ended December 31 follows:
(in millions)202420232022
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, 2023126 $205.96 
Shares granted36 337.83 
Shares vested(53)170.01 
Shares forfeited(9)285.75 
Outstanding as of December 31, 2024100 265.53 1.0$36.9 
Additional information related to restricted stock award activity during the years ended December 31 follows:
(in millions)202420232022
Weighted-average grant date fair value (per share)$337.83 $250.83 $227.44 
Intrinsic value of restricted stock exercised18.5 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, 2023118 $285.97 
Awards granted24 467.92 
Awards vested(96)213.19 
Awards converted48 213.19 
Awards forfeited(4)405.35 
Outstanding as of December 31, 202490 368.42 0.8$33.1 
Additional information related to performance share activity during the years ended December 31 follows:
(in millions)202420232022
Weighted-average grant date fair value (per share)$467.92 $368.47 $313.77 
Intrinsic value of performance share awards exercised31.0 19.9 22.0