Share Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Weighted Average Fair Value and Assumptions

The following table shows the weighted-average fair value for our stock options and the assumptions we used to estimate fair value:

	2023			2022			2021
Weighted-average estimated fair value	$	41.06		$	34.77		$	29.56
Quarterly dividend rate	$	0.55		$	0.52		$	0.50
Expected term of stock options, in years	4.2			4.3			4.3
Risk-free interest rate	3.7		%	1.6		%	0.3		%
Dividend yield	1.9		%	2.0		%	2.2		%
Expected stock price volatility	35.4		%	35.0		%	34.4		%
Present value of dividends	$	8.57		$	8.58		$	8.61

Data With Respect to Stock Options SARs Activity

The following table shows information about outstanding stock options for the year ended December 31, 2023:

	Number of Stock Options (in thousands)	Weighted-Average Exercise Price
Outstanding at beginning of the year	1,001	$	82.04
Granted	190	113.28
Exercised	(193)	72.25
Forfeited/Cancelled	(1)	104.61
Outstanding at end of the year	997	89.85
Vested and exercisable at end of the year	633	80.12

Schedule of Share-Based Compensation, Aggregate Intrinsic Value and Weighted Average Remaining Contractual Term

The following table shows the aggregate intrinsic value of stock options and stock appreciation rights exercised in 2023, 2022, and 2021, and the weighted-average remaining contractual term and aggregate intrinsic value of stock options and stock appreciation rights outstanding and vested as of December 31, 2023:

Stock Options and Stock Appreciation Rights	Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Exercised in 2021		$	22.5
Exercised in 2022		13.4
Exercised in 2023		9.0
Outstanding at December 31, 2023 (a)	3.8	30.3
Vested and exercisable at December 31, 2023	2.8	25.4

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(a) As of December 31, 2023, 997,281 stock options and 0 stock appreciation rights were outstanding.

Schedule of Share-Based Compensation, Restricted Stock Units and Performance Shares Award Activity

The following table shows information about restricted stock units and performance shares for the year ended December 31, 2023:

	Number of Share Units Outstanding (in thousands)	Weighted-Average Grant-Date Fair Value
Restricted Stock Units:
Nonvested at beginning of the year	108	$	90.47
Granted	33	113.39
Vested	(41)	77.87
Forfeited	—	108.10
Nonvested at end of the year	100	103.19
Performance Shares:
Nonvested at beginning of the year	73	$	94.79
Granted	37	113.28
Net increase due to estimated performance	30	100.33
Vested	(43)	87.57
Nonvested at end of the year	97	106.89