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Equity Incentive Program (Tables) | 9 Months Ended
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Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Stock-based incentive plans compensation expense | Stock-based compensation is reported within selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings. 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, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Pre-tax stock-based compensation expense | $ | 7,371 |  |  | $ | 7,876 |  |  | $ | 15,591 |  |  | $ | 24,493 |
Tax benefit | (854) |  |  | (489) |  |  | (1,822) |  |  | (2,035) |
Total stock-based compensation expense, net of tax | $ | 6,517 |  |  | $ | 7,387 |  |  | $ | 13,769 |  |  | $ | 22,458 |
Stock Appreciation Rights (SARs) [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The assumptions used in determining the fair value of the SARs awarded during the respective periods were as follows:
| SARs |  |
| 2020 |  | 2019
Risk-free interest rate | 1.44 | % |  | 2.51 | %
Dividend yield | 1.65 | % |  | 2.13 | %
Expected life (years) | 5.5 |  | 5.6
Volatility | 22.76 | % |  | 22.35 | %
Grant price | $119.86 |  | $91.20
Fair value per share at date of grant | $22.54 |  | $17.55
Performance Shares [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The assumptions used in determining the fair value of the performance shares granted in 2020 were as follows:
| Performance Shares
| 2020
Risk-free interest rate | 1.40 | %
Dividend yield | 1.65 | %
Expected life (years) | 2.9
Volatility | 23.30 | %
Grant price | $119.86
Fair value per share at date of grant | $165.71
Valuation assumptions | The fair value and average attainment used in determining stock-based compensation cost for the performance shares issued in 2019 is as follows for the nine months ended September 30, 2020:
| Performance Shares
| 2019
Fair value per share at date of grant | $91.20
Average attainment rate reflected in expense | 168.96%

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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