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Share-Based Compensation and Capital Stock (Tables)

12 Months Ended

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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