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Equity and Cash Incentive Program (Tables) | 12 Months Ended
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Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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,
| 2020 |  | 2019 |  | 2018
Pre-tax stock-based compensation expense (continuing) | $ | 25,026 |  |  | $ | 29,702 |  |  | $ | 23,698 |
Tax benefit | (2,731) |  |  | (2,490) |  |  | (2,722) |
Total stock-based compensation expense, net of tax | $ | 22,295 |  |  | $ | 27,212 |  |  | $ | 20,976 |
Shares granted to directors | The Company issued the following shares to its non-employee directors under the 2012 Plan as partial compensation for serving as directors of the Company:
| Years ended December 31,
| 2020 |  | 2019 |  | 2018
Aggregate shares granted | 9,854 |  |  | 10,838 |  |  | 15,802 |
Deferred stock units | (6,278) |  |  | (6,168) |  |  | (9,917) |
Net shares issued | 3,576 |  |  | 4,670 |  |  | 5,885 |
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 fair value of each SAR grant was estimated on the date of grant using a Black-Scholes option-pricing model with the following assumptions:
| 2020 |  | 2019 |  | 2018
Risk-free interest rate | 1.44 | % |  | 2.51 | % |  | 2.58 | % | — | 2.87%
Dividend yield | 1.65 | % |  | 2.13 | % |  | 1.99 | % | — | 2.43%
Expected life (years) | 5.5 |  | 5.6 |  | 5.6 | — | 5.7
Volatility | 22.76 | % |  | 22.35 | % |  | 20.95 | % | — | 21.20%
Grant price | $119.86 |  | $91.20 |  | $79.75 | — | $82.09
Fair value at date of grant | $22.54 |  | $17.55 |  | $14.58 | — | $15.41
Summary of activity relating to SARs and stock options | A summary of activity relating to SARs granted under the 2012 Plan and the predecessor plans for the year ended December 31, 2020 is as follows:
| SARs
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years)
Outstanding at January 1, 2020 | 3,599,169 |  |  | $ | 69.07 |  |  |
Granted | 390,780 |  |  | 119.86 |  |  |
Forfeited / expired | (17,103) |  |  | 91.98 |  |  |
Exercised | (992,913) |  |  | 57.49 |  |  |
Outstanding at December 31, 2020 | 2,979,933 |  |  | 79.36 |  |  | 6.4
Exercisable at December 31, 2020 | 1,385,683 |  |  | $ | 62.59 |  |  | 4.6
Awards outstanding, vested and exercisable | The following table summarizes information about outstanding SARs at December 31, 2020:
|  | SARs Outstanding |  | SARs Exercisable
Range of Exercise Prices |  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Life in Years |  | Aggregate Intrinsic Value |  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Life in Years |  | Aggregate Intrinsic Value
$25.96 - $58.69 |  | 336,295 |  |  | $ | 49.29 |  |  | 4.1 |  | $ | 25,891 |  |  | 336,295 |  |  | $ | 49.29 |  |  | 4.1 |  | $ | 25,891 |
$61.79 - $84.94 |  | 1,716,140 |  |  | $ | 72.54 |  |  | 5.8 |  | 92,163 |  |  | 1,049,388 |  |  | $ | 66.95 |  |  | 4.8 |  | 62,230 |
$91.20 - $119.86 |  | 927,498 |  |  | $ | 103.15 |  |  | 8.5 |  | 21,421 |  |  | — |  |  | $ | — |  |  | — |  |  | — |
|  | 2,979,933 |  |  |  |  |  |  | $ | 139,475 |  |  | 1,385,683 |  |  |  |  |  |  | $ | 88,121 |
Other information for SARs and stock options | Other information regarding the exercise of SARs is listed below:
| 2020 |  | 2019 |  | 2018
SARs |  |  |  |  |
Fair value of SARs that became exercisable | $ | 8,585 |  |  | $ | 8,611 |  |  | $ | 12,832 |
Aggregate intrinsic value of SARs exercised | $ | 55,031 |  |  | $ | 89,473 |  |  | $ | 101,365 |
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
Summary of activity for performance share awards | A summary of activity for performance share awards for the year ended December 31, 2020 is as follows:
| Number of Shares |  | Weighted Average Grant-Date Fair Value
Unvested at January 1, 2020 | 137,809 |  |  | $ | 82.45 |
Granted | 49,056 |  |  | 165.71 |
Vested | (108,886) |  |  | 80.08 |
Unvested at December 31, 2020 | 77,979 |  |  | $ | 138.14 |
Restricted Stock Units (RSUs) [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of activity for restricted stock units | A summary of activity for restricted stock units for the year ended December 31, 2020 is as follows:
| Number of Shares |  | Weighted Average Grant-Date Fair Value
Unvested at January 1, 2020 | 324,553 |  |  | $ | 81.45 |
Granted | 83,512 |  |  | 119.86 |
Forfeited | (11,140) |  |  | 96.26 |
Vested | (144,018) |  |  | 81.16 |
Unvested at December 31, 2020 | 252,907 |  |  | $ | 93.43 |
Attainment-based 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 fair value and average attainment used in determining compensation cost of the performance shares issued in 2019 and 2018 are as follows for the year ended December 31, 2020:
| 2019 |  | 2018
Fair value per share at date of grant | $91.20 |  | $79.75 | - | $82.09
Average attainment rate reflected in expense | 191.2 | % |  | 186.1%

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