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Incentive Plans (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule Valuation Assumptions |
Assumptions used to value awards: |  |
Dividend yield |  | 0.53 | %
Expected volatility |  | 33.1 | %
Risk-free interest rate |  | 3.8 | %
Expected life (years) |  | 4.9
Stock price at valuation date |  | $ | 263.48
Schedule of Changes in Stock Options Outstanding | Changes in options outstanding for Company employees during the period from December 31, 2022 to September 30, 2023 are presented in the following table:
2013 Plan — Options | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (Millions of Dollars)
Outstanding at December 31, 2022 | 313,950 |  |  | $ | 112.06 |  |  |  |  |
Granted | 38,100 |  |  | $ | 263.48 |  |  |  |  |
Exercised | (54,450) |  |  | $ | 76.08 |  |  |  |  |
Outstanding at September 30, 2023 | 297,600 |  |  | $ | 138.02 |  |  | 4.1 |  | $ | 60.6 |
Exercisable at September 30, 2023 | 167,100 |  |  | $ | 97.47 |  |  | 3.1 |  | $ | 40.8 |
Schedule of Stock Unit Activity | Changes in restricted stock units outstanding for Company employees during the period from December 31, 2022 to September 30, 2023 are presented in the following table:
2013 Plan — Employee RSUs | Number of units |  | Weighted Average Grant Date Fair Value |  | Total Fair Value (Millions of Dollars)
Outstanding at December 31, 2022 | 149,366 |  |  | $ | 125.51 |  |  |
Granted | 34,600 |  |  | $ | 256.84 |  |  |
Vested and issued | (60,735) |  |  | $ | 80.07 |  |  | $ | 16.0 |
Forfeited | (2,642) |  |  | $ | 176.19 |  |  |
Outstanding at September 30, 2023 | 120,589 |  |  | $ | 198.08 |  |  | $ | 41.2 |
Changes in performance-based restricted stock units outstanding for Company employees during the period from December 31, 2022 to September 30, 2023 are presented in the following table:
2013 Plan — Employee PSUs | Number of Units |  | Weighted Average Grant Date Fair Value |  | Total Fair Value (Millions of Dollars)
Outstanding at December 31, 2022 | 106,001 |  |  | $ | 160.03 |  |  |
Granted | 62,275 |  |  | $ | 292.52 |  |  |
Vested and issued | (72,799) |  |  | $ | 121.83 |  |  | $ | 19.0 |
Outstanding at September 30, 2023 | 95,477 |  |  | $ | 218.97 |  |  | $ | 32.6 |
Changes in restricted stock units outstanding for Company non-employee directors during the period from December 31, 2022 to September 30, 2023 are presented in the following table:
2013 Plan — Director RSUs and DSUs | Number of Units |  | Weighted Average Grant Date Fair Value |  | Total Fair Value (Millions of Dollars)
Outstanding at December 31, 2022 | 26,923 |  |  | $ | 132.38 |  |  |
Granted | 6,584 |  |  | $ | 258.35 |  |  |
Vested and issued | (9,880) |  |  | $ | 110.19 |  |  | $ | 2.7 |
Outstanding at September 30, 2023, including DSUs | 23,627 |  |  | $ | 177.98 |  |  | $ | 8.1 |
Changes in restricted stock units outstanding for Company 2023 Plan during the period from December 31, 2022 to September 30, 2023 are presented in the following table:
2023 Plan — RSUs and Director DSUs | Number of Units |  | Weighted Average Grant Date Fair Value |  | Total Fair Value (Millions of Dollars)
Outstanding at December 31, 2022 | — |  |  | $ | — |  |  |
Granted | 692 |  | $ | 325.32 |  |  |
Vested and issued | 0 |  | $ | — |  |  | $ | — |
Outstanding at September 30, 2023, including DSUs | 692 |  |  | $ | 325.32 |  |  | $ | 0.2 |

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