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Stock-based Compensation (Tables)

9 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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