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Equity and Cash Incentive Program (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
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,
| 2021 |  | 2020 |  | 2019
Pre-tax stock-based compensation expense | $ | 31,111 |  |  | $ | 25,026 |  |  | $ | 29,702 |
Tax benefit | (2,859) |  |  | (2,731) |  |  | (2,490) |
Total stock-based compensation expense, net of tax | $ | 28,252 |  |  | $ | 22,295 |  |  | $ | 27,212 |
Fair Value 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:
| 2021 |  | 2020 |  | 2019
Risk-free interest rate | 0.59 | % |  | 1.44 | % |  | 2.51 | %
Dividend yield | 1.62 | % |  | 1.65 | % |  | 2.13 | %
Expected life (years) | 5.5 |  | 5.5 |  | 5.6
Volatility | 30.49 | % |  | 22.76 | % |  | 22.35 | %
Grant price | $122.73 |  | $119.86 |  | $91.20
Fair value at date of grant | $29.08 |  | $22.54 |  | $17.55
The assumptions used in determining the fair value of the performance shares granted in 2021 and 2020 were as follows:
| 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
The fair value and average attainment used in determining compensation cost of the performance shares issued in 2019 are as follows for the year ended December 31, 2021:
|  | 2019
Fair value per share at date of grant |  | $91.20
Average attainment rate reflected in expense |  | 260.6 | %
Summary of activity relating to SARs and stock options | A summary of activity relating to SARs granted under the 2021 Plan and the predecessor plans for the year ended December 31, 2021 is as follows:
| SARs
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years)
Outstanding at January 1, 2021 | 2,979,933 |  |  | $ | 79.36 |  |  |
Granted | 413,173 |  |  | 122.73 |  |  |
Forfeited / expired | (89,899) |  |  | 110.58 |  |  |
Exercised | (925,823) |  |  | 69.99 |  |  |
Outstanding at December 31, 2021 | 2,377,384 |  |  | 89.49 |  |  | 6.5
Exercisable at December 31, 2021 | 1,125,435 |  |  | $ | 67.69 |  |  | 4.8
Awards outstanding, vested and exercisable | The following table summarizes information about outstanding SARs at December 31, 2021:
|  | 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
$48.28 - $82.51 |  | 1,125,435 |  |  | $ | 67.69 |  |  | 4.8 |  | $ | 128,213 |  |  | 1,125,435 |  |  | $ | 67.69 |  |  | 4.8 |  | $ | 128,213 |
$84.94 - $119.86 |  | 868,923 |  |  | $ | 103.04 |  |  | 7.5 |  | 68,262 |  |  | — |  |  | $ | — |  |  | 0 |  | — |
$122.73 - $155.65 |  | 383,026 |  |  | $ | 122.82 |  |  | 9.1 |  | 22,516 |  |  | — |  |  | $ | — |  |  | 0 |  | — |
|  | 2,377,384 |  |  |  |  |  |  | $ | 218,991 |  |  | 1,125,435 |  |  |  |  |  |  | $ | 128,213 |
Other information for SARs and stock options | Other information regarding the exercise of SARs is listed below:
| 2021 |  | 2020 |  | 2019
Fair value of SARs that became exercisable | $ | 10,199 |  |  | $ | 8,585 |  |  | $ | 8,611 |
Aggregate intrinsic value of SARs exercised | $ | 62,895 |  |  | $ | 55,031 |  |  | $ | 89,473 |
Summary of activity for performance share awards | A summary of activity for performance share awards for the year ended December 31, 2021 is as follows:
| Number of Shares |  | Weighted Average Grant-Date Fair Value
Unvested at January 1, 2021 | 77,979 |  |  | $ | 138.14 |
Granted | 50,371 |  |  | 148.29 |
Vested | (27,031) |  |  | 91.37 |
Unvested at December 31, 2021 | 96,129 |  |  | $ | 156.88 |
Summary of activity for restricted stock units | A summary of activity for restricted stock units for the year ended December 31, 2021 is as follows:
| Number of Shares |  | Weighted Average Grant-Date Fair Value
Unvested at January 1, 2021 | 252,907 |  |  | $ | 93.43 |
Granted | 87,177 |  |  | 122.73 |
Forfeited | (10,741) |  |  | 114.85 |
Vested | (126,661) |  |  | 91.75 |
Unvested at December 31, 2021 | 202,682 |  |  | $ | 107.03 |
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,
| 2021 |  | 2020 |  | 2019
Aggregate shares granted | 7,917 |  |  | 9,854 |  |  | 10,838 |
Deferred stock units | (5,322) |  |  | (6,278) |  |  | (6,168) |
Net shares issued | 2,595 |  |  | 3,576 |  |  | 4,670 |

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