Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024, 2023 and 2022:

	Year Ended December 31,
	2024			2023			2022
Expected life (in years)		6.5			6.4			6.7
Interest rate		4.06	%		3.51	%		1.70	%
Volatility		31.93	%		32.05	%		31.92	%
Expected dividend yield		0.61	%		0.30	%		0.28	%

Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 2024:

	Awards			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (Millions)
Awards outstanding at December 31, 2023		1,514,462		$	63.15
Granted		196,471			66.72
Exercised		(279,810	)		55.85
Canceled		(5,487	)		66.76
Expired		—			—
Awards outstanding at December 31, 2024		1,425,636		$	65.06		5.88		$	16.1
Awards exercisable at December 31, 2024		997,406		$	64.24		4.82		$	12.1

Non-vested Stock Option Activity

Non-vested stock option activity for the year ended December 31, 2024 is as follows:

	Awards			Weighted Average Grant Date Fair Value per Share
Nonvested awards outstanding at December 31, 2023		460,141		$	67.18
Granted		196,471			66.72
Vested		(222,895	)		67.21
Canceled		(5,487	)		66.76
Nonvested awards outstanding at December 31, 2024		428,230		$	66.96

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, 2023		187,350		$	67.15
Granted		103,169			66.79
Vested		(47,876	)		67.19
Canceled		(43,849	)		67.21
Unvested balance at December 31, 2024		198,794		$	66.94