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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Weighted Average Option Fair Values and Assumptions | The assumptions used in determining the fair value of the stock options granted in the respective periods were as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023
Weighted average fair value of grants |  |  |  |  | $63.74 |  | $60.80
Dividend yield |  |  |  |  | 1.09% |  | 1.06%
Volatility |  |  |  |  | 26.67% |  | 27.19%
Risk-free interest rate |  |  |  |  | 4.31% |  | 4.12%
Expected life (in years) |  |  |  |  | 4.60 |  | 4.50
Schedule of Stock Option Activity | A summary of the Company’s stock option activity as of March 31, 2024 and changes during the three months ended March 31, 2024 are presented in the following table:
| Shares |  | Weighted Average Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Stock Options |
Outstanding at January 1, 2024 | 983,267 |  |  | $ | 178.86 |  |  | 6.88 |  | $ | 39.3 |
Granted | 192,065 |  |  | 234.91 |  |  |  |  |
Exercised | (64,168) |  |  | 154.88 |  |  |  |  |
Forfeited | (14,482) |  |  | 185.34 |  |  |  |  |
Outstanding at March 31, 2024 | 1,096,682 |  |  | $ | 190.00 |  |  | 7.28 |  | $ | 59.2 |
Vested and expected to vest as of March 31, 2024 | 1,053,090 |  |  | $ | 188.59 |  |  | 7.20 |  | $ | 58.4 |
Exercisable at March 31, 2024 | 605,708 |  |  | $ | 166.99 |  |  | 5.91 |  | $ | 46.7 |
Schedule of Restricted Stock Activity | A summary of the Company’s restricted stock activity as of March 31, 2024 and changes during the three months ended March 31, 2024 are presented in the following table:
Restricted Stock | Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2024 | 112,891 |  |  | $ | 193.03 |
Granted | 28,545 |  |  | 228.93 |
Vested | (15,035) |  |  | 198.33 |
Forfeited | (3,395) |  |  | 206.55 |
Unvested at March 31, 2024 | 123,006 |  |  | $ | 200.34 |
Schedule of Unvested Cash-settled Restricted Stock Activity | A summary of the Company’s unvested cash-settled restricted stock activity as of March 31, 2024 and changes during the three months ended March 31, 2024 are presented in the following table:
Cash-Settled Restricted Stock | Shares |  | Weighted-Average Fair Value
Unvested at January 1, 2024 | 56,655 |  |  | $ | 217.11 |
Granted | 19,760 |  |  | 235.01 |
Vested | (14,980) |  |  | 235.97 |
Forfeited | (1,700) |  |  | 244.02 |
Unvested at March 31, 2024 | 59,735 |  |  | $ | 244.02 |
Schedule of Weighted Average Performance Share Units Fair Values and Assumptions | The performance share units are market condition awards and have been assessed at fair value on the date of grant using a Monte Carlo simulation model. The assumptions used in determining the fair value of the performance share units granted in the respective periods were as follows:
| Three Months Ended March 31,
| 2024 |  | 2023
Weighted average fair value of grants | $349.59 |  | $308.18
Dividend yield | —% |  | —%
Volatility | 22.23% |  | 27.00%
Risk-free interest rate | 4.45% |  | 4.37%
Expected life (in years) | 2.94 |  | 2.94
Schedule of Performance Shares Units Activity | A summary of the Company’s performance share unit activity as of March 31, 2024 and changes during the three months ended March 31, 2024 are presented in the following table:
Performance Share Units | Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2024 | 67,455 |  |  | $ | 265.15 |
Granted | 27,135 |  |  | 349.59 |
Vested | (9,606) |  |  | 245.40 |
Forfeited | (10,629) |  |  | 246.70 |
Unvested at March 31, 2024 | 74,355 |  |  | $ | 300.72 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Pre-tax compensation cost is recognized in both Cost of sales and Selling, general and administrative expenses in the Condensed Consolidated Statements of Income depending on the functional area of the underlying employees. Total compensation cost related to all share-based awards was as follows:
| Three Months Ended March 31,
| 2024 |  | 2023
Stock options expense | $ | 5.4 |  |  | $ | 6.0 |
Restricted stock expense | 2.0 |  |  | 1.6
Cash-settled restricted stock expense | 1.9 |  |  | 1.1
Performance share units expense | 5.1 |  |  | 5.2
Total pre-tax share-based compensation expense | 14.4 |  |  | 13.9
Income tax benefit | (0.9) |  |  | (0.8) |
Total share-based compensation expense, net of income taxes | $ | 13.5 |  |  | $ | 13.1 |

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