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Stock Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Changes in Option Shares | Changes in options, all of which relate to the Company’s Common Stock, were as follows:
Years Ended December 31 | 2024 |  | 2023 |  | 2022
| Number of Options |  | Weighted Avg. Per Share Exercise Price |  | Number of Options |  | Weighted Avg. Per Share Exercise Price |  | Number of Options |  | Weighted Avg. Per Share Exercise Price
Number of shares under options: |  |  |  |  |  |  |  |  |  |  |
Outstanding at beginning of year | 1,872,553 |  |  | $ | 52.93 |  |  | 2,481,606 |  |  | $ | 51.22 |  |  | 2,252,498 |  |  | $ | 47.73 |
Granted | — |  |  | — |  |  | — |  |  | — |  |  | 322,460 |  |  | 74.11 |
Exercised(1) | (473,452) |  |  | 46.46 |  |  | (600,344) |  |  | 45.68 |  |  | (66,697) |  |  | 39.77 |
Forfeited | (3,260) |  |  | 74.27 |  |  | (8,709) |  |  | 66.96 |  |  | (26,655) |  |  | 61.46 |
Outstanding at end of year(2) | 1,395,841 |  |  | 55.07 |  |  | 1,872,553 |  |  | 52.93 |  |  | 2,481,606 |  |  | 51.22 |
Exercisable at end of year(3) | 1,295,061 |  |  | 53.59 |  |  | 1,549,749 |  |  | 49.51 |  |  | 1,675,552 |  |  | 46.88 |
(1)The total intrinsic value of options exercised in 2024, 2023 and 2022 was $18.0 million, $15.0 million and $1.6 million, respectively. (2)The weighted average remaining contractual life of options outstanding was 6 years at December 31, 2024, and 7 years at December 31, 2023 and December 31, 2022, respectively. The aggregate intrinsic value of options outstanding at December 31, 2024 was $20.0 million. (3)The weighted average remaining contractual life of options exercisable was 6 years at December 31, 2024, December 31, 2023, and December 31, 2022, respectively. The aggregate intrinsic value of options exercisable at December 31, 2024 was $20.0 million.
Schedule of Stock Unit Activity |
| Number of Options |  | Weighted Avg. Per Share Exercise Price
Nonvested options at beginning of year | 322,804 |  |  | $ | 69.33 |
Vested | (219,931) |  |  | 67.09 |
Forfeited | (2,093) |  |  | 74.27 |
Nonvested options at end of year | 100,780 |  |  | 74.10 |
A summary of stock unit activity under the Incentive Plan is as follows:
| Number of Units |  | Weighted-Average Grant Date Value
Issued and unvested at January 1, 2024 | 34,758 |  |  | $ | 67.14 |
Granted | 29,475 |  |  | 82.19 |
Forfeited | (6,124) |  |  | 75.48 |
Performance adjustments | 16,289 |  |  | 80.76 |
Issued and unvested at December 31, 2024 | 74,398 |  |  | 75.40 |
Schedule of Weighted Average Fair Value per Option at Date of Grant | Assumptions were as follows:
|  |  |  |  | 2022
Expected life (years) |  |  |  |  | 5.7
Risk-free interest rate |  |  |  |  | 1.9 | %
Dividend yield |  |  |  |  | 1.5 | %
Expected volatility |  |  |  |  | 26.8 | %
Schedule of Share Unit Activity Under Plan | A summary of share unit activity under the Incentive Plan is as follows:
| Number of Units |  | Weighted-Average Grant Date Value
Issued and unvested at January 1, 2024 | 381,189 |  |  | $ | 63.33 |
Granted | 195,497 |  |  | 82.31 |
Vested | (98,216) |  |  | 60.32 |
Forfeited | (9,201) |  |  | 73.49 |
Issued and unvested at December 31, 2024 | 469,269 |  |  | 71.50 |

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- 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
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