Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity

Schedule of stock option activity

				Weighted
				Average	Aggregate
		Weighted		Remaining	Intrinsic
		Average		Contractual	Value
	Options	Exercise Price		Term (in years)	(in millions)
Options outstanding at January 1, 2021	67,985,648	$	37.58	6.79
Options granted	7,543,589		66.65
Options exercised	(9,692,199)		29.87
Options forfeited	(536,290)		48.00
Options outstanding at December 31, 2021	65,300,748		42.00	6.47
Options granted	7,090,798		68.95
Options exercised	(5,627,389)		32.89
Options forfeited	(629,120)		51.82
Options outstanding at December 31, 2022	66,135,037		45.57	6.03
Options granted	6,065,514		75.99
Options exercised	(11,253,331)		35.11
Options forfeited	(557,058)		58.31
Options outstanding at December 31, 2023	60,390,162	$	50.45	5.81	$	2,939.5
Vested and non-vested options expected to vest at December 31, 2023	58,703,071	$	50.06	5.75	$	2,880.6
Exercisable options at December 31, 2023	37,866,181	$	42.88	4.66	$	2,129.9

Summary of status of non-vested options and changes during the year

		Weighted Average
		Fair Value
	Options	at Grant Date
Non-vested options at January 1, 2023	26,721,012	$	11.04
Options granted	6,065,514		21.42
Options vested	(9,705,487)		9.28
Options forfeited	(557,058)		12.17
Non-vested options at December 31, 2023	22,523,981	$	14.57

Summary of activity in the option plans

	2023		2022		2021
Total intrinsic value of stock options exercised	$	559.6	$	245.1	$	430.9
Total fair value of stock options vested		90.0		79.9		71.7

Schedule of fair value of stock options estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions

	2023		2022		2021
Risk free interest rate	3.8	%	2.7	%	0.7	%
Expected life	4.9	years	4.8	years	4.7	years
Expected volatility	28.0	%	25.9	%	25.0	%
Expected dividend yield	1.0	%	1.0	%	1.0	%

Schedule of restricted stock activity

				Weighted Average
		Fair Value		Remaining
	Restricted	at Grant		Amortization
	Shares	Date		Term (in years)
Restricted shares outstanding at January 1, 2021	26,350	$	45.55	0.38
Restricted shares granted	21,983		66.33
Shares vested and issued	(27,272)		45.80
Restricted shares outstanding at December 31, 2021	21,061		66.92	0.38
Restricted shares granted	21,312		67.59
Shares vested and issued	(21,061)		66.92
Restricted shares outstanding at December 31, 2022	21,312		67.59	0.37
Restricted shares granted	—		—
Shares vested and issued	(21,312)		67.59
Restricted shares outstanding at December 31, 2023	—	$	—	—

Schedules of dividends

	2023		2022		2021
First Quarter	$	0.21	$	0.20	$	0.145
Second Quarter		0.21		0.20		0.145
Third Quarter		0.21		0.20		0.145
Fourth Quarter		0.22		0.21		0.20
Total	$	0.85	$	0.81	$	0.635

Dividends declared and paid for the years ended December 31, 2023, 2022 and 2021 were as follows:

	2023		2022		2021
Dividends declared	$	507.4	$	482.6	$	379.7
Dividends paid (including those declared in the prior year)		500.6		477.4		346.7

Schedule of components comprising Accumulated other comprehensive income (loss) included in equity

	Foreign		Unrealized		Pension and		Accumulated
	Currency		Gain (Loss)		Postretirement		Other
	Translation		on Hedging		Benefit Plan		Comprehensive
	Adjustments		Activities		Adjustment		(Loss) Income
Balance at January 1, 2021	$	(86.6)	$	0.1	$	(191.6)	$	(278.1)
Other comprehensive income (loss) before reclassifications, net of tax of nil, nil and ($12.3), respectively		(66.2)		—		37.4		(28.8)
Amounts reclassified from Accumulated other comprehensive income (loss) to earnings, net of tax of ($6.6)		—		—		20.4		20.4
Balance at December 31, 2021		(152.8)		0.1		(133.8)		(286.5)
Other comprehensive income (loss) before reclassifications, net of tax of nil, nil and ($0.4), respectively		(260.2)		(0.1)		(1.4)		(261.7)
Amounts reclassified from Accumulated other comprehensive income (loss) to earnings, net of tax of ($4.3)		—		—		13.2		13.2
Balance at December 31, 2022		(413.0)		—		(122.0)		(535.0)
Other comprehensive income (loss) before reclassifications, net of tax of nil, nil and $1.1, respectively		0.3		—		(2.0)		(1.7)
Amounts reclassified from Accumulated other comprehensive income (loss) to earnings, net of tax of ($1.0)		—		—		3.1		3.1
Balance at December 31, 2023	$	(412.7)	$	—	$	(120.9)	$	(533.6)