Equity Incentive Program (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions Used in Determining the Fair Value

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

	SARs
	2023		2022
Risk-free interest rate	3.91	%	1.86	%
Dividend yield	1.32	%	1.25	%
Expected life (years)	5.4		5.4
Volatility	30.65	%	29.46	%
Grant price	$153.25		$160.21
Fair value per share at date of grant	$47.27		$42.07

The assumptions used in determining the fair value of the PSAs granted in the respective periods were as follows:

	PSAs
	2023		2022
Risk-free interest rate	4.28	%	1.68	%
Dividend yield	1.32	%	1.25	%
Expected life (years)	2.9		2.9
Volatility	27.30	%	31.10	%
Grant price	$153.25		$160.21
Fair value per share at date of grant	$249.48		$196.40

Schedule of Stock-based Incentive Plans Compensation Expense

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,
	2023		2022		2023		2022
Pre-tax stock-based compensation expense	$	6,745	$	6,326	$	25,468	$	24,657
Tax benefit	(715)		(591)		(2,666)		(2,437)
Total stock-based compensation expense, net of tax	$	6,030	$	5,735	$	22,802	$	22,220