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Incentive Plans (Tables)

3 Months Ended

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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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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