Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Activity for CIUs

Activity for CIUs, which are classified as a liability, is as follows:

	Units
	(000s)
Outstanding at December 31, 2024	16,455
Granted	15,545
Vested	(13,228)
Outstanding at December 31, 2025	18,772

Schedule of Cash-based Payment Award, Cash-incentive Units, Valuation Assumptions

The fair value of CIUs is estimated at each reporting period using the Monte-Carlo simulation model. Key assumptions used to value CIUs granted are as follows:

	Assumptions as of the Year Ended December 31, 2025
	2025 Grant		2024 Grant
Expected Volatility (based on our and our peer group historical daily stock prices)	30	%	28	%
Expected Life (equals the remaining performance period)	2 years		1 year
Risk Free Interest Rate (based on U.S. Treasury yields)	3.43	%	3.46	%

	Assumptions as of the Year Ended December 31, 2024
	2024 Grant		2023 Grant
Expected Volatility (based on our and our peer group historical daily stock prices)	30	%	30	%
Expected Life (equals the remaining performance period)	2 years		1 year
Risk Free Interest Rate (based on U.S. Treasury yields)	4.25	%	4.19	%

	Assumptions as of the Year Ended December 31, 2023
	2023 Grant		2022 Grant
Expected Volatility (based on our and our peer group historical daily stock prices)	30	%	27	%
Expected Life (equals the remaining performance period)	2 years		1 year
Risk Free Interest Rate (based on U.S. Treasury yields)	4.26	%	4.75	%

Activity for Restricted Stock Units

Activity for RSUs, which are classified as equity, is as follows:

		Weighted Average
	Shares	Grant Date
	(000s)	Fair Value
Outstanding at December 31, 2024	987	$	44.31
Granted	550	81.16
Vested	(688)	50.85
Forfeited	(50)	60.34
Outstanding at December 31, 2025	799	63.05

Schedule of Compensation Cost for Share-based Payment Arrangements

Compensation expense for the stock based plans, as reported in our consolidated statements of income, is as follows:

	Year Ended December 31
	2025		2024		2023
	(in millions of dollars)
Cash Incentive Units	$	15.3	$	12.4	$	21.7
Restricted Stock Units	37.3		34.5		40.3
Other	1.0		0.9		2.1
Total Compensation Expense, Before Income Tax	$	53.6	$	47.8	$	64.1
Total Compensation Expense, Net of Income Tax	$	47.3	$	41.6	$	57.5

Certain prior year amounts in the preceding chart have been reclassified to conform to current presentation.