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Equity Incentive Program (Tables) | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Assumptions Used in Determining the Fair Value | The assumptions used in determining the fair value of the SARs awarded during the respective periods were as follows:
| SARs
| 2023 |  | 2022
Risk-free interest rate | 3.91 | % |  | 1.86 | %
Dividend yield | 1.32 | % |  | 1.25 | %
Expected life (years) | 5.4 |  | 5.4
Volatility | 30.65 | % |  | 29.46 | %
Grant price | $153.25 |  | $160.21
Fair value per share at date of grant | $47.27 |  | $42.07
The assumptions used in determining the fair value of the PSAs granted in the respective periods were as follows:
| PSAs
| 2023 |  | 2022
Risk-free interest rate | 4.28 | % |  | 1.68 | %
Dividend yield | 1.32 | % |  | 1.25 | %
Expected life (years) | 2.9 |  | 2.9
Volatility | 27.30 | % |  | 31.10 | %
Grant price | $153.25 |  | $160.21
Fair value per share at date of grant | $249.48 |  | $196.40
Schedule of Stock-based Incentive Plans Compensation Expense | 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,
| 2023 |  | 2022 |  | 2023 |  | 2022
Pre-tax stock-based compensation expense | $ | 6,441 |  |  | $ | 7,218 |  |  | $ | 18,723 |  |  | $ | 18,331 |
Tax benefit | (587) |  |  | (731) |  |  | (1,951) |  |  | (1,846) |
Total stock-based compensation expense, net of tax | $ | 5,854 |  |  | $ | 6,487 |  |  | $ | 16,772 |  |  | $ | 16,485 |

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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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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