Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Equity-based compensation expense	$	64.7	$	93.7	$	91.1
Income tax benefit(1)	(10.8)		(17.3)		(15.5)
Equity-based compensation expense, net of tax	$	53.9	$	76.4	$	75.6

(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,
	2024			2023			2022
Weighted average grant date fair value	$	76.21		$	64.77		$	43.20
Expected volatility(1)	29.32		%	29.94		%	27.50		%
Risk-free rate(2)	4.07		%	3.80		%	1.94		%
Expected dividend yield	1.08		%	1.24		%	1.17		%
Expected term (in years)(3)	5.4			5.5			6.0

(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, 2024 was as follows:

	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Outstanding at January 1, 2024	3,190,946	$	126.40
Granted	82,881	245.62
Forfeited/Expired	(28,842)	195.04
Exercised(1)	(478,686)	98.11
Outstanding at December 31, 2024	2,766,299	134.15		5.28	$	132.3
Vested and exercisable at December 31, 2024	2,225,183	$	117.20	4.68	$	131.7
Expected to vest after December 31, 2024	541,116	$	203.77	7.73	$	0.6

(1)The total intrinsic value of stock options exercised during the years ended December 31, 2024, 2023 and 2022 was $66 million, $97 million and $40 million, respectively.

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

RSU activity for the year ended December 31, 2024 was as follows:

	Number of Units	Weighted-Average Grant-Date Fair Value
Non-vested at January 1, 2024	398,613	$	181.85
Granted(1)	328,768	203.24
Vested(2)	(207,350)	179.46
Forfeited	(28,679)	191.98
Non-vested at December 31, 2024	491,352	196.58

(1)The weighted-average grant date fair value of RSUs granted during the years ended December 31, 2024, 2023 and 2022 was $203.24, $189.30 and $169.11, respectively.

(2)The aggregate fair value of RSUs that vested during the years ended December 31, 2024, 2023 and 2022 was $37 million, $27 million and $16 million, respectively.

Schedule of Nonvested Performance-based Units Activity

PSU activity for the year ended December 31, 2024 was as follows:

	Number of Units	Weighted-Average Grant-Date Fair Value
Non-vested at January 1, 2024	394,882	$	188.76
Granted(1)	199,174	224.53
Attainment adjustment(2)	122,295	156.18
Vested(3)	(258,590)	163.89
Forfeited	(27,480)	201.13
Non-vested at December 31, 2024	430,281	210.22

(1)The weighted-average grant date fair value of PSUs granted during the years ended December 31, 2024, 2023 and 2022 was $224.53, $210.30 and $176.14, respectively.

(2)During the year ended December 31, 2024, the PSUs that vested at December 31, 2023 were adjusted to reflect final attainment.

(3)The aggregate fair value of PSUs that vested during the years ended December 31, 2024, 2023 and 2022 was $42 million, $35 million and $28 million, respectively.