Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023, 2022 and 2021:

	Year Ended December 31,
	2023			2022			2021
Expected life (in years)		6.4			6.7			6.9
Interest rate		3.51	%		1.70	%		0.71	%
Volatility		32.05	%		31.92	%		32.04	%
Expected dividend yield		0.30	%		0.28	%		0.31	%

Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 2023:

	Awards			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (Millions)
Awards outstanding at December 31, 2022		1,363,418		$	62.22
Granted		255,620			66.08
Exercised		(91,604	)		56.82
Canceled		(12,972	)		67.54
Expired		—			—
Awards outstanding at December 31, 2023		1,514,462		$	63.15		5.87		$	13.8
Awards exercisable at December 31, 2023		1,054,321		$	61.39		4.74		$	11.9

Non-vested Stock Option Activity

Non-vested stock option activity for the year ended December 31, 2023 is as follows:

	Awards			Weighted Average Grant Date Fair Value per Share
Nonvested awards outstanding at December 31, 2022		436,082		$	66.41
Granted		255,620			66.08
Vested		(220,676	)		64.34
Canceled		(10,885	)		67.65
Nonvested awards outstanding at December 31, 2023		460,141		$	67.18

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, 2022		176,594		$	66.32
Granted		102,843			66.01
Vested		(46,141	)		64.25
Canceled		(45,946	)		64.33
Unvested balance at December 31, 2023		187,350		$	67.15