Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement, Disclosure [Abstract]

Schedule Equity-Based Compensation Expense

Equity-based compensation expense, which is recorded in Selling and administrative expenses in the Consolidated Statements of Operations was as follows:

	Year Ended December 31,
	2023		2022		2021
Equity-based compensation expense	$	93.7	$	91.1	$	72.6
Income tax benefit(1)	(17.3)		(15.5)		(12.2)
Equity-based compensation expense, net of tax	$	76.4	$	75.6	$	60.4

(1)Represents equity-based compensation tax expense at the statutory tax rates. Excess tax benefits associated with equity awards are excluded from this disclosure and separately disclosed in Note 10 (Income Taxes).

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The weighted-average assumptions used to value the stock options granted were as follows:

	Year Ended December 31,
	2023			2022			2021
Weighted average grant date fair value	$	64.77		$	43.20		$	40.83
Expected volatility (1)	29.94		%	27.50		%	30.00		%
Risk-free rate (2)	3.80		%	1.94		%	0.93		%
Expected dividend yield	1.24		%	1.17		%	1.03		%
Expected term (in years) (3)	5.5			6.0			5.6

(1)Based on a weighting of the historical volatility and implied volatility.

(2)Based on a composite US Treasury rate.

(3)Based on contractual term length and on historical experience of both exercised and unexercised options.

Schedule of Stock Options Roll Forward

Stock option activity for the year ended December 31, 2023 was as follows:

Options	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding at January 1, 2023	3,499,301	$	104.23
Granted	460,767	212.08
Forfeited/Expired	(54,584)	179.15
Exercised(1)	(714,538)	69.06
Outstanding at December 31, 2023	3,190,946	126.40		5.96	$	322.0
Vested and exercisable at December 31, 2023	2,185,919	$	99.35	4.97	$	279.7
Expected to vest after December 31, 2023	993,307	$	185.15	8.11	$	41.9

(1)The total intrinsic value of stock options exercised during the years ended December 31, 2023, 2022 and 2021 was $97 million, $40 million and $117 million, respectively.

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

RSU activity for the year ended December 31, 2023 was as follows:

	Number of Units	Weighted-Average Grant-Date Fair Value
Non-vested at January 1, 2023	432,060	$	166.92
Granted (1)	172,048	189.30
Vested (2)	(175,795)	154.02
Forfeited	(29,700)	172.49
Non-vested at December 31, 2023	398,613	181.85

(1)The weighted-average grant date fair value of RSUs granted during the years ended December 31, 2023, 2022 and 2021 was $189.30, $169.11 and $172.96, respectively.

(2)The aggregate fair value of RSUs that vested during the years ended December 31, 2023, 2022 and 2021 was $27 million, $16 million and $2 million, respectively.

Schedule of Nonvested Performance-based Units Activity

PSU activity for the year ended December 31, 2023 was as follows:

	Number of Units	Weighted-Average Grant-Date Fair Value
Non-vested at January 1, 2023	444,233	$	165.11
Granted (1)	147,425	210.30
Attainment adjustment (2)	109,462	95.17
Vested (3)	(275,334)	125.60
Forfeited	(30,904)	182.82
Non-vested at December 31, 2023	394,882	188.76

(1)The weighted-average grant date fair value of PSUs granted during the years ended December 31, 2023, 2022 and 2021 was $210.30, $176.14 and $154.37, respectively.

(2)During the year ended December 31, 2023, the PSUs that vested at December 31, 2022 were adjusted to reflect final attainment.

(3)The aggregate fair value of PSUs that vested during the years ended December 31, 2023, 2022 and 2021 was $35 million, $28 million and $28 million, respectively.