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Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs by plan

We recognized the following stock compensation expense:

			Year Ended December 31,
(in Millions)			2023						2022						2021
Stock option expense, net of taxes of $1.5 in 2023, $1.3 in 2022 and $1.0 in 2021 (1)			$	5.9					$	4.9					$	3.7
Restricted stock expense, net of taxes of $2.4 in 2023, $2.3 in 2022 and $1.9 in 2021 (2)			9.0						8.5						7.2
Performance based expense, net of taxes of $1.5 in 2023, $1.5 in 2022 and $0.8 in 2021			5.6						5.7						3.2
Total stock compensation expense, net of taxes of $5.4 in 2023, $5.1 in 2022 and $3.7 in 2021 (3)			$	20.5					$	19.1					$	14.1

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(1)We applied an estimated forfeiture rate of 4.0% per stock option grant in the calculation of the expense.

(2)We applied an estimated forfeiture rate of 2.0% of outstanding grants in the calculation of the expense.

(3)This expense is classified as "Selling, general and administrative expenses" in our consolidated statements of income (loss).

Black Scholes valuation assumptions for stock option grants

Black Scholes valuation assumptions for stock option grants: 

			2023						2022						2021
Expected dividend yield			1.80%						1.85%						1.83%
Expected volatility			31.99%						33.18%						32.75%
Expected life (in years)			6.5						6.5						6.5
Risk-free interest rate			4.00%						1.91%						0.92%

Summary of stock option activity

The following summary shows stock option activity for employees under the Plan for the three years ended December 31, 2023:

(Shares in Thousands)			Number of Options Granted But Not Exercised						Weighted-Average Remaining Contractual Life						Weighted-Average Exercise Price Per Share						Aggregate Intrinsic Value (in Millions)
December 31, 2020 (388 shares exercisable and 818 shares expected to vest or be exercised)			1,235						7.0 years						$	70.44					$	54.9
Granted			235												105.00
Exercised			(166)												49.56						9.8
Forfeited			(50)												89.18
December 31, 2021 (605 shares exercisable and 622 shares expected to vest or be exercised)			1,254						6.2 years						$	78.95					$	38.8
Granted			248												114.90
Exercised			(166)												62.74						9.6
Forfeited			(31)												102.32
December 31, 2022 (672 shares exercisable and 607 shares expected to vest or be exercised)			1,305						6.1 years						$	87.35					$	48.9
Granted			222												128.92
Exercised			(88)												62.42						4.6
Forfeited			(43)												114.15
December 31, 2023 (824 shares exercisable and 551 shares expected to vest or be exercised)			1,396						5.6 years						$	94.73					$	1.6

Summary of restricted award activity

The following table shows our employee restricted award activity for the three years ended December 31, 2023:

			Restricted Equity												Performance Based Equity
(Number of Awards in Thousands)			Number of awards						Weighted-Average Grant Date Fair Value Per Share						Number of awards						Weighted-Average Grant Date Fair Value Per Share
Nonvested at December 31, 2020			298						$	79.91					202						$	88.48
Granted			95						102.10						79						103.26
Vested			(108)						73.82						(86)						77.44
Forfeited			(15)						90.05						—						—
Nonvested at December 31, 2021			270						$	89.56					195						$	96.18
Granted			103						114.50						45						140.32
Vested			(102)						77.80						(102)						83.74
Forfeited			(14)						102.64						(2)						125.60
Nonvested at December 31, 2022			257						$	104.54					136						$	120.47
Granted			118						110.71						81						137.18
Vested			(78)						93.32						(58)						108.57
Forfeited			(15)						114.88						(6)						136.25
Nonvested at December 31, 2023			282						$	109.67					153						$	131.60

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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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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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.

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