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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Compensation Expense
Stock-based compensation cost by award type follows:
(in millions)202320222021
Stock option awards$14.4 $10.2 $7.0 
Restricted stock awards8.3 7.2 6.7 
Performance share awards8.8 8.3 6.9 
Stock appreciation rights— — 4.2 
Total stock-based compensation cost incurred31.5 25.7 24.8 
Capitalized cost during the period(4.5)(1.9)(4.5)
Amortization of capitalized cost during the period4.7 1.2 6.7 
Total stock-based compensation expense$31.7 $25.0 $27.0 
Income tax benefit$11.4 $11.5 $19.1 
Schedule of Weighted-Average Assumptions for Equity Awards The weighted average assumptions used in the determination of fair value for stock options follows:
(in millions, except per share amounts and percentages)20232022
Broad-based Grant		20222021
Expected dividend yield1.2 %1.0 %0.9 %1.4 %
Expected term (in years)
4.63.84.74.9
Expected volatility32.4 %31.9 %29.1 %28.7 %
Risk-free interest rate3.6 %3.9 %1.8 %0.4 %
Weighted-average grant date fair value (per share)
$74.20 $80.23 $55.96 $32.51 
Fair value of options granted$13.3 $40.4 $12.8 $11.8 
Schedule of Stock Option Activity Under the Company's Stock Option Awards
A summary of stock options outstanding and activity follows:
Number of Units
(in thousands)
Weighted-Average Exercise Price
(per share)
Weighted-Average Contractual Term
(in years)
Aggregate Intrinsic Value
(in millions)
Outstanding as of December 31, 20221,586 $193.17 
Options granted179 250.84 
Options exercised(186)136.59 
Options forfeited / expired(146)271.09 
Outstanding as of December 31, 20231,433 199.79 6.9$161.4 
Vested and exercisable as of December 31, 2023711 145.57 5.4$118.7 
Additional information related to stock option activity during the years ended December 31 follows:
(in millions)202320222021
Intrinsic value of options exercised$23.5 $57.9 $72.8 
Schedule of Activity Related to Restricted Stock
A summary of restricted stock outstanding and activity follows:
Number of Shares
(in thousands)
Weighted-Average Grant Date Fair Value
(per share)
Weighted-Average Contractual Term
(in years)
Aggregate Intrinsic Value
(in millions)
Outstanding as of December 31, 2022125 $174.34 
Shares granted50 250.83 
Shares vested(43)166.69 
Shares forfeited(6)198.51 
Outstanding as of December 31, 2023126 205.96 0.9$39.4 
Additional information related to restricted stock award activity during the years ended December 31 follows:
(in millions)202320222021
Weighted-average grant date fair value (per share)$250.83 $227.44 $154.23 
Intrinsic value of restricted stock exercised10.7 15.7 11.8 
Schedule of Activity Related to Performance Shares
A summary of performance shares outstanding and activity follows:
Number of Shares
(in thousands)
Weighted-Average Grant Date Fair Value
(per share)
Weighted-Average Contractual Term
(in years)
Aggregate Intrinsic Value
(in millions)
Outstanding as of December 31, 2022128 $244.25 
Awards granted35 368.47 
Awards vested(79)222.47 
Awards converted39 222.47 
Awards forfeited(5)310.83 
Outstanding as of December 31, 2023118 285.97 0.8$36.9 
Additional information related to performance share activity during the years ended December 31 follows:
(in millions)202320222021
Weighted-average grant date fair value (per share)$368.47 $313.77 $213.13 
Intrinsic value of performance share awards exercised19.9 22.0 13.3