Under the Company's shareholder-approved equity incentive plan, a maximum of 2.7 million ordinary shares are authorized for issuance, of which 2.7 million remained available for issuance as of December 31, 2023, for future equity incentive awards.

Share-based compensation expense is included in Cost of goods sold and Selling and administrative expenses within the Consolidated Statements of Comprehensive Income. The following table summarizes the expenses recognized for the years ended December 31:


In millions	2023		2022		2021
Stock options	$	4.3	$	4.4	$	3.9
RSUs	14.6		14.2		13.6
PSUs	7.5		5.9		5.9

Pre-tax expense	26.4		24.5		23.4
Tax benefit	(2.7)		(2.7)		(2.6)
After-tax expense	$	23.7	$	21.8	$	20.8

The weighted-average fair value of stock options granted for the years ended December 31, 2023, 2022 and 2021, was estimated to be $33.66, $28.24 and $24.99 per share, respectively, using the Black-Scholes option-pricing model. The weighted-average assumptions used were as follows:


	2023		2022		2021
Dividend yield	1.60	%	1.46	%	1.32	%
Volatility	28.47	%	27.12	%	27.14	%
Risk-free rate of return	4.10	%	2.13	%	0.75	%
Expected life	6.0 years		6.0 years		6.0 years

Volatility is based on the Company's historic volatility. The risk-free rate of return is based on the yield curve of a zero-coupon U.S. Treasury bond on the date the award is granted with a maturity equal to the expected term of the award. The expected life of the Company’s stock option awards is derived from the simplified approach based on the weighted-average time to vest and the remaining contractual term and represents the period of time that awards are expected to be outstanding.


	Shares subject to option	Weighted- average exercise price(a)		Aggregate intrinsic value (millions)		Weighted-average remaining life (years)
December 31, 2020	760,142	$	85.18
Granted	179,743	109.14
Exercised	(156,063)	66.98
Canceled	(26,042)	109.36

December 31, 2021	757,780	93.76
Granted	234,809	112.18
Exercised	(52,641)	58.63
Canceled	(7,366)	115.55

December 31, 2022	932,582	100.21
Granted	156,929	112.59
Exercised	(76,969)	73.30
Canceled	(12,182)	117.82


Outstanding December 31, 2023	1,000,360	$	104.01	$	23.1	5.7
Exercisable December 31, 2023	643,947	$	99.66	$	17.8	4.6

(a) The weighted-average exercise price of awards represents the exercise price of the awards on the grant date converted to ordinary shares of the Company.


			Options outstanding				Options exercisable
Range of exercise price			Number outstanding at December 31, 2023	Weighted- average remaining life (years)	Weighted- average exercise price		Number exercisable at December 31, 2023	Weighted- average remaining life (years)	Weighted- average exercise price


50.01	—	75.00	86,747	2.0	$	62.40	86,747	2.0	$	62.40
75.01	—	100.00	238,530	4.0	87.60		238,530	4.0	87.60
100.01	—	125.00	533,274	7.3	111.38		176,861	6.3	110.41
125.01	—	150.00	141,809	4.9	129.33		141,809	4.9	129.33


			1,000,360	5.7	$	104.01	643,947	4.6	$	99.66

At December 31, 2023, there was $4.0 million of total unrecognized compensation cost from stock option arrangements granted under the plan, which is primarily related to unvested stock options held by non-retirement eligible employees. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2023 and 2022, was $3.5 million and $2.9 million, respectively. Generally, stock options expire ten years from their date of grant.


	RSUs	Weighted-average grant date fair value(a)
Outstanding and unvested at December 31, 2020	195,290	$	102.52
Granted	134,543	112.75
Vested	(124,347)	100.52
Canceled	(10,083)	109.31
Outstanding and unvested at December 31, 2021	195,403	112.35
Granted	187,363	111.64
Vested	(114,987)	110.00
Canceled	(6,731)	115.04
Outstanding and unvested at December 31, 2022	261,048	112.79
Granted	137,677	112.38
Vested	(101,516)	115.94
Canceled	(9,844)	112.45
Outstanding and unvested at December 31, 2023	287,365	$	111.51

At December 31, 2023, there was $11.7 million of total unrecognized compensation cost from RSU arrangements granted under the plan, which is primarily related to unvested RSUs held by non-retirement eligible employees.

In February 2021, 2022 and 2023, the Compensation Committee of the Company's Board of Directors granted PSUs that vested based 50% upon a performance condition, measured at each reporting period by earnings per share ("EPS") performance during a three-year performance period in relation to pre-established targets set by the Compensation Committee, and 50% upon a market condition, measured by the Company’s relative total shareholder return ("TSR") against the S&P 400 Capital Goods Index over a three-year performance period. The fair values of the market conditions are estimated using a Monte Carlo simulation approach in a risk-neutral framework to model future stock price movements based upon historical volatility, risk-free rates of return and correlation matrix.

The following table summarizes PSU activity for the maximum number of shares that may be issued upon vesting of those awards for the years ended December 31, 2023, 2022 and 2021:


	PSUs	Weighted-average grant date fair value(a)
Outstanding and unvested at December 31, 2020	145,976	$	93.89
Granted	92,717	109.53
Vested	(80,194)	100.26
Forfeited	(13,332)	115.92
Outstanding and unvested at December 31, 2021	145,167	98.34
Granted	51,035	123.26
Vested	(38,044)	92.15
Forfeited	(19,773)	101.96
Outstanding and unvested at December 31, 2022	138,385	108.71
Granted	77,253	120.69
Vested	(13,028)	149.43
Forfeited	(49,419)	134.62
Outstanding and unvested at December 31, 2023	153,191	$	102.93