XML 65 R46.htm IDEA: XBRL DOCUMENT v3.22.4
Equity and Cash Incentive Program (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-based incentive plans compensation expense
Stock-based compensation costs are reported within selling, general and administrative expenses in the consolidated statements of earnings. The following table summarizes the Company's compensation expense relating to all stock-based incentive plans:
 Years Ended December 31,
 202220212020
Pre-tax stock-based compensation expense$30,821 $31,111 $25,026 
Tax benefit(2,993)(2,859)(2,731)
Total stock-based compensation expense, net of tax$27,828 $28,252 $22,295 
Fair Value Assumptions The fair value of each SAR grant was estimated on the date of grant using a Black-Scholes option-pricing model with the following assumptions:
 202220212020
Risk-free interest rate1.86 %0.59 %1.44 %
Dividend yield1.25 %1.62 %1.65 %
Expected life (years)5.45.55.5
Volatility29.46 %30.49 %22.76 %
Grant price
$160.21$122.73$119.86
Fair value per share at date of grant
$42.07$29.08$22.54
The assumptions used in determining the fair value of the performance shares granted in 2022, 2021 and 2020 were as follows:
202220212020
Risk-free interest rate1.68 %0.19 %1.40 %
Dividend yield1.25 %1.62 %1.65 %
Expected life (years)2.92.92.9
Volatility31.10 %31.90 %23.30 %
Grant price$160.21$122.73$119.86
Fair value per share at date of grant$196.40$148.29$165.71
Summary of activity relating to SARs and stock options
A summary of activity relating to SARs granted under the 2021 Plan and the 2012 Plan for the year ended December 31, 2022 is as follows:
 SARs
 Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (Years)
Outstanding at January 1, 2022
2,377,384 $89.49  
Granted
335,285 160.21  
Forfeited / expired(76,856)135.59  
Exercised(191,271)76.15  
Outstanding at December 31, 2022
2,444,542 98.70 6.0
Exercisable at December 31, 2022
1,443,544 $74.87 4.5
Awards outstanding, vested and exercisable
The following table summarizes information about outstanding SARs at December 31, 2022: 
 SARs OutstandingSARs Exercisable
Range of Exercise PricesNumber of Shares
Weighted Average
Exercise Price
Weighted Average
Remaining Life
in Years
Aggregate Intrinsic ValueNumber of Shares
Weighted Average
Exercise Price
Weighted Average
Remaining Life
in Years
Aggregate Intrinsic Value
$48.28 - $82.09
1,009,878 $67.86 3.8$68,217 1,009,878 $67.86 3.8$68,217 
$84.94 - $119.86
771,613 $103.70 6.624,469 433,666 $91.20 6.119,172 
$122.73 - $160.21
663,051 $139.87 8.64,515 — $— 0— 
2,444,542 $97,201 1,443,544 $87,389 
Other information for SARs and stock options Other information regarding the exercise of SARs is listed below:
202220212020
Fair value of SARs that became exercisable
$8,939 $10,199 $8,585 
Aggregate intrinsic value of SARs exercised$11,992 $62,895 $55,031 
Summary of activity for performance share awards
A summary of activity for PSAs for the year ended December 31, 2022 is as follows:
 Number of Shares
Weighted Average
Grant-Date
Fair Value
Unvested at January 1, 2022
96,129 $156.88 
Granted
40,087 196.40 
Forfeited(4,690)167.93 
Vested(45,719)165.71 
Unvested at December 31, 2022
85,807 $170.03 
Summary of activity for restricted stock units A summary of activity for RSUs for the year ended December 31, 2022 is as follows:
 Number of Shares
Weighted Average
Grant-Date
Fair Value
Unvested at January 1, 2022
202,682 $107.03 
Granted
79,556 160.21 
Forfeited(14,920)136.85 
Vested(119,642)101.41 
Unvested at December 31, 2022
147,676 $135.98 
Shares granted to directors
The Company issued the following shares to its non-employee directors as partial compensation for serving as directors of the Company:
 Years ended December 31,
 202220212020
Aggregate shares granted10,730 7,917 9,854 
Deferred stock units
(7,247)(5,322)(6,278)
Net shares issued3,483 2,595 3,576