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Share-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Employee Stock Purchase Plan | Following is information regarding our 2009 ESPP:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Cash received related to ESPP purchases ($ in millions) |  | $ | 29.3 |  |  | $ | 34.4 |  |  | $ | 29.6 |
Tax deductions associated with ESPP disqualifying dispositions ($ in millions) |  | $ | 3.9 |  |  | $ | 3.1 |  |  | $ | 1.9 |
Weighted average per share discount for compensation expense recognized |  | $ | 41.58 |  |  | $ | 38.57 |  |  | $ | 50.58 |
Schedule of Restricted Stock Units Activity | RSU grants vest over a period of time up to four years from the date of grant. RSU activity was as follows:
| RSUs |  | Weighted average per share grant date fair value
Balance, December 31, 2022 | 415,878 |  |  | $ | 159.85 |
Granted | 327,955 |  |  | 302.35 |
Vested | (182,056) |  |  | 174.61 |
Forfeited | (32,101) |  |  | 214.41 |
Balance, December 31, 2023 | 529,676 |  |  | 287.04 |
Schedule of Assumptions in Valuation of RSUs | The assumptions for the valuation of time-vesting RSUs and performance and time-vesting RSUs granted are summarized as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Time-vesting RSUs |  |  |  |  |  |
Number of shares granted |  | 48,872 |  |  | 18,080 |  |  | 33,665 |
Grant date fair value per share |  | $ | 268.60 |  |  | $ | 283.86 |  |  | $ | 312.83 |
Weighted-average assumptions/inputs: |  |  |  |  |  |
Expected dividend yield |  | 0.6 | % |  | 0.5 | % |  | 0.4 | %
Range of risk-free interest rates |  | 3.6% - 4.7% |  | 1.2% - 4.5% |  | 0.3% - 1.0%
Performance and Time-vesting RSUs |  |  |  |  |  |
Number of shares granted |  | 279,083 |  |  | 120,340 |  |  | 94,001 |
Grant date fair value per share |  | $ | 313.84 |  |  | $ | 296.28 |  |  | $ | 308.59 |
Weighted-average assumptions/inputs: |  |  |  |  |  |
Expected dividend yield |  | 0.6 | % |  | 0.5 | % |  | 0.4 | %
Range of risk-free interest rates |  | 3.6% - 4.5% |  | 0.4% - 3.2% |  | 0.3% -0.7%
Summary of Certain Information Regarding RSU Grant Vesting | Certain information regarding RSU grant vesting was as follows:
|  | Year Ended December 31,
($ in millions) |  | 2023 |  | 2022 |  | 2021
Number of shares vested |  | 182,056 |  | 147,441 |  | 141,857
Weighted average per share fair value of non-vested shares that vested during the period |  | $ | 174.61 |  |  | $ | 110.77 |  |  | $ | 107.50 |
Tax deduction realized related to shares that vested during the period ($ in millions) |  | $ | 25.8 |  |  | $ | 20.3 |  |  | $ | 26.3 |
Schedule of Stock-Based Compensation | Share-based compensation is recognized as a component of SG&A in our Consolidated Statements of Operations. SG&A expense related to all share-based compensation is as follows:
|  | Year Ended December 31,
($ in millions) |  | 2023 |  | 2022 |  | 2021
Restricted stock unit awards |  | $ | 35.6 |  |  | $ | 35.0 |  |  | $ | 29.5 |
Employee stock purchase plan |  | 5.2 |  |  | 6.1 |  |  | 5.2 |
Total share-based compensation |  | 40.8 |  | 41.1 |  | 34.7
Tax expense recognized |  | (7.6) |  |  | (6.4) |  |  | (8.1) |
Net reduction in net income |  | $ | 33.2 |  |  | $ | 34.7 |  |  | $ | 26.6 |

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