Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Activity Related to Employee and Non-Employee Restricted Stock

Activity related to both employee and non-employee restricted stock awards for the year ended December 31, 2024 is as follows (in thousands, except per share amounts):

	Shares	Weighted Average Grant Date Fair Value/Share
RESTRICTED STOCK AT DECEMBER 31, 2023	169	$	181.29
Shares granted	44	356.94
Shares vested	(54)	191.53
Shares forfeited	(8)	289.84
RESTRICTED STOCK AT DECEMBER 31, 2024	151	$	221.92

Schedule of Stock Appreciation Rights

Activity related to SARs for the year ended December 31, 2024 is as follows (in thousands, except per share amounts):

	Number of Rights	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
OUTSTANDING AT DECEMBER 31, 2023	627	$	165.84
Granted	64	352.78
Exercised	(198)	144.31
Forfeited	(4)	263.24
Canceled	—	204.27
OUTSTANDING AT DECEMBER 31, 2024	489	$	198.12	6.5 years	$	107,916
EXERCISABLE AT DECEMBER 31, 2024	323	$	160.16	5.6 years	$	83,664

Schedule of the Weighted-Average Assumption Used in Estimating Fair Value of Stock Appreciation Rights

The following table summarizes the weighted-average assumptions used in estimating the fair value of the SARs granted during the years 2024, 2023 and 2022:

Grant Date	Expected Dividend Yield	Expected Volatility	Risk Free Interest Rate	Expected Term	Weighted Avg. Grant Date Fair Value of 1 SAR
2024	1.5%	25.7%	4.0%	4.8 years	$88.17
2023	1.8%	28.0%	3.7%	4.9 years	$62.79
2022	2.1%	27.4%	1.9%	4.9 years	$39.68

Schedule of the Attributes of the Performance Shares Granted During the Period

The following table summarizes the related assumptions used to determine the fair values of the performance share awards with a market condition granted during February 2024, 2023 and 2022:

Grant Date	Stock Price on Measurement Date	Dividend Yield	Expected Volatility	Risk Free Interest Rate	Expected Term	Weighted Avg. Grant Date Fair Value
February 2024	$352.55	1.4%	30.6%	4.1%	2.9 years	$483.99
February 2023	$241.17	1.9%	39.4%	4.1%	2.9 years	$279.47
February 2022	$185.87	2.3%	39.7%	1.6%	2.9 years	$221.94

The Company expenses these awards on a straight-line basis over the requisite service period and including an assessment of the performance achieved to date. The weighted average fair value per share was $341.19, $230.64 and $174.48 for the awards granted in 2024, 2023, and 2022, respectively.

Grant Date	Fair Value	Performance Period	Payout Range
February 2024	$341.19	Jan 2024 - Dec 2026	0-200%
February 2023	$230.64	Jan 2023 - Dec 2025	0-200%
February 2022	$174.48	Jan 2022 - Dec 2024	0-200%