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INCENTIVE PLANS (Tables)
12 Months Ended
Dec. 31, 2023
Aggregate Values for Distributed Restricted Share Awards

in millions

2023

2022

2021

Aggregate value of distributed

restricted shares

$          11.1 

$          15.7 

$            9.0 

Weighted-Average Fair Value and Weighted-Average Assumptions Used in Estimating Fair Value of Grants

2023

2022

2021

SOSARs

Fair value

$        72.39 

$        60.57 

$        52.19 

Risk-free interest rate

3.90%

2.02%

1.18%

Dividend yield

0.79%

0.77%

0.62%

Volatility

28.88%

26.68%

27.33%

Expected term (years)

9.0

9.0

9.0

Aggregate Intrinsic Values of Options Exercised

in millions

2023

2022

2021

Aggregate intrinsic value of SOSARs exercised

$          25.1 

$            1.9 

$          24.9 

Performance Shares [Member]  
Summary of Activity For Nonvested Performance Share Units

Target

Weighted-average

Number

Grant Date

of Shares

Fair Value

Performance Shares

Nonvested at January 1, 2023

219,901 

$           160.48 

Granted

126,010 

175.46 

Vested

(105,606)

164.41 

Canceled/forfeited

(12,833)

179.09 

Nonvested at December 31, 2023

227,472 

$           180.13 

Aggregate Value of Performance Shares

in millions

2023

2022

2021

Aggregate value of distributed

performance shares

$          24.8 

$          33.4 

$          19.6 

Restricted Shares [Member]  
Summary of Restricted Stock Units

Weighted-average

Number

Grant Date

of Shares

Fair Value

Restricted Stock Units

Nonvested at January 1, 2023

185,488 

$           162.40 

Granted

133,902 

175.46 

Vested

(63,722)

137.56 

Canceled/forfeited

(18,995)

177.28 

Nonvested at December 31, 2023

236,673 

$           175.29 

SOSARs [Member]  
Summary of Our SOSAR Activity

Weighted-average

Remaining

Aggregate

Number

Weighted-average

Contractual

Intrinsic Value

of Shares

Exercise Price

Life (Years)

(in millions)

SOSARs

Outstanding at January 1, 2023

674,369 

$           114.46 

Granted

61,960 

180.52 

Exercised

(197,756)

79.83 

Forfeited or expired

(5,116)

179.47 

Outstanding at December 31, 2023

533,457 

$           134.35 

5.27 

$               49.0 

Exercisable at December 31, 2023

408,300 

$           120.53 

4.30 

$               43.2 

Cash Consideration Received and Tax Benefit Realized from SOSAR Exercises and Compensation Cost Recorded

in millions

2023

2022

2021

SOSARs

Cash received from exercises

$            0.0 

$            0.0 

$            0.0 

Tax benefit from exercises

6.0 

0.4 

6.3 

Compensation cost

4.0 

4.0 

3.9