Stock Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Number of Restricted Stock Units and Performance Shares

Information on the number of RSUs, PSUs and SOs related to the Stock Incentive Plan during the period of 2021 to 2023 is as follows.

RSUs	2023			2022			2021
Weighted average fair value at grant date	$	91.81		$	87.56		$	94.01
Outstanding at beginning of year		200,764			218,268			244,901
Granted		96,243			85,985			81,866
Shares issued		(94,055	)		(84,848	)		(99,399	)
Cancelled/Forfeited/Expired		(12,986	)		(18,641	)		(9,100	)
Outstanding at end of year		189,966			200,764			218,268

PSUs	2023			2022			2021
Weighted average fair value at grant date	$	91.80		$	88.05		$	93.90
Outstanding at beginning of year		101,828			179,311			158,128
Change in performance conditions		18,211			(69,924	)		(44,385	)
Granted		93,962			82,914			74,427
Shares issued		(26,331	)		(64,397	)		—
Cancelled/Forfeited/Expired		(75,789	)		(26,076	)		(8,859	)
Outstanding at end of year		111,881			101,828			179,311

Schedule of Options Exercisable

Changes in those assumptions result in changes in the estimated shares to be issued which is reflected in the “Change in performance conditions” line above.

SOs	Number of options			Weighted average exercise price
Outstanding at December 31, 2020		90,175		$	68.13
Exercised		(40,112	)		67.49
Cancelled/Forfeited/Expired		(188	)		51.74
Outstanding at December 31, 2021		49,875			68.71
Exercised		(8,614	)		59.28
Cancelled/Forfeited/Expired		(10,150	)		70.40
Outstanding at December 31, 2022		31,111			70.77
Exercised		(15,537	)		65.12
Cancelled/Forfeited/Expired		(485	)		58.63
Outstanding at December 31, 2023		15,089			76.97
OPTIONS EXERCISABLE
At December 31, 2021		49,875		$	68.71
At December 31, 2022		31,111			70.77
At December 31, 2023		15,089			76.97

Summary of Stock Options Outstanding and Exercisable

The following summarizes information about SOs outstanding and exercisable at December 31, 2023:

EXERCISE PRICE	Number outstanding & exercisable		Remaining contract life (in years)		Weighted average exercise price
$67.29		3,945		0.14	$	67.29
$80.40		11,144		1.13		80.40
		15,089		0.87		76.97