Equity (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Equity |
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| Schedule of stock option activity |
| | | | | | | | | | | | | | | | | | | Weighted | | | | | | | | | | | Average | | Aggregate | | | | | | Weighted | | Remaining | | Intrinsic | | | | | | Average | | Contractual | | Value | | | | Options | | Exercise Price | | Term (in years) | | (in millions) | | Options outstanding at January 1, 2023 | | 132,270,074 | | $ | 22.78 | | 6.03 | | | | | Options granted | | 12,131,028 | | | 37.99 | | | | | | | Options exercised | | (22,506,662) | | | 17.55 | | | | | | | Options forfeited | | (1,114,116) | | | 29.16 | | | | | | | Options outstanding at December 31, 2023 | | 120,780,324 | | | 25.23 | | 5.81 | | | | | Options granted | | 8,075,819 | | | 65.67 | | | | | | | Options exercised | | (22,523,753) | | | 19.83 | | | | | | | Options forfeited | | (628,199) | | | 36.21 | | | | | | | Options outstanding at December 31, 2024 | | 105,704,191 | | | 29.40 | | 5.53 | | | | | Options granted | | 8,539,031 | | | 85.98 | | | | | | | Options exercised | | (24,655,244) | | | 22.41 | | | | | | | Options forfeited | | (766,857) | | | 47.92 | | | | | | | Options outstanding at December 31, 2025 | | 88,821,121 | | $ | 36.62 | | 5.43 | | $ | 8,753.6 | | Vested and non-vested options expected to vest at December 31, 2025 | | 86,782,652 | | $ | 36.14 | | 5.38 | | $ | 8,591.3 | | Exercisable options at December 31, 2025 | | 59,421,185 | | $ | 26.75 | | 4.27 | | $ | 6,440.4 | |
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| Summary of status of non-vested options and changes during the year |
| | | | | | | | | | | Weighted Average | | | | | | Fair Value | | | | Options | | at Grant Date | | Non-vested options at January 1, 2025 | | 35,547,254 | | $ | 10.66 | | Options granted | | 8,539,031 | | | 24.12 | | Options vested | | (13,897,292) | | | 8.36 | | Options forfeited | | (762,057) | | | 13.17 | | Non-vested options at December 31, 2025 | | 29,426,936 | | $ | 15.58 | |
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| Summary of activity in the option plans |
| | | | | | | | | | | | | | 2025 | | 2024 | | 2023 | Total intrinsic value of stock options exercised | | | $ | 1,813.5 | | $ | 980.3 | | $ | 559.6 | Total fair value of stock options vested | | | | 116.1 | | | 99.7 | | | 90.0 |
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| Schedule of fair value of stock options estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions |
| | | | | | | | | | | 2025 | | 2024 | | 2023 | | | Risk free interest rate | | 4.1 | % | 4.4 | % | 3.8 | % | | Expected life | | 4.9 | years | 4.9 | years | 4.9 | years | | Expected volatility | | 27.1 | % | 28.0 | % | 28.0 | % | | Expected dividend yield | | 1.0 | % | 1.0 | % | 1.0 | % | |
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| Schedule of restricted stock activity |
| | | | | | | | | | | | | | | | Weighted Average | | | | | | Fair Value | | Remaining | | | | Restricted | | at Grant | | Amortization | | | | Shares | | Date | | Term (in years) | | Restricted shares outstanding at January 1, 2023 | | 42,624 | | $ | 33.80 | | 0.37 | | Restricted shares granted | | — | | | — | | | | Shares vested and issued | | (42,624) | | | 33.80 | | | | Restricted shares outstanding at December 31, 2023 | | — | | | — | | | | Restricted shares granted | | 21,840 | | | 65.96 | | | | Shares vested and issued | | — | | | — | | | | Restricted shares outstanding at December 31, 2024 | | 21,840 | | | 65.96 | | 0.36 | | Restricted shares granted | | 16,520 | | | 86.88 | | | | Shares vested and issued | | (21,840) | | | 65.96 | | | | Restricted shares outstanding at December 31, 2025 | | 16,520 | | $ | 86.88 | | 0.37 | |
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| Schedules of dividends |
| | | | | | | | | | | | 2025 | | 2024 | | 2023 | First Quarter | | $ | 0.165 | | $ | 0.11 | | $ | 0.105 | Second Quarter | | | 0.165 | | | 0.11 | | | 0.105 | Third Quarter | | | 0.165 | | | 0.165 | | | 0.105 | Fourth Quarter | | | 0.25 | | | 0.165 | | | 0.11 | Total | | $ | 0.745 | | $ | 0.55 | | $ | 0.425 |
Dividends declared and paid for the years ended December 31, 2025, 2024 and 2023 were as follows: | | | | | | | | | | | | 2025 | | 2024 | | 2023 | Dividends declared | | $ | 909.3 | | $ | 662.9 | | $ | 507.4 | Dividends paid (including those declared in the prior year) | | | 802.2 | | | 595.1 | | | 500.6 |
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| Schedule of components comprising Accumulated other comprehensive income (loss) included in equity |
| | | | | | | | | | | | | | | | Foreign | | Unrealized | | Pension and | | Accumulated | | | | Currency | | Gain (Loss) | | Postretirement | | Other | | | | Translation | | on Hedging | | Benefit Plan | | Comprehensive | | | | Adjustments | | Activities | | Adjustment | | (Loss) Income | | Balance at January 1, 2023 | | $ | (413.0) | | $ | — | | $ | (122.0) | | $ | (535.0) | | Other comprehensive income (loss) before reclassifications, net of tax of nil, nil and $1.1, respectively | | | 0.3 | | | — | | | (2.0) | | | (1.7) | | Amounts reclassified from Accumulated other comprehensive income (loss) to earnings, net of tax of ($1.0) | | | — | | | — | | | 3.1 | | | 3.1 | | Balance at December 31, 2023 | | | (412.7) | | | — | | | (120.9) | | | (533.6) | | Other comprehensive income (loss) before reclassifications, net of tax of nil, nil and ($5.2), respectively | | | (199.3) | | | — | | | 13.1 | | | (186.2) | | Amounts reclassified from Accumulated other comprehensive income (loss) to earnings, net of tax of ($1.1) | | | — | | | — | | | 3.5 | | | 3.5 | | Balance at December 31, 2024 | | | (612.0) | | | — | | | (104.3) | | | (716.3) | | Other comprehensive income (loss) before reclassifications, net of tax of nil, ($20.6) and ($4.5), respectively | | | 285.4 | | | (67.4) | | | 14.6 | | | 232.6 | | Amounts reclassified from Accumulated other comprehensive income (loss) to earnings, net of tax of $0.2 and ($1.1), respectively | | | — | | | 0.7 | | | 3.5 | | | 4.2 | | Balance at December 31, 2025 | | $ | (326.6) | | $ | (66.7) | | $ | (86.2) | | $ | (479.5) | |
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