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Employee Benefits (Tables)
12 Months Ended
Dec. 31, 2022
Compensation And Retirement Disclosure [Abstract]  
Summary of Option Activity

Weighted

Aggregate

Weighted

Average

Intrinsic

Average

Remaining

Value

 

Options

 

Exercise Price

 

Contractual Life

 

(in 000’s)

Outstanding as of January 1, 2022

1,669,325

$

78.63

Granted

344,100

109.50

Exercised

(308,280)

54.42

Cancelled or forfeited

(9,485)

86.40

Outstanding as of December 31, 2022

1,695,660

$

82.42

 

4.90

$

82,835

Exercisable at December 31, 2022

782,067

$

67.54

 

3.47

$

49,839

Summary of Weighted Average Grant-date Assumptions and Weighted Average Fair Values

 

2022

 

2021

 

2020

 

Weighted-average fair value of grants

$

21.43

$

17.11

$

13.24

Risk-free interest rates

2.95

%

0.75

%

0.39

%

Dividend yield

2.50

%

2.06

%

2.30

%

Expected volatility

22.89

%

22.73

%

22.67

%

Expected option life

5.05

years

4.97

years

4.96

years

Schedule of Restricted Stock Units Activity

Weighted

Average

Grant Date

 

RSUs

 

Fair Value

Nonvested at January 1, 2022

45,068

$

97.67

Granted

19,268

115.71

Reinvested

2,632

127.48

Vested

(21,380)

93.07

Forfeited

(1,380)

77.92

Nonvested at December 31, 2022

44,208

$

109.51