XML 48 R33.htm IDEA: XBRL DOCUMENT v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Compensation Expense
Stock-based compensation cost by award type follows:
(in millions)202520242023
Stock option awards$13.1 $14.0 $14.4 
Restricted stock awards10.8 9.4 8.3 
Performance share awards10.5 9.4 8.8 
Total stock-based compensation cost incurred34.4 32.8 31.5 
Capitalized cost during the period(1.9)(3.3)(4.5)
Amortization of capitalized cost during the period2.3 3.4 4.7 
Total stock-based compensation expense$34.8 $32.9 $31.7 
Income tax benefit$17.8 $18.7 $11.4 
Summary of Weighted-Average Assumptions for Equity Awards The weighted average assumptions used in the determination of fair value for stock options follow:
202520242023
Expected dividend yield1.0 %1.2 %1.2 %
Expected term (in years)
4.54.74.6
Expected volatility28.7 %32.1 %32.4 %
Risk-free interest rate4.2 %3.9 %3.6 %
Summary 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, 2024875 $227.97 
Options granted108 395.46 
Options exercised(119)195.71 
Options forfeited / expired(36)304.86 
Outstanding as of December 31, 2025828 251.17 6.0$64.6 
Vested and exercisable as of December 31, 2025606 219.08 5.2$61.2 
Additional information related to stock option activity during the years ended December 31 follows:
202520242023
Weighted-average grant date fair value (per share)$112.37 $97.11 $74.20 
Intrinsic value of options exercised (in millions)21.1 118.2 23.5 
Summary 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, 2024100 $265.53 
Shares granted30 387.39 
Shares vested(35)245.31 
Shares forfeited(2)330.78 
Outstanding as of December 31, 202593 312.23 1.0$29.7 
Additional information related to restricted stock award activity during the years ended December 31 follows:
202520242023
Weighted-average grant date fair value (per share)$387.39 $337.83 $250.83 
Intrinsic value of restricted stock awards vested (in millions)12.7 18.5 10.7 
Summary 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, 202490 $368.42 
Awards granted20 570.01 
Awards vested(71)310.22 
Awards converted35 310.37 
Awards forfeited(2)482.33 
Outstanding as of December 31, 202572 449.29 0.9$23.2 
Additional information related to performance share activity during the years ended December 31 follows:
202520242023
Weighted-average grant date fair value (per share)$570.01 $467.92 $368.47 
Intrinsic value of performance share awards vested (in millions)24.8 31.0 19.9