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Incentive Plans (Tables)

9 Months Ended

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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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.

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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.

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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.

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