XML 58 R43.htm IDEA: XBRL DOCUMENT
v3.25.4

Stock-based Compensation Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Plan Activity | Information on the Company’s stock options is summarized below.
YEARS ENDED DECEMBER 31 |  | 2025 |  |  | 2024 |  |  | 2023 |
(in whole shares and dollars) |  | Shares |  |  | Weighted Average Exercise Price |  |  | Shares |  |  | Weighted Average Exercise Price |  |  | Shares |  |  | Weighted Average Exercise Price |
Outstanding, beginning of year |  |  | 1,111,871 |  |  | $ | 117.43 |  |  |  | 1,137,042 |  |  | $ | 111.57 |  |  |  | 1,080,852 |  |  | $ | 107.07 |
Granted |  |  | 140,393 |  |  |  | 161.82 |  |  |  | 150,731 |  |  |  | 134.26 |  |  |  | 135,019 |  |  |  | 140.01 |
Exercised |  |  | (155,280 | ) |  |  | 96.49 |  |  |  | (173,260 | ) |  |  | 93.37 |  |  |  | (56,645 | ) |  |  | 88.10 |
Forfeited or cancelled |  |  | (2,522 | ) |  |  | 149.73 |  |  |  | (2,642 | ) |  |  | 134.99 |  |  |  | (22,184 | ) |  |  | 125.15 |
Outstanding, end of year |  |  | 1,094,462 |  |  | $ | 126.02 |  |  |  | 1,111,871 |  |  | $ | 117.43 |  |  |  | 1,137,042 |  |  | $ | 111.57 |
Exercisable, end of year |  |  | 812,847 |  |  | $ | 118.14 |  |  |  | 830,549 |  |  | $ | 110.85 |  |  |  | 864,186 |  |  | $ | 104.16 |
Schedule of Stock Options by Exercise Price Range | Additional information about employee options outstanding and exercisable at December 31, 2025 is included in the following table:
|  | Options Outstanding |  |  | Options Currently Exercisable |
Range of Exercise Prices |  | Number |  |  | Weighted Average Remaining Contractual Lives |  |  | Weighted Average Exercise Price |  |  | Number |  |  | Weighted Average Exercise Price |
$ | 77.91 to $85.87 |  |  | 75,212 |  |  |  | 0.92 |  |  | $ | 84.03 |  |  |  | 75,212 |  |  | $ | 84.03 |
$ | 104.11 |  |  | 127,350 |  |  |  | 2.16 |  |  |  | 104.11 |  |  |  | 127,350 |  |  |  | 104.11 |
$ | 115.35 |  |  | 125,002 |  |  |  | 5.16 |  |  |  | 115.35 |  |  |  | 125,002 |  |  |  | 115.35 |
$ | 117.22 to $118.54 |  |  | 254,869 |  |  |  | 3.78 |  |  |  | 118.03 |  |  |  | 254,869 |  |  |  | 118.03 |
$ | 134.26 to $139.51 |  |  | 254,887 |  |  |  | 7.29 |  |  |  | 136.56 |  |  |  | 155,481 |  |  |  | 138.03 |
$ | 140.01 to $161.82 |  |  | 257,142 |  |  |  | 8.24 |  |  |  | 151.80 |  |  |  | 74,933 |  |  |  | 140.01 |
Schedule of Stock Option Valuation Assumptions | The following significant assumptions were used to determine the fair value for options granted in the years indicated.
|  | 2025 |  |  |  | 2024 |  |  |  | 2023 |  |
Dividend yield |  | 2.225 |  | % |  |  | 2.532 |  | % |  |  | 2.314 |  | %
Expected volatility |  | 22.561% to 25.494 |  | % |  | 23.571% to 30.041 |  | % |  | 24.429% to 28.803 |  | %
Weighted average expected volatility |  |  | 23.76 |  | % |  |  | 26.32 |  | % |  |  | 26.05 |  | %
Risk-free interest rate |  | 4.092% to 4.229 |  | % |  | 4.202% to 4.571 |  | % |  | 4.008% to 4.613 |  | %
Expected term, in years |  | 2.5 to 7.5 |  |  |  | 2.5 to 7.0 |  |  |  | 2.5 to 7.0 |  |
Summary of Restricted Stock Activity | The following table summarizes information about employee restricted stock units:
YEARS ENDED DECEMBER 31 |  | 2025 |  |  | 2024 |  |  | 2023 |
|  | Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
Time-based restricted stock units: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding, beginning of year |  |  | 386,712 |  |  | $ | 137.44 |  |  |  | 376,626 |  |  | $ | 132.04 |  |  |  | 378,256 |  |  | $ | 124.88 |
Granted |  |  | 137,914 |  |  |  | 160.41 |  |  |  | 160,751 |  |  |  | 133.58 |  |  |  | 155,645 |  |  |  | 137.59 |
Vested |  |  | (124,748 | ) |  |  | 139.80 |  |  |  | (127,147 | ) |  |  | 116.81 |  |  |  | (136,971 | ) |  |  | 118.70 |
Forfeited |  |  | (17,934 | ) |  |  | 144.97 |  |  |  | (23,518 | ) |  |  | 136.04 |  |  |  | (20,304 | ) |  |  | 131.30 |
Outstanding, end of year |  |  | 381,944 |  |  | $ | 144.61 |  |  |  | 386,712 |  |  | $ | 137.44 |  |  |  | 376,626 |  |  | $ | 132.04 |
Performance and market-based restricted stock units: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding, beginning of year |  |  | 126,211 |  |  | $ | 140.47 |  |  |  | 120,504 |  |  | $ | 132.76 |  |  |  | 119,163 |  |  | $ | 122.81 |
Granted |  |  | 52,360 |  |  |  | 178.39 |  |  |  | 53,336 |  |  |  | 132.27 |  |  |  | 50,115 |  |  |  | 137.90 |
Vested |  |  | (31,052 | ) |  |  | 141.58 |  |  |  | (41,290 | ) |  |  | 112.36 |  |  |  | (44,781 | ) |  |  | 114.14 |
Forfeited |  |  | (14,369 | ) |  |  | 152.88 |  |  |  | (6,339 | ) |  |  | 108.06 |  |  |  | (3,993 | ) |  |  | 109.19 |
Outstanding, end of year |  |  | 133,150 |  |  | $ | 153.78 |  |  |  | 126,211 |  |  | $ | 140.47 |  |  |  | 120,504 |  |  | $ | 132.76 |

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 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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration