XML 70 R46.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Equity Based Compensation Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Schedule of Weighted Average Assumptions Used to Estimate Fair Value of Stock Options | The fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants:
| 2023 |  | 2022 |  | 2021
Stock price | $ | 216.31 |  | $ | 245.17 |  | $ | 329.71
Risk-free interest rates | 4.06 | % |  | 3.50 | % |  | 1.22 | %
Expected lives | 6 years |  | 6 years |  | 6 years
Volatility | 36.00 | % |  | 27.98 | % |  | 27.00 | %
Dividend yield | 3.30 | % |  | 3.06 | % |  | 2.90 | %
Summary of Stock Options Activity | A summary of the status of the Company’s stock option plans as of December 31, 2023, 2022, and 2021 and changes during the years ended on those dates is presented below:
| 2023 |  | 2022 |  | 2021
| Shares |  | Weighted- average exercise price |  | Shares |  | Weighted- average exercise price |  | Shares |  | Weighted- average exercise price
Outstanding at beginning of year | 487,446 |  |  | $ | 279.46 |  |  | 463,863 |  |  | $ | 284.82 |  |  | 613,109 |  |  | $ | 255.86 |
Granted | 49,908 |  |  | 216.31 |  |  | 111,757 |  |  | 245.17 |  |  | 99,479 |  |  | 329.71 |
Exercised | — |  |  | — |  |  | (76,246) |  |  | 245.43 |  |  | (248,725) |  |  | 231.37 |
Forfeited and canceled | (6,542) |  |  | 280.21 |  |  | (11,928) |  |  | 281.19 |  |  | — |  |  | — |
Outstanding at end of year | 530,812 |  |  | $ | 273.51 |  |  | 487,446 |  |  | $ | 279.46 |  |  | 463,863 |  |  | $ | 284.82 |
Options exercisable at year end | 417,739 |  |  | $ | 282.30 |  |  | 293,377 |  |  | $ | 285.76 |  |  | 274,244 |  |  | $ | 270.11 |
Summary of Restricted Stock Activity | The following table summarizes information about restricted stock outstanding as of December 31, 2023, 2022 and 2021 and changes during the years ended:
| 2023 |  | 2022 |  | 2021
| Shares |  | Weighted- average grant price |  | Shares |  | Weighted- average grant price |  | Shares |  | Weighted- average grant price
Unvested at beginning of year | 182,915 |  |  | $ | 222.90 |  |  | 159,401 |  |  | $ | 251.03 |  |  | 132,603 |  |  | $ | 214.34 |
Granted | 2,315 |  |  | 220.40 |  |  | 72,838 |  |  | 215.73 |  |  | 50,349 |  |  | 337.52 |
Vested | (37,075) |  |  | 247.07 |  |  | (44,945) |  |  | 306.25 |  |  | (22,387) |  |  | 229.90 |
Forfeited and canceled | (46,454) |  |  | 259.71 |  |  | (4,379) |  |  | 272.12 |  |  | (1,164) |  |  | 219.30 |
Unvested at end of year | 101,701 |  |  | $ | 197.22 |  |  | 182,915 |  |  | $ | 222.90 |  |  | 159,401 |  |  | $ | 251.03 |
Summary of Long Term Incentive Plan - Z Units | The following table summarizes information about the LTIP Units outstanding as of December 31, 2023:
| Long-Term Incentive Plan - LTIP Units
| Total Vested Units |  | Total Unvested Units |  | Total Outstanding Units |  | Weighted- average Grant-date Fair Value |  | Weighted- average Remaining Contractual Life (years)
Balance, December 31, 2020 | 106,137 |  |  | — |  |  | 106,137 |  |  | $ | 84.47 |  |  | 3.6
Granted | — |  |  | — |  |  | — |  |  |  |  |
Vested | — |  |  | — |  |  | — |  |  |  |  |
Converted | — |  |  | — |  |  | — |  |  |  |  |
Cancelled | — |  |  | — |  |  | — |  |  |  |  |
Balance, December 31, 2021 | 106,137 |  |  | — |  |  | 106,137 |  |  | $ | 84.47 |  |  | 2.6
Granted | — |  |  | — |  |  | — |  |  |  |  |
Vested | — |  |  | — |  |  | — |  |  |  |  |
Converted | — |  |  | — |  |  | — |  |  |  |  |
Cancelled | — |  |  | — |  |  | — |  |  |  |  |
Balance, December 31, 2022 | 106,137 |  |  | — |  |  | 106,137 |  |  | $ | 84.47 |  |  | 1.6
Granted | — |  |  | — |  |  | — |  |  |  |  |
Vested | — |  |  | — |  |  | — |  |  |  |  |
Converted | (8,500) |  |  | — |  |  | (8,500) |  |  |  |  |
Cancelled | — |  |  | — |  |  | — |  |  |  |  |
Balance, December 31, 2023 | 97,637 |  |  | — |  |  | 97,637 |  |  | $ | 86.16 |  |  | 1.0

X
- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, 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)(2) -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_ScheduleOfShareBasedCompensationActivityTableTextBlock
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 Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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