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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Valuation Assumptions | The following table illustrates the valuation assumptions used for the 2023, 2022 and 2021 grants:
| 2023 |  | 2022 |  | 2021
Expected volatility | 35 | % |  | 34 | % |  | 34 - 35%
Weighted-average expected volatility | 35 | % |  | 34 | % |  | 35 | %
Expected dividend yield | 1.6 | % |  | 1.2 | % |  | 1.3 - 1.4%
Weighted-average expected dividend yield | 1.6 | % |  | 1.2 | % |  | 1.4 | %
Expected term, in years | 5 |  | 5 |  | 5
Risk-free interest rate | 4.2 - 4.2% |  | 1.9 - 1.9% |  | 0.8 - 0.9%
Schedule of Activity for Stock Option Awards | The following table summarizes the activity during the year ended December 31, 2023 for stock option awards:
| Shares |  | Weighted-Average Exercise Price
Outstanding at beginning of year | 931,843 |  | $ | 66.97 |
Granted | 60,492 |  | 72.88 |
Exercised | (338,787) |  | 61.17 |
Forfeited | (10,667) |  | 75.76 |
Expired | (450) |  | 71.70 |
Outstanding at end of year | 642,431 |  | $ | 70.43 |
Exercisable at end of year | 534,335 |  | $ | 69.33 |
Schedule of Activity for Nonvested Restricted Share Awards | The following table summarizes the activity during the year ended December 31, 2023 for nonvested restricted share awards:
| Shares |  | Weighted-Average Grant Date Fair Value
Nonvested at beginning of year | 75,412 |  | $ | 62.94 |
Granted | 20,094 |  | 72.88 |
Vested | (5,667) |  | 78.57 |
Forfeited | (4,873) |  | 76.48 |
Nonvested at end of year | 84,966 |  | $ | 63.48 |
Schedule of Activity for Nonvested Performance Share Awards | The following table summarizes the activity during the year ended December 31, 2023 for nonvested performance share awards:
| Shares |  | Weighted-Average Grant Date Fair Value
Nonvested at beginning of year | 134,763 |  | $ | 78.29 |
Granted | 67,396 |  | 73.12 |
Vested | (32,130) |  | 77.27 |
Forfeited | (16,881) |  | 76.45 |
Nonvested at end of year | 153,148 |  | $ | 76.44 |
Schedule of Activity for Nonvested Restricted Stock Units | The following table summarizes the activity during the year ended December 31, 2023 for nonvested restricted stock units:
| Shares |  | Weighted-Average Grant Date Fair Value
Nonvested at beginning of year | 114,704 |  | $ | 73.55 |
Granted | 59,034 |  | 77.59 |
Vested | (38,303) |  | 78.54 |
Forfeited | (6,216) |  | 74.15 |
Nonvested at end of year | 129,219 |  | $ | 73.89 |

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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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