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Equity Incentive Program (Tables) | 9 Months Ended
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Sep. 30, 2024
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
| 2024 |  | 2023
Risk-free interest rate | 4.13 | % |  | 3.91 | %
Dividend yield | 1.28 | % |  | 1.32 | %
Expected life (years) | 5.5 |  | 5.4
Volatility | 31.32 | % |  | 30.65 | %
Grant price | $160.11 |  | $153.25
Fair value per share at date of grant | $51.17 |  | $47.27
The assumptions used in the Monte Carlo model to determine the fair value of the PSAs granted in the respective periods were as follows:
| PSAs
| 2024 |  | 2023
Risk-free interest rate | 4.37 | % |  | 4.28 | %
Dividend yield | 1.15 | % |  | 1.32 | %
Expected life (years) | 2.8 |  | 2.9
Volatility | 23.30 | % |  | 27.30 | %
Grant price | $177.19 |  | $153.25
Fair value per share at date of grant | $287.62 |  | $249.48
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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Pre-tax stock-based compensation expense | $ | 8,187 |  |  | $ | 6,687 |  |  | $ | 32,297 |  |  | $ | 24,836 |
Tax benefit | (729) |  |  | (692) |  |  | (3,141) |  |  | (2,536) |
Total stock-based compensation expense, net of tax | $ | 7,458 |  |  | $ | 5,995 |  |  | $ | 29,156 |  |  | $ | 22,300 |

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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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