Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Stock-Based Compensation [Abstract]

Weighted Average Assumptions Used to Determine Fair Value for Stock Awards

The fair value for stock awards was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted average assumptions for the years ended December 31, 2022, 2021 and 2020:

	Year Ended December 31,
	2022			2021			2020
Expected life (in years)		6.7			6.9			6.7
Interest rate		1.70	%		0.71	%		1.67	%
Volatility		31.92	%		32.04	%		30.34	%
Expected dividend yield		0.28	%		0.31	%		0.35	%

Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 2022:

	Awards			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (Millions)
Awards outstanding at December 31, 2021		1,330,002		$	59.91
Granted		242,723			69.81
Exercised		(121,992	)		46.81
Canceled		(85,012	)		69.49
Expired		(2,303	)		77.07
Awards outstanding at December 31, 2022		1,363,418		$	62.22		5.98	$	5.0
Awards exercisable at December 31, 2022		927,336		$	60.25		4.85	$	4.8

Non-vested Stock Option Activity

Non-vested stock option activity for the year ended December 31, 2022 is as follows:

	Awards			Weighted Average Grant Date Fair Value per Share
Nonvested awards outstanding at December 31, 2021		495,942		$	61.28
Granted		242,723			69.81
Vested		(246,086	)		59.41
Canceled		(56,497	)		66.50
Nonvested awards outstanding at December 31, 2022		436,082		$	66.41

Deferred Restricted Stock Units Activity

The following table summarizes the deferred restricted stock unit activity for the Plan:

	Awards			Weighted Average Grant Date Fair Value per Share
Unvested balance at December 31, 2021		196,133		$	60.87
Granted		98,464			69.70
Vested		(52,441	)		58.92
Canceled		(65,562	)		61.00
Unvested balance at December 31, 2022		176,594		$	66.32