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Equity and Cash Incentive Program (Tables)
12 Months Ended
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,
 202020192018
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,
 202020192018
Aggregate shares granted9,854 10,838 15,802 
Deferred stock units
(6,278)(6,168)(9,917)
Net shares issued3,576 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:
 202020192018
Risk-free interest rate1.44 %2.51 %2.58 %2.87%
Dividend yield1.65 %2.13 %1.99 %2.43%
Expected life (years)5.55.65.65.7
Volatility22.76 %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 SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (Years)
Outstanding at January 1, 20203,599,169 $69.07  
Granted
390,780 119.86  
Forfeited / expired(17,103)91.98  
Exercised(992,913)57.49  
Outstanding at December 31, 20202,979,933 79.36 6.4
Exercisable at December 31, 20201,385,683 $62.59 4.6
Awards outstanding, vested and exercisable
The following table summarizes information about outstanding SARs at December 31, 2020: 

 SARs OutstandingSARs Exercisable
Range of Exercise PricesNumber of Shares
Weighted Average
Exercise Price
Weighted Average
Remaining Life
in Years
Aggregate Intrinsic ValueNumber 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 5.892,163 1,049,388 $66.95 4.862,230 
$91.20 - $119.86
927,498 $103.15 8.521,421 — $— — — 
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:
202020192018
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 rate1.40 %
Dividend yield1.65 %
Expected life (years)2.9
Volatility23.30 %
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, 2020137,809 $82.45 
Granted
49,056 165.71 
Vested(108,886)80.08 
Unvested at December 31, 202077,979 $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, 2020324,553 $81.45 
Granted
83,512 119.86 
Forfeited(11,140)96.26 
Vested(144,018)81.16 
Unvested at December 31, 2020252,907 $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:
 20192018
Fair value per share at date of grant
$91.20$79.75-$82.09
Average attainment rate reflected in expense191.2 %186.1%