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Stock Incentive Plan (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Number of Restricted Stock Units and Performance Shares | Information on the number of RSUs, PSUs and SOs related to the Stock Incentive Plan during the period of 2021 to 2023 is as follows.
RSUs |  | 2023 |  |  | 2022 |  |  | 2021 |
Weighted average fair value at grant date |  | $ | 91.81 |  |  | $ | 87.56 |  |  | $ | 94.01 |
Outstanding at beginning of year |  |  | 200,764 |  |  |  | 218,268 |  |  |  | 244,901 |
Granted |  |  | 96,243 |  |  |  | 85,985 |  |  |  | 81,866 |
Shares issued |  |  | (94,055 | ) |  |  | (84,848 | ) |  |  | (99,399 | )
Cancelled/Forfeited/Expired |  |  | (12,986 | ) |  |  | (18,641 | ) |  |  | (9,100 | )
Outstanding at end of year |  |  | 189,966 |  |  |  | 200,764 |  |  |  | 218,268 |
PSUs |  | 2023 |  |  | 2022 |  |  | 2021 |
Weighted average fair value at grant date |  | $ | 91.80 |  |  | $ | 88.05 |  |  | $ | 93.90 |
Outstanding at beginning of year |  |  | 101,828 |  |  |  | 179,311 |  |  |  | 158,128 |
Change in performance conditions |  |  | 18,211 |  |  |  | (69,924 | ) |  |  | (44,385 | )
Granted |  |  | 93,962 |  |  |  | 82,914 |  |  |  | 74,427 |
Shares issued |  |  | (26,331 | ) |  |  | (64,397 | ) |  |  | — |
Cancelled/Forfeited/Expired |  |  | (75,789 | ) |  |  | (26,076 | ) |  |  | (8,859 | )
Outstanding at end of year |  |  | 111,881 |  |  |  | 101,828 |  |  |  | 179,311 |
Schedule of Options Exercisable | Changes in those assumptions result in changes in the estimated shares to be issued which is reflected in the “Change in performance conditions” line above.
SOs |  | Number of options |  |  | Weighted average exercise price |
Outstanding at December 31, 2020 |  |  | 90,175 |  |  | $ | 68.13 |
Exercised |  |  | (40,112 | ) |  |  | 67.49 |
Cancelled/Forfeited/Expired |  |  | (188 | ) |  |  | 51.74 |
Outstanding at December 31, 2021 |  |  | 49,875 |  |  |  | 68.71 |
Exercised |  |  | (8,614 | ) |  |  | 59.28 |
Cancelled/Forfeited/Expired |  |  | (10,150 | ) |  |  | 70.40 |
Outstanding at December 31, 2022 |  |  | 31,111 |  |  |  | 70.77 |
Exercised |  |  | (15,537 | ) |  |  | 65.12 |
Cancelled/Forfeited/Expired |  |  | (485 | ) |  |  | 58.63 |
Outstanding at December 31, 2023 |  |  | 15,089 |  |  |  | 76.97 |
OPTIONS EXERCISABLE |  |  |  |  |  |
At December 31, 2021 |  |  | 49,875 |  |  | $ | 68.71 |
At December 31, 2022 |  |  | 31,111 |  |  |  | 70.77 |
At December 31, 2023 |  |  | 15,089 |  |  |  | 76.97 |
Summary of Stock Options Outstanding and Exercisable | The following summarizes information about SOs outstanding and exercisable at December 31, 2023:
EXERCISE PRICE |  | Number outstanding & exercisable |  |  | Remaining contract life (in years) |  |  | Weighted average exercise price |
$67.29 |  |  | 3,945 |  |  |  | 0.14 |  |  | $ | 67.29 |
$80.40 |  |  | 11,144 |  |  |  | 1.13 |  |  |  | 80.40 |
|  |  | 15,089 |  |  |  | 0.87 |  |  |  | 76.97 |

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