XML 60 R39.htm IDEA: XBRL DOCUMENT v3.20.4

Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of Amounts Recognized in Financial Statements with Respect to Share-Based Plans

Amounts recognized in the financial statements by the Company with respect to all share-based plans are shown in the following table. 

						Years Ended December 31,
(Millions of dollars)						2020						2019						2018
Compensation charged against income before income tax benefit						$	14.3					$	10.5					$	9.2
Related income tax benefit recognized in income						$	3.0					$	2.2					$	1.9

Summary of Valuation Assumptions

Following are the assumptions used by the Company to value the original awards:

			Years Ended December 31,
			2020						2019						2018
Fair value per option grant			$	28.28					$	20.48					$	17.32
Assumptions
Dividend yield			—						—						—
Expected volatility			28.1		%				26.8		%				27.0		%
Risk-free interest rate			1.5		%				2.5		%				2.4		%
Expected life (years)			4.7						4.5						3.9
Stock price at valuation date			$	106.72					$	76.15					$	71.00

Summary of Changes in Stock Options Outstanding

Changes in options outstanding for Company employees during the period from December 31, 2019 to December 31, 2020 are presented in the following table:

Options			Number of Shares						Weighted Average Exercise Price						Weighted Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value (Millions of Dollars)
Outstanding at December 31, 2019			392,300						68.52
Granted			79,200						105.57
Exercised			(148,800)						64.21
Outstanding at December 31, 2020			322,700						$	79.60					4.6						$	16.5
Exercisable at December 31, 2020			110,700						$	66.91					3.3						$	7.1

Summary of Additional Stock Option Information

Additional information about stock options outstanding at December 31, 2020 is shown below: 

						Options Outstanding												Options Exercisable
Range of Exercise Prices per Option						No. of Options						Avg. Life Remaining in Years						No. of Options						Avg. Life Remaining in Years
$50.00 to $59.99						7,300						2.1						7,300						2.1
$60.00 to $69.99						69,500						3.1						69,500						3.1
$70.00 to $79.99						166,700						4.6						33,900						3.9
$80.00 to $89.99						3,600						6.2						—
$100.00 to $109.99						75,600						6.1						—
						322,700						4.6						110,700						3.3

Summary of Restricted Stock Unit Activity

Changes in restricted stock units outstanding for Company employees during the period from December 31, 2019 to December 31, 2020 are presented in the following table:

Employee RSUs			Number of units						Weighted Average Grant Date Fair Value						Total Fair Value (Millions of Dollars)
Outstanding at December 31, 2019			198,915						$	70.58
Granted			55,734						$	90.09
Vested and issued			(59,324)						$	66.31					$	6.4
Forfeited			(12,530)						$	78.43
Outstanding at December 31, 2020			182,795						$	77.38					$	23.9

Changes in performance-based restricted stock units outstanding for Company employees during the period from December 31, 2019 to December 31, 2020 are presented in the following table:

Employee PSU's			Number of Units						Weighted Average Grant Date Fair Value						Total Fair Value (Millions of Dollars)
Outstanding at December 31, 2019			131,200						$	82.98
Granted			64,290						$	122.95
Vested and issued			(65,745)						$	85.04					$	7.0
Forfeited			(405)						$	65.75
Outstanding at December 31, 2020			129,340						$	97.01					$	16.9

Changes in restricted stock units outstanding for Company non-employee directors during the period from December 31, 2019 to December 31, 2020 are presented in the following table:

Director RSU's			Number of Units						Weighted Average Grant Date Fair Value						Total Fair Value (Millions of Dollars)
Outstanding at December 31, 2019			33,607						$	70.68
Granted			9,801						$	105.33
Vested and issued			(12,404)						$	66.01					$	1.3
Outstanding at December 31, 2020			31,004						$	83.31					$	4.1

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 cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum: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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum: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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration