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Share-Based Compensation and Capital Stock (Tables) | 12 Months Ended
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Dec. 31, 2023
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:
| 2023 |  | 2022 |  | 2021
Risk-free interest rate | 4.10 | % |  | 2.01 | % |  | 0.94 | %
Expected volatility | 30.90 | % |  | 29.46 | % |  | 29.23 | %
Expected life of stock option | 6.0 years |  | 5.9 years |  | 5.9 years
Dividend yield | 0.90 | % |  | 0.66 | % |  | 0.82 | %
Requisite service period | 4 years |  | 4 years |  | 4 years
Contractual life | 10 years |  | 10 years |  | 10 years
Weighted average fair value of the stock options granted (per stock option) | $ | 42.59 |  |  | $ | 42.66 |  |  | $ | 28.00 |
Schedule of Options Outstanding and Exercisable | The following table summarizes information about the stock options outstanding as of December 31, 2023:
|  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices |  | Number Outstanding at December 31, 2023 |  | Weighted Average Remaining Contractual Life (in Years) |  | Weighted Average Exercise Price |  | Number Exercisable at December 31, 2023 |  | Weighted Average Exercise Price
$55.01 to $65.00 |  | 62,946 |  |  | 0.2 |  | $ | 60.74 |  |  | 62,946 |  |  | $ | 60.74 |
$65.01 to $85.00 |  | 211,358 |  |  | 1.8 |  | 81.30 |  |  | 211,358 |  |  | 81.30 |
$85.01 to $91.28 |  | 153,692 |  |  | 6.2 |  | 91.28 |  |  | 115,257 |  |  | 91.28 |
$91.29 to $104.87 |  | 267,361 |  |  | 7.2 |  | 104.87 |  |  | 133,206 |  |  | 104.87 |
$104.88 to $117.98 |  | 16,667 |  |  | 8.6 |  | 117.98 |  |  | 4,166 |  |  | 117.98 |
$117.99 to $146.68 |  | 231,617 |  |  | 8.5 |  | 138.42 |  |  | 37,071 |  |  | 146.68 |
|  | 943,641 |  |  | 5.7 |  | $ | 102.90 |  |  | 564,004 |  |  | $ | 91.18 |
Schedule of Activity Related to Restricted Stock Grants | The following table is a summary of the activity related to restricted stock grants:
| For the Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Restricted shares granted | 65,991 |  |  | 273,777 |  |  | 61,009 |
Weighted average grant date fair value per share | $ | 123.65 |  |  | $ | 143.76 |  |  | $ | 111.25 |
Aggregate grant date fair value (in thousands) | $ | 8,160 |  |  | $ | 39,357 |  |  | $ | 6,787 |
Restricted shares forfeited | 13,202 |  |  | 14,443 |  |  | 19,209 |
Vesting service period for the restricted shares granted | 9 - 48 months |  | 9 - 60 months |  | 9 - 48 months
Fair value of the restricted shares vested (in thousands) | $ | 11,134 |  |  | $ | 13,784 |  |  | $ | 11,927 |
Schedule of Activity Related to PVRSU Grants | The following table is a summary of the activity related to the PVRSU grants:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
PVRSUs granted at target | 110,636 |  |  | 111,585 |  |  | 98,544 |
Weighted average grant date fair value per share | $ | 128.71 |  |  | $ | 181.91 |  |  | $ | 108.75 |
Aggregate grant date fair value (in thousands) | $ | 14,240 |  |  | $ | 20,298 |  |  | $ | 10,716 |
PVRSUs forfeited & expired | 16,504 |  |  | 83,563 |  |  | 78,500 |
Requisite service period | 9 - 48 months |  | 9 - 60 months |  | 9 - 60 months
Schedule of Change in Stock-Based Award Activity | For the years ended December 31, 2023, 2022, and 2021, the following tables present a summary of the share-based award activity during those respective years:
| 2023
| 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, 2023 | 1,010,647 |  |  | $ | 94.97 |  |  |  |  | 399,099 |  |  | $ | 128.47 |  |  | 437,180 |  |  | $ | 140.05 |
Granted | 88,733 |  |  | 123.62 |  |  |  |  | 65,991 |  |  | 123.65 |  |  | 110,636 |  |  | 128.71 |
Performance-based leveraging* | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 46,934 |  |  | 139.47 |
Exercised/vested | (143,357) |  |  | 57.72 |  |  |  |  | (90,220) |  |  | 96.14 |  |  | (119,751) |  |  | 145.41 |
Expired | (1,054) |  |  | 146.68 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Forfeited | (11,328) |  |  | 124.94 |  |  |  |  | (13,202) |  |  | (118.56) |  |  | (16,504) |  |  | 131.91 |
Outstanding as of December 31, 2023 | 943,641 |  |  | $ | 102.90 |  |  | 5.6 years |  | 361,668 |  |  | $ | 136.05 |  |  | 458,495 |  |  | $ | 136.14 |
Options exercisable as of December 31, 2023 | 564,004 |  |  | $ | 91.18 |  |  | 4.3 years |  |  |  |  |  |  |  |
* The outstanding PVRSUs have been adjusted by 46,934 net units during the year ended December 31, 2023, due to an increase in the outstanding PVRSUs as a result of the Company exceeding the targeted performance conditions.
| 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 |  |  |  |  |  |  |  |
* The outstanding PVRSUs have been adjusted by 3,484 net units during the year ended December 31, 2022, due to a decrease in the outstanding PVRSUs as a result of the Company partially meeting the targeted performance conditions, partially offset by an increase in the outstanding PVRSUs due to the Company exceeding the targeted performance conditions for the PVRSUs that were 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 |  |  |  |  |  |  |  |
* The outstanding PVRSUs were increased by 74,832 units during the year ended December 31, 2021, due to the Company exceeding the targeted performance conditions contained in the PVRSUs that were granted in prior periods.
Schedule of Pre-Tax Stock-Based Compensation Expenses and Associated Income Tax Benefits | The components of the Company’s share-based compensation expense were as follows:
| For the Year Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Stock options | $ | 5,816 |  |  | $ | 4,674 |  |  | $ | 3,396 |
Restricted stock awards | 13,774 |  |  | 14,349 |  |  | 9,281 |
Performance vested restricted stock units | 20,924 |  |  | 21,436 |  |  | 10,703 |
Total share-based compensation expense | $ | 40,514 |  |  | $ | 40,459 |  |  | $ | 23,380 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The following table as of December 31, 2023 is a summary of the total unrecognized compensation expense related to the share-based awards that have not yet vested and the related weighted average amortization periods over which the compensation expense will be recognized:
(in thousands) | Unrecognized Compensation Expense on Unvested Awards |  | Weighted Average Remaining Amortization Period
Stock options | $ | 7,952 |  |  | 2.1 years
Restricted stock awards | 30,350 |  |  | 2.9 years
Performance vested restricted stock units | 25,634 |  |  | 2.1 years
Total | $ | 63,936 |  |  |

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