Equity (Tables)

12 Months Ended

Dec. 31, 2024

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, 2022	130,601,496	$	21.00	6.47
Options granted	14,181,596		34.47
Options exercised	(11,254,778)		16.44
Options forfeited	(1,258,240)		25.91
Options outstanding at December 31, 2022	132,270,074		22.78	6.03
Options granted	12,131,028		37.99
Options exercised	(22,506,662)		17.55
Options forfeited	(1,114,116)		29.16
Options outstanding at December 31, 2023	120,780,324		25.23	5.81
Options granted	8,075,819		65.67
Options exercised	(22,523,753)		19.83
Options forfeited	(628,199)		36.21
Options outstanding at December 31, 2024	105,704,191	$	29.40	5.53	$	4,233.2
Vested and non-vested options expected to vest at December 31, 2024	103,031,174	$	29.05	5.47	$	4,162.6
Exercisable options at December 31, 2024	70,156,937	$	23.65	4.45	$	3,213.5

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, 2024	45,047,962	$	7.28
Options granted	8,075,819		19.33
Options vested	(16,961,552)		5.88
Options forfeited	(614,975)		9.23
Non-vested options at December 31, 2024	35,547,254	$	10.66

Summary of activity in the option plans

	2024		2023		2022
Total intrinsic value of stock options exercised	$	980.3	$	559.6	$	245.1
Total fair value of stock options vested		99.7		90.0		79.9

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

	2024		2023		2022
Risk free interest rate	4.4	%	3.8	%	2.7	%
Expected life	4.9	years	4.9	years	4.8	years
Expected volatility	28.0	%	28.0	%	25.9	%
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, 2022	42,122	$	33.46	0.38
Restricted shares granted	42,624		33.80
Shares vested and issued	(42,122)		33.46
Restricted shares outstanding at December 31, 2022	42,624		33.80	0.37
Restricted shares granted	—		—
Shares vested and issued	(42,624)		33.80
Restricted shares outstanding at December 31, 2023	—		—
Restricted shares granted	21,840		65.96
Shares vested and issued	—		—
Restricted shares outstanding at December 31, 2024	21,840	$	65.96	0.36

Schedules of dividends

	2024		2023		2022
First Quarter	$	0.11	$	0.105	$	0.10
Second Quarter		0.11		0.105		0.10
Third Quarter		0.165		0.105		0.10
Fourth Quarter		0.165		0.11		0.105
Total	$	0.55	$	0.425	$	0.405

Dividends declared and paid for the years ended December 31, 2024, 2023 and 2022 were as follows:

	2024		2023		2022
Dividends declared	$	662.9	$	507.4	$	482.6
Dividends paid (including those declared in the prior year)		595.1		500.6		477.4

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, 2022	$	(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)
Other comprehensive income (loss) before reclassifications, net of tax of nil, nil and ($5.2), respectively		(199.3)		—		13.1		(186.2)
Amounts reclassified from Accumulated other comprehensive income (loss) to earnings, net of tax of ($1.1)		—		—		3.5		3.5
Balance at December 31, 2024	$	(612.0)	$	—	$	(104.3)	$	(716.3)