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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Weighted Average Option Fair Values and Assumptions | Weighted average stock option fair values and assumptions for the years ended December 31, 2024, 2023 and 2022 are disclosed below:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Weighted average fair value of grants | $63.61 |  | $59.77 |  | $42.66
Dividend yield | 1.09% |  | 1.09% |  | 1.14%
Volatility | 26.66% |  | 27.14% |  | 25.23%
Risk-free interest rate | 4.31% |  | 4.15% |  | 2.01%
Expected life (in years) | 4.60 |  | 4.50 |  | 4.90
Schedule of Stock Option Activity | A summary of the Company’s stock option activity as of December 31, 2024, and changes during the year ended December 31, 2024, are presented in the following table:
| Shares |  | Weighted Average Exercise Price |  | Weighted-Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value
Stock Options |  |  |  |  |  |  |
Outstanding at January 1, 2024 | 983,267 |  |  | $ | 178.86 |  |  | 6.88 |  | $ | 39.3 |
Granted | 196,870 |  |  | 234.55 |  |  |  |  |
Exercised | (128,164) |  |  | 151.50 |  |  |  |  |
Forfeited | (53,117) |  |  | 204.95 |  |  |  |  |
Outstanding at December 31, 2024 | 998,856 |  |  | $ | 191.96 |  |  | 6.63 |  | $ | 24.9 |
Vested and expected to vest at December 31, 2024 | 969,789 |  |  | $ | 191.03 |  |  | 6.57 |  | $ | 24.8 |
Exercisable at December 31, 2024 | 556,562 |  |  | $ | 170.62 |  |  | 5.35 |  | $ | 22.5 |
Schedule of Restricted Stock Activity | A summary of the Company’s restricted stock activity as of December 31, 2024, and changes during the year ended December 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 | 103,070 |  |  | 211.90 |
Vested | (24,275) |  |  | 201.61 |
Forfeited | (15,695) |  |  | 211.29 |
Unvested at December 31, 2024 | 175,991 |  |  | $ | 201.27 |
Schedule of Unvested Cash-settled Restricted Stock Activity | A summary of the Company’s unvested cash-settled restricted stock activity as of December 31, 2024, and changes during the year ended December 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 | 23,655 |  |  | 229.79 |
Vested | (17,230) |  |  | 234.02 |
Forfeited | (7,685) |  |  | 209.29 |
Unvested at December 31, 2024 | 55,395 |  |  | $ | 209.29 |
Schedule of Weighted Average Performance Share Units Fair Values and Assumptions | Weighted average performance share unit fair values and assumptions for the years ended December 31, 2024, 2023 and 2022 are disclosed below:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Weighted average fair value of grants | $349.59 |  | $308.18 |  | $235.54
Dividend yield | —% |  | —% |  | —%
Volatility | 22.23% |  | 27.00% |  | 28.09%
Risk-free interest rate | 4.45% |  | 4.37% |  | 1.73%
Expected life (in years) | 2.94 |  | 2.94 |  | 2.93
Schedule of Performance Shares Units Activity | A summary of the Company’s performance share unit activity as of December 31, 2024, and changes during the year ended December 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 | (12,159) |  |  | 258.61 |
Unvested at December 31, 2024 | 72,825 |  |  | $ | 299.87 |
Schedule of Pre-Tax Compensation Cost | Total compensation cost related to all share-based awards was as follows:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Stock options expense | $ | 9.8 |  |  | $ | 9.9 |  |  | $ | 9.2 |
Restricted stock expense | 8.3 |  |  | 5.7 |  |  | 6.7 |
Cash-settled restricted stock expense | 3.4 |  |  | 3.4 |  |  | 2.7 |
Performance share units expense | 7.7 |  |  | 6.0 |  |  | 6.0 |
Total pre-tax share-based compensation expense(1) | 29.2 |  |  | 25.0 |  |  | 24.6 |
Income tax benefit | (3.2) |  |  | (2.7) |  |  | (2.4) |
Total share-based compensation expense, net of income taxes | $ | 26.0 |  |  | $ | 22.3 |  |  | $ | 22.2 |
(1) Pre-tax compensation cost is recognized in both Cost of sales and Selling, general and administrative expenses in the Consolidated Statements of Income depending on the functional area of the underlying employees. Pre-tax compensation expense of $1.6 million, $1.4 million and $0.9 million was recognized in Cost of sales in the Consolidated Statements of Income during the years ended December 31, 2024, 2023 and 2022, respectively. Pre-tax compensation expense of $27.6 million, $23.6 million, and $23.7 million was recognized in Selling, general and administrative expenses in the Consolidated Statements of Income during the years ended December 31, 2024, 2023 and 2022, respectively.

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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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