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Stock Plans and Management Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Non-Vested Stock Award Activity
The weighted average price per non-vested stock unit at grant date was $87.16, $88.00 and $93.62 for units granted in 2024, 2023 and 2022, respectively. Non-vested stock unit activity for the year ended December 31, 2024 was as follows:
(in thousands, except grant date fair value)Non-vested Stock Unit ActivityWeighted Average Grant Date Fair
Value ($)
Non-vested units, unvested as of January 1, 2024577 90.72 
Awarded350 87.16 
Forfeited(37)89.19 
Vested(168)91.11 
Non-vested units, unvested as of December 31, 2024722 88.97 
Fair Value Assumptions for Performance Awards
The fair values of the senior leaders' performance share award grants with a TSR modifier at the grant date in 2024, 2023 and 2022 were $85.52, $88.47 and $94.59, respectively, which were estimated using the Monte Carlo valuation model, and incorporated the following assumptions:
202420232022
Risk-free interest rate4.3 %4.3 %1.7 %
Dividend yield1.9 %1.8 %1.5 %
Volatility factor40.5 %49.8 %54.8 %
Expected life of award2.9 years2.9 years2.9 years
Performance Award Activity
Performance award activity for the year ended December 31, 2024 was as follows:
(in thousands, except grant date fair value)Performance AwardsWeighted Average Grant Date Fair Value ($)
Performance awards, unvested at January 1217 90.09 
Awarded174 83.20 
Forfeited(15)50.74 
Vested and earned(117)100.42 
Performance awards, unvested at December 31259 83.09