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Stock-based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Compensation Cost and Related Tax Benefits | Compensation cost for the Company’s stock-based awards and the related tax benefits were as follows:
|  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |
(in millions) |  | 2024 |  |  |  | 2023 |  |  |  | 2024 |  |  |  | 2023 |
Stock-based compensation expense |  | $ | 8.7 |  |  |  | $ | 8.6 |  |  |  | $ | 23.5 |  |  |  | $ | 23.9 |
Tax benefit |  |  | (1.8 | ) |  |  |  | (1.8 | ) |  |  |  | (4.9 | ) |  |  |  | (5.0 | )
Stock-based compensation expense, net of taxes |  | $ | 6.9 |  |  |  | $ | 6.8 |  |  |  | $ | 18.6 |  |  |  | $ | 18.9 |
Summary of Stock Option Activity | Information on the Company’s stock option activity for the nine months ended September 30, 2024 and 2023 is summarized below.
|  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |
(in whole shares and dollars) |  | Shares |  |  | Weighted Average Exercise Price |  |  | Shares |  |  | Weighted Average Exercise Price |
Outstanding, beginning of period |  |  | 1,137,042 |  |  | $ | 111.57 |  |  |  | 1,080,852 |  |  | $ | 107.07 |
Granted |  |  | 150,731 |  |  |  | 134.26 |  |  |  | 135,019 |  |  |  | 140.01 |
Exercised |  |  | (131,891 | ) |  |  | 88.87 |  |  |  | (40,544 | ) |  |  | 92.39 |
Forfeited or cancelled |  |  | (2,642 | ) |  |  | 134.99 |  |  |  | (22,184 | ) |  |  | 125.15 |
Outstanding, end of period |  |  | 1,153,240 |  |  |  | 117.08 |  |  |  | 1,153,143 |  |  |  | 111.09 |
Summary of Activity Information about Employee Restricted Stock Units | The following table summarizes activity information about employee restricted stock units:
|  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |
(in whole shares and dollars) |  | Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
Time-based restricted stock units: |  |  |  |  |  |  |  |  |  |  |  |
Outstanding, beginning of period |  |  | 376,626 |  |  | $ | 132.04 |  |  |  | 378,256 |  |  | $ | 124.88 |
Granted |  |  | 158,460 |  |  |  | 133.30 |  |  |  | 149,509 |  |  |  | 138.35 |
Vested |  |  | (123,973 | ) |  |  | 116.25 |  |  |  | (132,086 | ) |  |  | 118.21 |
Forfeited |  |  | (21,705 | ) |  |  | 135.85 |  |  |  | (19,132 | ) |  |  | 131.14 |
Outstanding, end of period |  |  | 389,408 |  |  |  | 137.36 |  |  |  | 376,547 |  |  |  | 132.25 |
Performance-based and market-based restricted stock units: |  |  |  |  |  |  |  |  |  |  |
Outstanding, beginning of period |  |  | 120,504 |  |  | $ | 132.76 |  |  |  | 119,163 |  |  | $ | 122.81 |
Granted |  |  | 53,336 |  |  |  | 132.27 |  |  |  | 50,115 |  |  |  | 137.90 |
Vested |  |  | (41,290 | ) |  |  | 112.36 |  |  |  | (44,781 | ) |  |  | 114.14 |
Forfeited |  |  | (6,339 | ) |  |  | 108.06 |  |  |  | (3,993 | ) |  |  | 109.19 |
Outstanding, end of period |  |  | 126,211 |  |  |  | 140.47 |  |  |  | 120,504 |  |  |  | 132.76 |

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