Share Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

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:

	2024			2023			2022
Weighted-average estimated fair value	$	45.22		$	41.06		$	34.77
Quarterly dividend rate	$	0.58		$	0.55		$	0.52
Expected term of stock options, in years	4.2			4.2			4.3
Risk-free interest rate	4.0		%	3.7		%	1.6		%
Dividend yield	1.8		%	1.9		%	2.0		%
Expected stock price volatility	34.7		%	35.4		%	35.0		%
Present value of dividends	$	8.87		$	8.57		$	8.58

Data With Respect to Stock Options SARs Activity

The following table shows information about outstanding stock options for the year ended December 31, 2024:

	Number of Stock Options (in thousands)	Weighted-Average Exercise Price
Outstanding at beginning of the year	997	$	89.85
Granted	194	126.47
Exercised	(241)	78.61
Forfeited/Cancelled	(2)	122.15
Outstanding at end of the year	948	100.13
Vested and exercisable at end of the year	569	87.98

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 exercised in 2024, 2023, and 2022, and the weighted-average remaining contractual term and aggregate intrinsic value of stock options outstanding and vested as of December 31, 2024:

Stock Options	Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Exercised in 2022		$	13.4
Exercised in 2023		9.0
Exercised in 2024		13.6
Outstanding at December 31, 2024 (a)	3.8	52.0
Vested and exercisable at December 31, 2024	2.8	38.1

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(a) As of December 31, 2024, 948,100 stock options 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, 2024:

	Number of Share Units Outstanding (in thousands)	Weighted-Average Grant-Date Fair Value
Restricted Stock Units:
Nonvested at beginning of the year	100	$	103.19
Granted	32	126.52
Vested	(30)	91.52
Forfeited	—	124.41
Nonvested at end of the year	102	113.79
Performance Shares:
Nonvested at beginning of the year	97	$	106.89
Granted	39	126.47
Net increase due to estimated performance	5	115.81
Vested	(52)	101.03
Nonvested at end of the year	89	119.39