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Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Weighted Average Option Fair Values and Assumptions Weighted average stock option fair values and assumptions for the periods presented are disclosed below.
 Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Weighted average fair value of grants$57.13$46.33$60.70$41.74
Dividend yield1.13%1.14%1.07%1.14%
Volatility27.20%25.39%27.19%25.15%
Risk-free interest rate3.81%
2.98%
4.12%
1.85%
Expected life (in years)4.504.904.504.90
Schedule of Compensation Cost for Stock Options
Total compensation cost for stock options is recorded in the Condensed Consolidated Statements of Income as follows:

 Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Cost of goods sold$0.1 $— $0.4 $0.3 
Selling, general and administrative expenses(1)
1.4 2.8 7.1 5.9 
Total expense before income taxes1.5 2.8 7.5 6.2 
Income tax benefit(0.2)(0.2)(0.6)(0.5)
Total expense after income taxes$1.3 $2.6 $6.9 $5.7 

(1) The three months ended June 30, 2023 include $1.5 million of lower expense compared with the same period in 2022 while the six months ended June 30, 2023 include $1.1 million of higher expense compared with the same period in 2022 as it relates to the timing of accelerated stock compensation costs for retiree eligible participants.
Schedule of Stock Option Activity
A summary of the Company’s stock option activity as of June 30, 2023 and changes during the six months ended June 30, 2023 are presented in the following table:
Stock OptionsSharesWeighted
Average
Price		Weighted-Average
Remaining
Contractual Term		Aggregate
Intrinsic
Value
(Dollars in millions except weighted average price)
Outstanding at January 1, 20231,015,572 $161.45 6.94$67.9 
Granted213,865 225.52 
Exercised(59,643)134.89 
Forfeited(22,370)198.67 
Outstanding at June 30, 20231,147,424 $174.05 7.09$49.5 
Vested and expected to vest as of June 30, 20231,103,113 $172.66 7.01$49.0 
Exercisable at June 30, 2023617,095 $148.13 5.69$41.5 
Schedule of Restricted Stock Activity A summary of the Company’s restricted stock activity as of June 30, 2023 and changes during the six months ended June 30, 2023 are presented in the following table:
Restricted StockSharesWeighted-Average
Grant Date Fair
Value
Unvested at January 1, 2023104,382 $179.45 
Granted35,845 219.69 
Vested(20,802)170.41 
Forfeited(9,150)202.31 
Unvested at June 30, 2023110,275 $192.34 
Schedule of Compensation Cost for Restricted Stock
Total compensation cost for restricted stock is recorded in the Condensed Consolidated Statements of Income as follows:

 Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Cost of goods sold$0.1 $— $0.3 $0.2 
Selling, general and administrative expenses1.6 1.6 3.0 3.2 
Total expense before income taxes1.7 1.6 3.3 3.4 
Income tax benefit(0.4)(0.2)(0.7)(0.6)
Total expense after income taxes$1.3 $1.4 $2.6 $2.8 
Schedule of Unvested Cash-settled Restricted Stock Activity A summary of the Company’s unvested cash-settled restricted stock activity as of June 30, 2023 and changes during the six months ended June 30, 2023 are presented in the following table:
Cash-Settled Restricted StockSharesWeighted-Average
Fair Value
Unvested at January 1, 202357,356 $228.33 
Granted19,970 225.53 
Vested(15,481)229.12 
Forfeited(1,985)215.26 
Unvested at June 30, 202359,860 $215.26 
Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock
Total compensation cost for cash-settled restricted stock is recorded in the Condensed Consolidated Statements of Income as follows:
 Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Cost of goods sold$0.1 $0.1 $0.2 $— 
Selling, general and administrative expenses0.5 (0.5)1.5 — 
Total expense before income taxes0.6 (0.4)1.7 — 
Income tax benefit(0.1)— (0.1)— 
Total expense after income taxes$0.5 $(0.4)$1.6 $— 
Schedule of Weighted Average Performance Share Units Fair Values and Assumptions
Weighted average performance share unit fair values and assumptions for the periods specified are disclosed below. 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.
 Six Months Ended June 30,
20232022
Weighted average fair value of grants$308.18$235.54
Dividend yield—%—%
Volatility27.00%28.09%
Risk-free interest rate4.37%1.73%
Expected life (in years)2.942.93
Schedule of Performance Shares Units Activity
A summary of the Company’s performance share unit activity as of June 30, 2023 and changes during the six months ended June 30, 2023 are presented in the following table:
Performance Share UnitsSharesWeighted-Average
Grant Date Fair
Value
Unvested at January 1, 202370,915 $236.66 
Granted28,030 308.18 
Vested(18,105)226.86 
Forfeited(1,725)261.13 
Unvested at June 30, 202379,115 $264.89 
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Total compensation cost for performance share units is recorded in the Condensed Consolidated Statements of Income as follows:
 Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Cost of goods sold$— $— $— $— 
Selling, general and administrative expenses(1)
0.8 2.5 6.0 3.8 
Total expense before income taxes0.8 2.5 6.0 3.8 
Income tax benefit(0.1)— (0.2)(0.1)
Total expense after income taxes$0.7 $2.5 $5.8 $3.7 

(1) The three months ended June 30, 2023 include $1.8 million of lower expense compared with the same period in 2022 while the six months ended June 30, 2023 include $1.6 million of higher expense compared with the same period in 2022 as it relates to the timing of accelerated stock compensation costs for retiree eligible participants.