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Equity and Cash Incentive Program (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of 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,
 202420232022
Pre-tax stock-based compensation expense$40,359 $30,766 $30,075 
Tax benefit(3,792)(3,106)(2,827)
Total stock-based compensation expense, net of tax$36,567 $27,660 $27,248 
Schedule of Assumptions Used in Determining the Fair Value 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:
 202420232022
Risk-free interest rate4.13 %3.91 %1.86 %
Dividend yield1.28 %1.32 %1.25 %
Expected life (years)5.55.45.4
Volatility31.32 %30.65 %29.46 %
Grant price
$160.11$153.25$160.21
Fair value per share at date of grant
$51.17$47.27$42.07
The assumptions used in the Monte Carlo model to determine the fair value of the PSAs granted in the respective periods were as follows:
202420232022
Risk-free interest rate4.37 %4.28 %1.68 %
Dividend yield1.15 %1.32 %1.25 %
Expected life (years)2.82.92.9
Volatility23.30 %27.30 %31.10 %
Grant price$177.19$153.25$160.21
Fair value per share at date of grant$287.62$249.48$196.40
Schedule 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, 2024 is as follows:
 Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (Years)
Aggregate Intrinsic Value
Outstanding at January 1, 2024
2,409,610 $109.65  
Granted
355,685 160.11  
Forfeited / expired(53,889)157.74  
Exercised(309,760)86.27  
Outstanding at December 31, 2024
2,401,646 119.11 5.6$164,481 
Exercisable at December 31, 2024
1,468,033 $94.54 4.0$136,613 
Schedule of Other Information for SARs and Stock Options
Other information regarding the exercise of SARs is listed below:
202420232022
Fair value of SARs that became exercisable
$9,629 $7,492 $8,939 
Aggregate intrinsic value of SARs exercised28,833 26,041 11,992 
Schedule of Activity for Performance Share Awards
A summary of activity for PSAs for the year ended December 31, 2024 is as follows:
 Number of Shares
Weighted Average
Grant-Date
Fair Value
Unvested at January 1, 2024
77,761 $224.42 
Granted
43,602 232.41 
Forfeited(2,938)232.71 
Vested(39,350)200.18 
Unvested at December 31, 2024
79,075 $240.59 
Schedule of Activity for Restricted Stock Units
A summary of activity for RSUs for the year ended December 31, 2024 is as follows:
 Number of Shares
Weighted Average
Grant-Date
Fair Value
Unvested at January 1, 2024
152,974 $145.45 
Granted
94,307 160.11 
Forfeited(13,352)156.15 
Vested(70,329)145.52 
Unvested at December 31, 2024
163,600 $155.62 
Schedule of 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,
 202420232022
Aggregate shares granted8,259 11,309 10,730 
Deferred stock units
(5,242)(7,487)(7,247)
Net shares issued3,017 3,822 3,483