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Equity Incentive Program (Tables)
 6 Months Ended
Jun. 30, 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
 20242023
Risk-free interest rate4.13 %3.91 %
Dividend yield1.28 %1.32 %
Expected life (years)5.55.4
Volatility31.32 %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
20242023
Risk-free interest rate4.37 %4.28 %
Dividend yield1.15 %1.32 %
Expected life (years)2.82.9
Volatility23.30 %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 June 30,Six Months Ended June 30,
 2024202320242023
Pre-tax stock-based compensation expense$9,520 $6,441 $24,679 $18,723 
Tax benefit(852)(587)(2,520)(1,951)
Total stock-based compensation expense, net of tax$8,668 $5,854 $22,159 $16,772