Equity Incentive Program (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-based incentive plans compensation expense

Stock-based compensation is reported within selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings. The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Pre-tax stock-based compensation expense	$	7,371	$	7,876	$	15,591	$	24,493
Tax benefit	(854)		(489)		(1,822)		(2,035)
Total stock-based compensation expense, net of tax	$	6,517	$	7,387	$	13,769	$	22,458

Stock Appreciation Rights (SARs) [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The assumptions used in determining the fair value of the SARs awarded during the respective periods were as follows:

	SARs
	2020		2019
Risk-free interest rate	1.44	%	2.51	%
Dividend yield	1.65	%	2.13	%
Expected life (years)	5.5		5.6
Volatility	22.76	%	22.35	%
Grant price	$119.86		$91.20
Fair value per share at date of grant	$22.54		$17.55

Performance Shares [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The assumptions used in determining the fair value of the performance shares granted in 2020 were as follows:

	Performance Shares
	2020
Risk-free interest rate	1.40	%
Dividend yield	1.65	%
Expected life (years)	2.9
Volatility	23.30	%
Grant price	$119.86
Fair value per share at date of grant	$165.71

Valuation assumptions

The fair value and average attainment used in determining stock-based compensation cost for the performance shares issued in 2019 is as follows for the nine months ended September 30, 2020:

	Performance Shares
	2019
Fair value per share at date of grant	$91.20
Average attainment rate reflected in expense	168.96%