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STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity and related information for the 2011 Plan, the 2000 Plan and Directors Plan for the years ended December 31: 

						Options						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life						Aggregate Intrinsic value (in millions)
Outstanding at December 31, 2019						588,024						$	63.36					5.7						$	9
Granted						136,506						$	77.75											—
Exercised						(86,145)						$	35.47											—
Canceled						(85,716)						$	73.73											—
Outstanding at December 31, 2020						552,669						$	69.82					6.1						$	4
Granted						126,794						$	81.21											—
Exercised						(113,728)						$	50.38											—
Canceled						(33,820)						$	73.53											—
Outstanding at December 31, 2021						531,915						$	75.40					6.5						$	9
Exercised						(116,590)						$	68.57											—
Canceled						(15,387)						$	77.10											—
Outstanding at December 31, 2022						399,938						$	77.32					5.9						$	11
Exercisable at December 31, 2022						293,952						$	76.45					5.8						$	7

Summary of Stock Options Outstanding

Options outstanding at December 31, 2022 were as follows:

 

Range of Exercise Prices						Number of Options Outstanding						Weighted Average Exercise Price of Options Outstanding						Weighted Average Remaining Contractual Life						Number of Options Currently Exercisable						Weighted Average Exercise Price of Options Currently Exercisable
35.00 - 50.00						2,296						$	48.29					0.1						2,296						$	48.29
50.00 - 65.00						34,892						$	58.74					3.7						33,342						$	59.52
65.00 - 80.00						189,926						$	74.63					5.9						157,047						$	73.85
Over 80.00						172,824						$	84.42					6.4						101,267						$	86.70
						399,938						$	77.32					5.9						293,952						$	76.45

Summary of Share-Based Fair Value of Each Option Grant Weighted-Average Assumptions

The following weighted-average assumptions were used to estimate the fair value of each grant on the date of grant using the Black-Scholes option-pricing model for the years ended December 31, 2021 and 2020:

						For the year ended December 31,
						2021						2020
Dividend yield						0.60		%				0.60		%
Risk-free interest rate						0.8		%				1.5		%
Stock price volatility						36.1		%				28.1		%
Expected life (years)						5.0						5.0
Weighted average fair value of options granted during the year						$	25.01					$	21.05

Summary of Restricted Stock Activity and Incentive Stock Awards Activity

The following table summarizes the restricted stock activity and related information for the 2011 Plan, the 2000 Plan, and Directors Plan, and incentive stock units activity and related information for the 2011 Plan and the 2000 Plan with related information for the years ended December 31:

						Restricted Stock and Units						Incentive Stock Awards						Weighted Average Grant Date Fair Value
Outstanding at December 31, 2019						791,031						572,002						$	73.64
Granted						283,587						250,197						$	75.68
Vested						(345,859)						(147,069)						$	77.45
Adjustment for incentive stock awards expected to vest						—						(331,004)						$	71.32
Canceled						(72,753)						(73,481)						$	72.83
Outstanding at December 31, 2020						656,006						270,645						$	73.80
Granted						235,902						241,467						$	81.64
Vested						(350,955)						(37,672)						$	71.82
Adjustment for incentive stock awards expected to vest						—						180,767						$	76.26
Canceled						(33,255)						(48,106)						$	76.24
Outstanding at December 31, 2021						507,698						607,101						$	78.06
Granted						460,841						176,657						$	91.19
Vested						(234,597)						(43,039)						$	75.14
Adjustment for incentive stock awards expected to vest						—						45,301						$	84.55
Canceled						(44,522)						(41,176)						$	76.84
Outstanding at December 31, 2022						689,420						744,844						$	84.73

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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