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Share-Based Compensation (Tables)

12 Months Ended

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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