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Incentive Plans (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Valuation Assumptions |
Assumptions used to value awards: |  |
Dividend yield |  | 0.39 | %
Expected volatility |  | 27.9 | %
Risk-free interest rate |  | 4.5 | %
Expected life (years) |  | 4.8
Stock price at valuation date |  | $ | 492.22
Schedule of Changes in Stock Options Outstanding | Changes in options outstanding for Company employees during the period from December 31, 2024 to March 31, 2025 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, 2024 | 259,750 |  |  | $ | 180.68 |  |  |  |  |
Granted | 28,900 |  |  | $ | 492.22 |  |  |  |  |
Exercised | (3,450) |  |  | $ | 201.46 |  |  |  |  |
Forfeited | (900) |  |  | $ | 320.40 |  |  |  |  |
Outstanding at March 31, 2025 | 284,300 |  |  | $ | 211.65 |  |  | 3.6 |  | $ | 74.0 |
Exercisable at March 31, 2025 | 205,540 |  |  | $ | 139.32 |  |  | 2.6 |  | $ | 67.9 |
Schedule of Stock Unit Activity | Changes in RSUs outstanding during the period from December 31, 2024 to March 31, 2025 are presented in the following table:
RSUs | Number of Units |  | Weighted Average Grant Date Fair Value |  | Total Fair Value (Millions of Dollars)
Outstanding at December 31, 2024 | 98,214 |  |  | $ | 285.60 |  |  |
Granted | 12,674 |  |  | $ | 492.34 |  |  |
Vested and issued | (35,556) |  |  | $ | 201.38 |  |  | $ | 16.6 |
Forfeited | (2,362) |  |  | $ | 285.06 |  |  |
Outstanding at March 31, 2025 | 72,970 |  |  | $ | 362.23 |  |  | $ | 34.3 |
Changes in PSUs outstanding for Company employees during the period from December 31, 2024 to March 31, 2025 are presented in the following table:
Employee PSUs | Number of Units |  | Weighted Average Grant Date Fair Value |  | Total Fair Value (Millions of Dollars)
Outstanding at December 31, 2024 | 77,395 |  |  | $ | 320.05 |  |  |
Granted | 49,102 |  |  | $ | 583.25 |  |  |
Vested and issued | (61,288) |  |  | $ | 221.39 |  |  | $ | 29.7 |
Forfeited | (1,040) |  |  | $ | 385.50 |  |  |
Outstanding at March 31, 2025 | 64,169 |  |  | $ | 441.72 |  |  | $ | 30.1 |
Changes in Director RSUs outstanding for Company non-employee directors during the period from December 31, 2024 to March 31, 2025 are presented in the following table:
2013 Plan — Director RSUs | Number of Units |  | Weighted Average Grant Date Fair Value |  | Total Fair Value (Millions of Dollars)
Outstanding at December 31, 2024 | 9,436 |  |  | $ | 196.38 |  |  |
Granted | 2 |  |  | $ | 457.52 |  |  |
Vested and issued | (7,174) |  |  | $ | 175.84 |  |  | $ | 3.5 |
Outstanding at March 31, 2025 | 2,264 |  |  | $ | 261.51 |  |  | $ | 1.1 |

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