Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation Expense

Share-based compensation expense was as follows (in millions):

	For the Years Ended December 31,
	2024		2023		2022
Total expense, pre-tax	$	101.0	$	99.8	$	105.0
Tax benefit related to awards		8.7		16.7		16.9
Total expense, net of tax	$	92.3	$	83.1	$	88.1

Summary of Stock Option Activity

A summary of stock option activity for the year ended December 31, 2024 is as follows (options in thousands):

	Stock Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Intrinsic Value (in millions)
Outstanding at January 1, 2024		6,221		$	123.29
Options granted		-			-
Options exercised		(477	)		101.69
Options forfeited		(43	)		128.37
Options expired		(330	)		138.89
Outstanding at December 31, 2024		5,371		$	124.21		4.1	$	4.0
Vested or expected to vest as of December 31, 2024		5,367		$	124.20		4.1	$	4.0
Exercisable at December 31, 2024		4,959		$	123.65		3.9	$	4.0

Weighted Average Fair Value for Stock Options Granted

The following table presents information regarding the weighted average fair value of stock options granted, the assumptions used to determine fair value, the intrinsic value of options exercised and the tax benefit of options exercised in the indicated year. No stock options were granted in 2024 and therefore certain information is not applicable (“N/A”).

	For the Years Ended December 31,
	2024		2023			2022
Dividend yield	N/A			0.8	%		0.8	%
Volatility	N/A			27.7	%		30.2	%
Risk-free interest rate	N/A			3.5	%		1.9	%
Expected life (years)	N/A			5.0			5.0
Weighted average fair value of options granted	N/A		$	36.65		$	32.07
Intrinsic value of options exercised (in millions)	$	11.4	$	23.2		$	20.5
Tax benefit of options exercised (in millions)	$	2.3	$	4.4		$	4.0

Summary of Nonvested RSU Activity

A summary of nonvested RSU activity for the year ended December 31, 2024 is as follows (RSUs in thousands):

				Weighted Average
				Grant Date
	RSUs			Fair Value
Outstanding at January 1, 2024		1,807		$	135.97
Granted		1,101			124.64
Vested		(405	)		124.38
Forfeited		(434	)		138.16
Outstanding at December 31, 2024		2,069		$	123.37