XML 36 R26.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Stock-Based Compensation Plans (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of stock options | Details of the outstanding awards and activity under the Plan for the three months ended March 31, 2024 are presented below. Stock Options:
|  | Options |  | Weighted average exercise price per option
Options Outstanding at December 31, 2023 |  | 303,784 |  |  | $ | 181.99 |
Granted (1) |  | 13,759 |  |  | 172.11 |
Exercised |  | (3,142) |  |  | 180.32 |
Forfeited |  | — |  |  | — |
Expired |  | (5,062) |  |  | 180.32 |
Options Outstanding at March 31, 2024 |  | 309,339 |  |  | $ | 181.60 |
Options Exercisable at March 31, 2024 |  | 281,817 |  |  | $ | 181.57 |
__________________________________ (1)All options are from recipient elections to receive a portion of earned restricted stock awards in the form of stock options.
Schedule of nonvested performance awards granted | Performance Awards:
|  | Performance awards |  | Weighted average grant date fair value per award
Outstanding at December 31, 2023 |  | 275,202 |  |  | $ | 210.52 |
Granted (1) |  | 87,748 |  |  | 178.68 |
Change in awards based on performance (2) |  | 30,375 |  |  | 216.50 |
Converted to shares of common stock |  | (146,725) |  |  | 201.07 |
Forfeited |  | (1,663) |  |  | 213.27 |
Outstanding at March 31, 2024 |  | 244,937 |  |  | $ | 205.49 |
__________________________________ (1)The shares of common stock that may be earned is based on the total shareholder return metrics for the Company's common stock for 48,264 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 39,484 performance awards. (2)Represents the change in the number of performance awards earned based on performance achievement.
Summary of valuation options | The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted for which achievement will be determined by using total shareholder return measures. For the awards granted in 2024, the assumptions used are as follows:
|  | 2024
Dividend yield |  | 4.0%
Estimated volatility over the life of the plan (1) |  | 20.5% - 22.8%
Risk free rate |  | 4.39% - 4.59%
Estimated performance award value based on total shareholder return measure |  | $183.72
__________________________________ (1)Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.
Schedule of restricted stock granted | Restricted Stock:
|  | Restricted stock shares |  | Weighted average grant date fair value per share
Outstanding at December 31, 2023 |  | 173,291 |  |  | $ | 194.68 |
Granted |  | 101,695 |  |  | 172.13 |
Vested |  | (80,632) |  |  | 193.98 |
Forfeited |  | (1,753) |  |  | 191.88 |
Outstanding at March 31, 2024 |  | 192,601 |  |  | $ | 183.09 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in restricted stock units (RSUs). + References No definition available. + Details
Name: | us-gaap_ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration