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Share-Based Compensation and Capital Stock (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Weighted Average Assumptions of Black-Scholes Option-Pricing Model

The fair value of the options granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions: 

			2022						2021						2020
Risk-free interest rate			2.01		%				0.94		%				0.99		%
Expected volatility			29.46		%				29.23		%				20.88		%
Expected life of stock option			5.9 years						5.9 years						5.9 years
Dividend yield			0.66		%				0.82		%				0.99		%
Requisite service period			4 years						4 years						4 years
Contractual life			10 years						10 years						10 years
Weighted average fair value of options granted (per option)			$	42.66					$	28.00					$	17.25

Schedule of Options Outstanding and Exercisable

The following table summarizes information about stock options outstanding as of December 31, 2022:

						Options Outstanding																		Options Exercisable
Range of Exercise Prices						Number Outstanding at December 31, 2022						Weighted Average Remaining Contractual Life (Years)						Weighted Average Exercise Price						Number Exercisable at December 31, 2022						Weighted Average Exercise Price
$45.59 to $55.00						105,172						0.16						$	51.49					105,172						$	51.49
$55.01 to $65.00						78,855						1.22						60.69						78,855						60.69
$65.01 to $85.00						230,110						2.75						81.31						194,648						81.34
$85.01 to $91.28						153,692						7.17						91.28						76,838						91.28
$91.29 to $104.87						273,567						8.16						104.87						68,343						104.87
$104.88 to $117.98						16,667						9.63						117.98						—						—
$117.99 to $146.68						152,584						9.16						146.68						—						—
						1,010,647						5.58						$	94.97					523,856						$	76.77

Schedule of Activity Related to Restricted Stock Grants

The following table is a summary of activity related to restricted stock grants:

			For the Year Ended December 31,
			2022						2021						2020
Restricted shares granted			273,777						61,009						158,133
Weighted average grant date fair value per share			$	143.76					$	111.25					$	90.18
Aggregate grant date fair value (in thousands)			$	39,357					$	6,787					$	14,260
Restricted shares forfeited			14,443						19,209						36,860
Vesting service period of shares granted			9 - 60 months						9 - 48 months						12 - 48 months
Fair value of shares vested (in thousands)			$	13,784					$	11,927					$	9,000

Schedule of Activity Related to PVRSU Grants

The following table is a summary of activity related to PVRSU grants:

			For the Years Ended December 31,
			2022						2021						2020
PVRSUs granted at target			111,585						98,544						170,471
Weighted average grant date fair value per share			$	181.91					$	108.75					$	134.26
Aggregate grant date fair value (in thousands)			$	20,298					$	10,716					$	22,888
PVRSUs forfeited & expired			83,563						78,500						33,080
Requisite service period			9 - 60 months						9 to 60 months						31 to 36 months

Schedule of Change in Stock-Based Award Activity

A summary of stock-based award activity as of December 31, 2022, 2021 and 2020 and the changes during those years are presented below:

			2022
			Stock Options																		Restricted Stock												Performance Vested Restricted Stock Units
			Options						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life						Shares						Weighted Average Grant Date Fair Value						Shares						Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2022			910,944						$	83.14											236,599						$	92.60					412,642						$	114.70
Granted			172,441						143.91												273,777						143.76						111,585						181.91
Performance-based leveraging*			—						—												—						—						(3,484)						121.34
Exercised/vested			(66,192)						57.55												(96,834)						87.34						—						—
Expired			(986)						51.49												—						—						(78,370)						81.15
Forfeited			(5,560)						128.86												(14,443)						106.35						(5,193)						132.06
Outstanding as of December 31, 2022			1,010,647						$	94.97					5.6 years						399,099						$	128.47					437,180						$	140.05
Options exercisable as of December 31, 2022			523,856						$	76.77					3.3 years

* PVRSU units outstanding have been adjusted by 3,484, net units during the year ended December 31, 2022, due to a decrease in outstanding PVRSU units due to the Company partially meeting the targeted performance conditions offset by an increase in outstanding PVRSU units due to the Company exceeding the targeted performance conditions in PVRSU's granted in prior periods.

			2021
			Stock Options																		Restricted Stock												Performance Vested Restricted Stock Units
			Options						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life						Shares						Weighted Average Grant Date Fair Value						Shares						Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2021			819,610						$	70.48											304,439						$	84.48					321,752						$	109.25
Granted			280,811						104.87												61,009						111.25						98,544						108.75
Performance-based leveraging*			—						—												—						—						74,832						107.51
Exercised/vested			(185,437)						59.61												(109,640)						80.83						(3,986)						81.55
Expired			—						—												—						—						(72,944)						81.55
Forfeited			(4,040)						104.87												(19,209)						90.23						(5,556)						55.76
Outstanding as of December 31, 2021			910,944						$	83.14					5.5 years						236,599						$	92.60					412,642						$	114.70
Options exercisable as of December 31, 2021			421,592						$	67.09					2.8 years

* PVRSU units outstanding have been increased by 74,832 units during the year ended December 31, 2021, due to the Company exceeding the targeted performance conditions contained in PVRSU's granted in prior periods.

			2020
			Stock Options																		Restricted Stock												Performance Vested Restricted Stock Units
			Options						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life						Shares						Weighted Average Grant Date Fair Value						Shares						Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2020			873,895						$	61.69											312,097						$	75.23					330,716						$	70.03
Granted			158,620						91.28												158,133						90.18						170,471						134.26
Performance-based leveraging*			—						—												—						—						30,116						60.68
Exercised/vested			(209,209)						49.17												(128,931)						69.80						(176,471)						58.68
Expired			—						—												—						—						(16,117)						60.50
Forfeited			(3,696)						91.28												(36,860)						81.98						(16,963)						82.25
Outstanding as of December 31, 2020			819,610						$	70.48					4.2 years						304,439						$	84.48					321,752						$	109.25
Options exercisable as of December 31, 2020			480,255						$	60.70					2.5 years

* PVRSU units outstanding have been increased by 30,116 units during the year ended December 31, 2020, due to the Company exceeding the targeted performance conditions contained in PVRSU's granted in prior periods.

Schedule of Pre-Tax Stock-Based Compensation Expenses and Associated Income Tax Benefits

The components of the Company’s pretax stock-based compensation expense and associated income tax benefits are as follows:

			For the Year Ended December 31,
(in thousands)			2022						2021						2020
Stock options			$	4,674					$	3,396					$	1,975
Restricted stock			14,349						9,281						8,731
Performance vested restricted stock units			21,436						10,703						(3,466)
Total share-based compensation expense			$	40,459					$	23,380					$	7,241

Schedule of Unrecognized Compensation Cost, Nonvested Awards

The total unrecognized compensation costs related to stock-based awards that have not yet vested and the related weighted average amortization period over which the costs are to be recognized as of December 31, 2022 are as follows:

(in thousands)			Unrecognized Compensation Expense on Unvested Awards						Weighted Average Remaining Amortization Period
Stock options			$	10,528					3.0 years
Restricted stock			37,634						3.6 years
Performance vested restricted stock units			28,545						2.5 years
Total			$	76,707

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