Equity Incentive Program (Tables)

3 Months Ended

Mar. 31, 2024

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
	2024		2023
Risk-free interest rate	4.13	%	3.91	%
Dividend yield	1.28	%	1.32	%
Expected life (years)	5.5		5.4
Volatility	31.32	%	30.65	%
Grant price	$160.11		$153.25
Fair value per share at date of grant	$51.17		$47.27

The assumptions used in the Monte Carlo model to determine the fair value of the PSAs granted in the respective periods were as follows:

	PSAs
	2024		2023
Risk-free interest rate	4.37	%	4.28	%
Dividend yield	1.15	%	1.32	%
Expected life (years)	2.8		2.9
Volatility	23.30	%	27.30	%
Grant price	$177.19		$153.25
Fair value per share at date of grant	$287.62		$249.48

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 March 31,
	2024		2023
Pre-tax stock-based compensation expense	$	15,159	$	12,282
Tax benefit	(1,668)		(1,364)
Total stock-based compensation expense, net of tax	$	13,491	$	10,918