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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Arrangements by Share-Based Payment Award
At December 31, 2024, the Company had total unrecognized stock-based compensation expense of $192.7 million that is expected to be recognized over a weighted-average period of 1.08 years.
202420232022
Stock-based compensation expense$138.1 $115.9 $99.7 
Income tax benefit recognized34.1 28.6 24.6 
Weighted-Average Assumptions Used for Estimating the Fair Value of Option Rights
The fair value of the Company’s options was estimated at the date of grant using a Black-Scholes-Merton option-pricing model with the following weighted-average assumptions for all options granted:
202420232022
Risk-free interest rate3.93 %4.57 %4.00 %
Expected life of options5.02 years5.02 years5.05 years
Expected dividend yield of stock.83 %.94 %.92 %
Expected volatility of stock27.5 %29.3 %31.6 %
Summary of Non-Qualified and Incentive Stock Option Right Activity
The following table summarizes the Company’s option activity:
Optioned
Shares		Weighted
Average
Exercise
Price
Per Share		Aggregate
Intrinsic
Value		Weighted Average Remaining Term
(in Years)
Outstanding at January 1, 2024
8,925,011 $175.70 $1,215.6 5.64
Granted939,699 376.90 
Exercised(1,871,201)131.48 
Forfeited(53,373)254.48 
Expired(5,270)202.79 
Outstanding at December 31, 2024
7,934,866 209.39 $1,074.4 5.69
Exercisable at December 31, 2024
6,054,247 $178.95 $974.6 4.64
The following table summarizes fair value and intrinsic value information for option activity:
202420232022
Weighted average grant date fair value per share$109.05 $77.08 $69.82 
Total fair value of options vested66.8 61.3 57.9 
Total intrinsic value of options exercised402.7 170.6 125.4 
Summary of RSU Activity
The following table summarizes the Company’s RSU activity:
Number of RSUsWeighted Average Grant Date Fair Value Per ShareAggregate
Intrinsic
Value		Weighted Average Remaining Term
(in Years)
Outstanding at January 1, 2024
434,874 $244.21 $135.6 1.26
Granted 124,667 305.50 
Vested(122,276)239.14 
Forfeited(4,251)251.80 
Outstanding at December 31, 2024
433,014  $265.03 $147.2 1.18
The following table summarizes the fair value and intrinsic value information for RSU activity:
202420232022
Weighted average grant date fair value per share$305.50 $232.22 $271.75 
Intrinsic value of RSUs vested during year38.4 68.5 97.5