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Equity Incentive Program (Tables) | 6 Months Ended
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Jun. 30, 2021
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 June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Pre-tax stock-based compensation expense | $ | 6,872 |  |  | $ | 4,968 |  |  | $ | 18,393 |  |  | $ | 8,220 |
Tax benefit | (559) |  |  | (619) |  |  | (1,781) |  |  | (968) |
Total stock-based compensation expense, net of tax | $ | 6,313 |  |  | $ | 4,349 |  |  | $ | 16,612 |  |  | $ | 7,252 |
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
| 2021 |  | 2020
Risk-free interest rate | 0.59 | % |  | 1.44 | %
Dividend yield | 1.62 | % |  | 1.65 | %
Expected life (years) | 5.5 |  | 5.5
Volatility | 30.49 | % |  | 22.76 | %
Grant price | $122.73 |  | $119.86
Fair value per share at date of grant | $29.08 |  | $22.54
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 the respective periods were as follows:
| Performance Shares
| 2021 | 2020
Risk-free interest rate | 0.19 | % | 1.40 | %
Dividend yield | 1.62 | % | 1.65 | %
Expected life (years) | 2.9 | 2.9
Volatility | 31.90 | % | 23.30 | %
Grant price | $122.73 | $119.86
Fair value per share at date of grant | $148.29 | $165.71

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + 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 (h)(1) -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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