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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Weighted Average Option Fair Values and Assumptions The assumptions used in determining the fair value of the stock options granted in the respective periods were as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Weighted average fair value of grants$49.83$56.47$63.63$60.49
Dividend yield1.42%1.20%1.09%1.07%
Volatility26.47%26.78%26.66%27.17%
Risk-free interest rate4.08%4.26%4.31%4.12%
Expected life (in years)4.604.504.604.50
Schedule of Stock Option Activity
A summary of the Company’s stock option activity as of September 30, 2024 and changes during the nine months ended September 30, 2024 are presented in the following table:
Stock OptionsSharesWeighted
Average
Exercise Price		Weighted-Average
Remaining
Contractual Term (years)		Aggregate
Intrinsic
Value
Outstanding at January 1, 2024983,267 $178.86 6.88$39.3 
Granted196,600 234.59 
Exercised(79,005)155.56 
Forfeited(38,796)205.39 
Outstanding at September 30, 20241,062,066 $189.84 6.78$31.9 
Vested and expected to vest as of September 30, 20241,025,776 $188.79 6.71$31.7 
Exercisable at September 30, 2024603,219 $168.07 5.47$28.7 
Schedule of Restricted Stock Activity A summary of the Company’s restricted stock activity as of September 30, 2024 and changes during the nine months ended September 30, 2024 are presented in the following table:
Restricted StockSharesWeighted-Average
Grant Date Fair
Value
Unvested at January 1, 2024112,891 $193.03 
Granted102,915 211.55 
Vested(24,125)201.52 
Forfeited(11,600)210.94 
Unvested at September 30, 2024180,081 $201.32 
Schedule of Unvested Cash-settled Restricted Stock Activity A summary of the Company’s unvested cash-settled restricted stock activity as of September 30, 2024 and changes during the nine months ended September 30, 2024 are presented in the following table:
Cash-Settled Restricted StockSharesWeighted-Average
Fair Value
Unvested at January 1, 202456,655 $217.11 
Granted23,555 229.87 
Vested(15,275)235.39 
Forfeited(5,430)214.50 
Unvested at September 30, 202459,505 $214.50 
Schedule of Weighted Average Performance Share Units Fair Values and Assumptions
The performance share units are market condition awards and have been assessed at fair value on the date of grant using a Monte Carlo simulation model. The assumptions used in determining the fair value of the performance share units granted in the respective periods were as follows:
 Nine Months Ended September 30,
20242023
Weighted average fair value of grants$349.59$308.18
Dividend yield—%—%
Volatility22.23%27.00%
Risk-free interest rate4.45%4.37%
Expected life (in years)2.942.94
Schedule of Performance Shares Units Activity
A summary of the Company’s performance share unit activity as of September 30, 2024 and changes during the nine months ended September 30, 2024 are presented in the following table:
Performance Share UnitsSharesWeighted-Average
Grant Date Fair
Value
Unvested at January 1, 202467,455 $265.15 
Granted27,135 349.59 
Vested(9,606)245.40 
Forfeited(11,444)252.92 
Unvested at September 30, 202473,540 $300.35 
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Pre-tax compensation cost is recognized in both Cost of sales and Selling, general and administrative expenses in the Condensed Consolidated Statements of Income depending on the functional area of the underlying employees. Total compensation cost related to all share-based awards was as follows:

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Stock options expense$1.5 $1.1 $8.4 $8.7 
Restricted stock expense 1.6 1.1 5.7 4.4
Cash-settled restricted stock expense1.2 0.6 2.8 2.3
Performance share units expense(1)
0.9 (0.3)6.8 5.7
Total pre-tax share-based compensation expense5.2 2.5 23.7 21.1
Income tax benefit(0.7)(0.5)(2.3)(2.1)
Total share-based compensation expense, net of income taxes$4.5 $2.0 $21.4 $19.0 
(1) Performance share units expense for the three and nine months ended September 30, 2023 reflects lower expense of $1.1 million of executive forfeitures, which occurred during the third quarter of 2023.