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Stock compensation plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Summary of Share-based Compensation Activity | The following table summarizes the share-based compensation activity:
| 2023 |  | 2022 |  | 2021
Share-based compensation expense | $ | 31,465 |  |  | $ | 27,224 |  |  | $ | 22,937 |
Total income tax benefit recognized for share-based compensation arrangements | 7,820 |  |  | 6,824 |  |  | 10,912 |
Net excess tax benefit | 1,351 |  |  | 1,292 |  |  | 6,355 |
Weighted-Average Assumptions used to Estimate Fair Value of Options Granted | The fair value of options granted in 2023, 2022 and 2021 was estimated at the date of grant using a Black-Scholes option pricing model. The following weighted-average assumptions were used:
| 2023 |  | 2022 |  | 2021
Risk-free interest rate | 4.13 | % |  | 1.56 | % |  | 0.67 | %
Expected life of option | 5.07 years |  | 5.03 years |  | 5.01 years
Expected dividend yield | 0.57 | % |  | 0.41 | % |  | 0.34 | %
Expected volatility | 31.42 | % |  | 30.09 | % |  | 30.03 | %
Summary of Stock Option Activity | The following table summarizes the option activity during 2023:
| Shares Subject to Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life In Years |  | Aggregate Intrinsic Value
Outstanding, beginning of the year | 1,228,848 |  |  | $ | 230.58 |  |  |  |  |
Granted | 189,388 |  |  | 238.92 |  |  |  |  |
Exercised | (99,799) |  |  | 108.19 |  |  |  |  |
Forfeited or expired | (24,662) |  |  | 319.20 |  |  |  |  |
Outstanding, end of the year | 1,293,775 |  |  | 239.55 |  |  | 4.7 |  | $ | 55,105 |
Exercisable, end of the year | 988,794 |  |  | $ | 226.34 |  |  | 3.5 |  | $ | 52,939 |
Weighted-Average Assumptions used to Estimate Fair Value of Non-Vested Shares Granted | The following weighted-average assumptions were used:
| 2023 |  | 2022 |  | 2021
Risk-free interest rate | 4.53 | % |  | 1.57 | % |  | 0.28 | %
Expected dividend yield | 0.57 | % |  | 0.42 | % |  | 0.34 | %
Summary of Non-Vested Restricted Stock Unit Activity | The following table summarizes the non-vested restricted stock unit activity during 2023:
| Number of Non-Vested Shares |  | Weighted Average Grant-Date Fair Value |  | Weighted Average Remaining Contractual Life |  | Aggregate Intrinsic Value
Outstanding, beginning of the year | 147,968 |  |  | $ | 349.42 |  |  |  |  |
Granted | 98,201 |  |  | 235.14 |  |  |  |  |
Vested | (34,623) |  |  | 346.01 |  |  |  |  |
Forfeited | (21,046) |  |  | 318.02 |  |  |  |  |
Outstanding, end of the year | 190,500 |  |  | $ | 294.63 |  |  | 1.4 |  | $ | 47,709 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -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
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- 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
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