Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Compensation Cost and Related Tax Benefits

Compensation cost for the Company’s stock-based awards and the related tax benefits were as follows:

	Three Months Ended March 31,
(in millions)	2025			2024
Stock-based compensation expense	$	6.6		$	6.7
Tax benefit		(1.4	)		(1.4	)
Stock-based compensation expense, net of taxes	$	5.2		$	5.3

Summary of Stock Option Activity

Information on the Company’s stock option activity for the three months ended March 31, 2025 and 2024 is summarized below.

	Three Months Ended March 31,
	2025					2024
(in whole shares and dollars)	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Outstanding, beginning of period		1,111,871		$	117.43		1,137,042		$	111.57
Granted		140,393			161.82		150,731			134.26
Exercised		(92,520	)		89.99		(66,405	)		81.26
Forfeited or cancelled		—			—		(2,277	)		134.26
Outstanding, end of period		1,159,744			124.99		1,219,091			115.98

Summary of Activity Information about Employee Restricted Stock Units

The following table summarizes activity information about employee restricted stock units:

	Three Months Ended March 31,
	2025					2024
(in whole shares and dollars)	Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value
Time-based restricted stock units:
Outstanding, beginning of period		386,712		$	137.44		376,626		$	132.04
Granted		136,535			160.40		154,826			133.26
Vested		(118,406	)		139.49		(118,768	)		115.43
Forfeited		(2,108	)		140.39		(7,370	)		131.90
Outstanding, end of period		402,733			144.60		405,314			137.37
Performance-based and market-based restricted stock units:
Outstanding, beginning of period		126,211		$	140.47		120,504		$	132.76
Granted		52,360			178.39		53,336			132.27
Vested		(31,052	)		141.58		(41,290	)		112.36
Forfeited		(14,369	)		152.88		(6,339	)		108.06
Outstanding, end of period		133,150			153.78		126,211			140.47