v3.26.1
Incentive Plans (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Valuation Assumptions
Assumptions used to value awards:
Dividend yield0.66%
Expected volatility28.9%
Risk-free interest rate3.8%
Expected life (years)5.1
Stock price at valuation date$380.92
Schedule of Changes in Stock Options Outstanding
Changes in options outstanding for Company employees during the period from December 31, 2025 to June 30, 2026 are presented in the following table:

OptionsNumber of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (Years)Aggregate Intrinsic Value (Millions of Dollars)
Outstanding at December 31, 2025245,100 $222.54 
Granted24,996 $383.08 
Exercised(156,615)$153.67 
Forfeited(6,951)$430.52 
Outstanding at June 30, 2026106,530 $348.37 4.0$20.3 
Exercisable at June 30, 202666,979 $308.21 2.8$15.4 
Schedule of Stock Unit Activity
Changes in RSUs outstanding during the period from December 31, 2025 to June 30, 2026 are presented in the following table:

RSUs Number of UnitsWeighted Average Grant Date Fair ValueTotal Fair Value (Millions of Dollars)
Outstanding at December 31, 202581,915 $376.60 
Granted27,916 $441.82 
Vested and issued(30,435)$287.25 $13.8 
Forfeited(5,377)$401.67 
Outstanding at June 30, 202674,019 $435.82 $39.9 
Changes in PSUs outstanding for Company employees during the period from December 31, 2025 to June 30, 2026 are presented in the following table:

Employee PSUsNumber of UnitsWeighted Average Grant Date Fair ValueTotal Fair Value (Millions of Dollars)
Outstanding at December 31, 202559,604 $438.28 
Granted30,352 $425.34 
Vested and issued(38,178)$303.84 $13.9 
Forfeited(5,166)$481.61 
Outstanding at June 30, 202646,612 $499.57 $25.1 
Changes in Director RSUs outstanding for Company non-employee directors during the period from December 31, 2025 to June 30, 2026 are presented in the following table:

2013 Plan — Director RSUs Number of UnitsWeighted Average Grant Date Fair ValueTotal Fair Value (Millions of Dollars)
Outstanding at December 31, 20252,274 $261.51 
Granted6 $478.90 
Vested and issued0 $0.00 $0.0 
Outstanding at June 30, 20262,280 $261.51 $1.2