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Employee Benefits (Tables)
12 Months Ended
Dec. 31, 2023
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, 2023

1,695,660

$

82.42

Granted

201,125

135.46

Exercised

(246,490)

57.27

Forfeited or expired

(8,585)

96.99

Outstanding as of December 31, 2023

1,641,710

$

92.62

 

4.62

$

66,995

Exercisable at December 31, 2023

872,462

$

78.24

 

3.46

$

47,884

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

 

2023

 

2022

 

2021

 

Weighted-average fair value of grants

$

27.24

$

21.43

$

17.11

Risk-free interest rates

3.59

%

2.95

%

0.75

%

Dividend yield

2.28

%

2.50

%

2.06

%

Expected volatility

22.97

%

22.89

%

22.73

%

Expected option life

4.96

years

5.05

years

4.97

years

Schedule of Restricted Stock Units Activity

Weighted

Average

Grant Date

 

RSUs

 

Fair Value

Nonvested at January 1, 2023

44,208

$

109.51

Granted

22,013

136.04

Reinvested

1,058

131.11

Vested

(19,957)

103.61

Forfeited

(2,229)

118.00

Nonvested at December 31, 2023

45,093

$

125.16