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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 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 years ended December 31, 2023, 2022, and 2021 are disclosed below:
 Years Ended December 31,
 202320222021
Weighted average fair value of grants$59.77$42.66$38.88
Dividend yield1.09%1.14%1.01%
Volatility27.14%25.23%23.78%
Risk-free interest rate4.15%
2.01%
0.12% - 1.54%
Expected life (in years)4.504.905.70
Schedule of Stock Option Activity
A summary of the Company’s stock option activity as of December 31, 2023, and changes during the year ended December 31, 2023, are presented in the following table:
SharesWeighted
Average
Price		Weighted-Average
Remaining
Contractual Term
(years)		Aggregate
Intrinsic
Value
Stock Options
Outstanding at January 1, 20231,015,572 $161.45 6.94$67.9 
Granted246,195 222.52 
Exercised(196,050)133.90 
Forfeited(82,450)201.67 
Outstanding at December 31, 2023983,267 $178.86 6.88$39.3 
Vested and expected to vest at December 31, 2023954,222 $177.96 6.82$38.9 
Exercisable at December 31, 2023497,612 $153.99 5.47$31.5 
Schedule of Compensation Cost for Stock Options
Total compensation cost for stock options is recorded in the Consolidated Statements of Income as follows:
 Years Ended December 31,
 202320222021
Cost of sales$0.6 $0.5 $0.5 
Selling, general and administrative expenses(1)
9.3 8.7 8.0 
Total expense before income taxes9.9 9.2 8.5 
Income tax benefit(1.0)(0.8)(0.8)
Total expense after income taxes$8.9 $8.4 $7.7 

(1) The year ended December 31, 2023 includes $0.5 million of lower expense due to executive forfeitures, largely offset by $0.4 million of higher expense due to timing of accelerated stock compensation costs for retiree eligible participants compared with 2022.
Schedule of Restricted Stock Activity A summary of the Company’s restricted stock activity as of December 31, 2023, and changes during the year ended December 31, 2023, are presented in the following table:
Restricted StockSharesWeighted-Average
Grant Date Fair
Value
Unvested at January 1, 2023104,382 $179.45 
Granted46,660 217.01 
Vested(24,076)175.42 
Forfeited(14,075)201.92 
Unvested at December 31, 2023112,891 $193.03 
Schedule of Compensation Cost for Restricted Stock
Total compensation cost for restricted stock is recorded in the Consolidated Statements of Income as follows:
 Years Ended December 31,
 202320222021
Cost of sales$0.5 $0.3 $0.4 
Selling, general and administrative expenses(1)
5.2 6.4 5.1 
Total expense before income taxes5.7 6.7 5.5 
Income tax benefit(1.2)(1.2)(1.1)
Total expense after income taxes$4.5 $5.5 $4.4 

(1) The year ended December 31, 2023 includes $0.5 million of lower expense due to timing of accelerated stock compensation costs for retiree eligible participants compared with 2022.
Schedule of Unvested Cash-settled Restricted Stock Activity A summary of
the Company’s unvested cash-settled restricted stock activity as of December 31, 2023, and changes during the year ended December 31, 2023, are presented in the following table:
Cash-Settled Restricted StockSharesWeighted-Average
Fair Value
Unvested at January 1, 202357,356 $228.33 
Granted20,940 225.02 
Vested(16,071)228.86 
Forfeited(5,570)217.11 
Unvested at December 31, 202356,655 $217.11 
Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock
Total compensation cost for cash-settled restricted stock is recorded in the Consolidated Statements of Income as follows:

Years Ended December 31,
202320222021
Cost of sales$0.3 $0.1 $0.7 
Selling, general and administrative expenses3.1 2.6 4.3 
Total expense before income taxes3.4 2.7 5.0 
Income tax benefit(0.2)(0.2)(0.4)
Total expense after income taxes$3.2 $2.5 $4.6 
Schedule of Weighted Average Performance Share Units Fair Values and Assumptions
Weighted average performance share unit fair values and assumptions for the years ended December 31, 2023, 2022, and 2021 are disclosed below:
Years Ended December 31,
 202320222021
Weighted average fair value of grants$308.18$235.54$247.49
Dividend yield—%—%—%
Volatility27.00%28.09%28.60%
Risk-free interest rate4.37%1.73%0.33%
Expected life (in years)2.942.932.93
Schedule of Performance Shares Units Activity
A summary of the Company’s performance share unit activity as of December 31, 2023, and changes during the year ended December 31, 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(13,385)263.06 
Unvested at December 31, 202367,455 $265.15 
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Total compensation cost for performance share units is recorded in the Consolidated Statements of Income as follows:
Years Ended December 31,
202320222021
Cost of goods sold$— $— $— 
Selling, general and administrative expenses(1)
6.0 6.0 6.4 
Total expense before income taxes6.0 6.0 6.4 
Income tax benefit(0.3)(0.2)(0.3)
Total expense after income taxes$5.7 $5.8 $6.1 
(1) The year ended December 31, 2023 includes $0.8 million of higher expense due to timing of accelerated stock compensation costs for retiree eligible participant, offset by $0.8 million of lower expense due to executive forfeitures compared with 2022.