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Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stock Options and Stock Appreciation Rights (SARs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Valuation Assumptions

The following table illustrates the assumptions used in estimating fair value in the years ended December 31, 2023, 2022 and 2021:

			2023						2022						2021
Grant date fair value of stock options and SARs			$	40.18					$	49.88					$	42.47
Expected stock price volatility			41.84		%				38.45		%				39.27		%
Risk-free interest rate			4.14		%				1.68		%				0.81		%
Expected annual dividend yield			0.82		%				0.56		%				0.64		%
Expected life of options & SARs (years)			5.4						5.4						5.5

Schedule of Stock Option and SAR Activity

The following table illustrates the stock option and SAR activity for the year ended December 31, 2023:

			Number of Shares (in 000’s)						Weighted- Average Exercise Price
Outstanding at December 31, 2022			3,701						$	92.98
Granted			564						$	97.77
Forfeited			(241)						$	118.06
Exercised			(260)						$	67.30
Outstanding at December 31, 2023			3,764						$	93.82
Exercisable at December 31, 2023			2,097						$	77.53
Stock options & SARs expected to vest			1,667						$	114.32

Restricted Stock Units (RSUs) and Performance Share Units (PSUs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of PSU and RSU Activity

The following table illustrates the RSU and PSU activity for the year ended December 31, 2023:  

			Number of Shares (in 000’s)						Weighted- Average Grant-Date Fair Value
Outstanding at December 31, 2022			46						$	117.91
Granted			53						$	127.59
Vested			(22)						$	108.69
Forfeited			(10)						$	113.87
Outstanding at December 31, 2023			67						$	129.32

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