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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Stock Option Activity | The following table summarizes stock option activity under our share-based plans for the year ended December 31, 2023:
|  | Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Balance at December 31, 2022 |  | 642,925 |  |  | $ | 154.57 |  |  |  |  |
Granted |  | 33,408 |  |  | 357.52 |  |  |  |  |
Less: Exercised |  | 90,439 |  |  | 92.52 |  |  |  |  |
Forfeited |  | 15,172 |  |  | 293.44 |  |  |  |  |
Balance at December 31, 2023 |  | 570,722 |  |  | $ | 173.13 |  |  | 4.22 |  | $ | 129,309,839 |
Exercisable at December 31, 2023 |  | 371,551 |  |  | $ | 102.10 |  |  | 2.48 |  | $ | 110,210,899 |
Stock options outstanding and exercisable by exercise price range | The following table presents information about stock options outstanding and exercisable at December 31, 2023:
|  | Outstanding Stock Options |  | Exercisable Stock Options
Range of Exercise Prices |  | Shares |  | Weighted Average Remaining Contractual Term (Years) |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price
$58.26 to $80.78 |  | 214,410 |  |  | 1.26 |  | $ | 70.78 |  |  | 214,410 |  |  | $ | 70.78 |
$80.79 to $220.01 |  | 216,574 |  |  | 4.53 |  | 155.78 |  |  | 155,415 |  |  | 142.35 |
$220.02 to $515.41 |  | 139,738 |  |  | 8.26 |  | 357.05 |  |  | 1,726 |  |  | 370.02 |
|  | 570,722 |  |  | 4.22 |  | $ | 173.13 |  |  | 371,551 |  |  | $ | 102.10 |
Summary of cash proceeds and tax benefits realized from stock option exercise. | The following table summarizes the cash proceeds and tax benefits realized from the exercise of stock options:
|  | Year Ended December 31,
(in thousands, except share amounts) |  | 2023 |  | 2022 |  | 2021
Options exercised |  | 90,439 |  |  | 71,737 |  |  | 274,253 |
Cash proceeds |  | $ | 8,368 |  |  | $ | 6,247 |  |  | $ | 14,435 |
Intrinsic value of options exercised |  | $ | 23,356 |  |  | $ | 21,976 |  |  | $ | 118,305 |
Tax benefits realized |  | $ | 5,839 |  |  | $ | 5,494 |  |  | $ | 29,576 |
Summary of assumptions for estimated fair value of employee stock option awards at grant date | We estimated the fair value of employee stock option awards at the grant date based on the assumptions summarized in the following table:
|  | Year Ended December 31,
(Weighted average) |  | 2023 |  | 2022 |  | 2021
Expected volatility |  | 31.0 | % |  |  | 28.9 | % |  |  | 27.0 | % |
Expected term |  | 7.4 | years |  | 7.1 | years |  | 6.9 | years
Risk-free interest rate |  | 4.01 | % |  |  | 2.92 | % |  |  | 1.00 | % |
Expected dividend yield |  | 1.15 | % |  |  | 1.15 | % |  |  | 1.15 | % |
Grant date fair value |  | $ | 130.74 |  |  |  | $ | 116.56 |  |  |  | $ | 83.05 |  |
Summary of restricted share activity | The table below presents restricted stock award activity under our share-based plans for the year ended December 31, 2023:
|  | Shares |  | Weighted Average Grant Date Fair Value
Balance unvested at December 31, 2022 |  | 212,717 |  |  | $ | 256.97 |
Granted (at market price) (1) |  | 55,196 |  |  | 357.96 |
Less: Vested |  | 58,705 |  |  | 172.24 |
Forfeited |  | 5,571 |  |  | 326.45 |
Balance unvested at December 31, 2023 |  | 203,637 |  |  | $ | 306.79 |
Total restricted stock awards that vested for the past three years and related fair value | The table below presents the total number of restricted stock awards that vested for the past three years and the related fair value of those awards (in thousands, except share amounts):
|  | 2023 |  | 2022 |  | 2021
Restricted stock awards - shares vested |  | 58,705 |  |  | 78,931 |  |  | 69,069 |
Fair value of restricted stock awards vested |  | $ | 20,906 |  |  | $ | 37,258 |  |  | $ | 24,005 |
Number of shares purchased by employees under the employee stock purchase plan | For the two six month offering periods in each of the last three years, our employees purchased the following aggregate number of shares:
2023 |  | 2022 |  | 2021
7,640 |  |  | 7,658 |  |  | 8,649 |
Restricted [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of share-based compensation expense and recognized tax benefits [Table Text Block] | The following table presents the total share-based compensation expense for restricted stock awards for the past three years (in thousands):
|  | 2023 |  | 2022 |  | 2021
Restricted stock awards share-based compensation expense |  | $ | 14,487 |  |  | $ | 11,024 |  |  | $ | 11,543 |
Options [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of share-based compensation expense and recognized tax benefits [Table Text Block] | The following table presents the total share-based compensation expense for stock option awards for the past three years (in thousands):
|  | 2023 |  | 2022 |  | 2021
Option grants share-based compensation expense |  | $ | 4,618 |  |  | $ | 3,413 |  |  | $ | 2,846 |
Option grants share-based compensation tax benefits |  | 1,154 |  |  | 853 |  |  | 712 |

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