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Equity and Cash Incentive Program (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of 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,
| 2024 |  | 2023 |  | 2022
Pre-tax stock-based compensation expense | $ | 40,359 |  |  | $ | 30,766 |  |  | $ | 30,075 |
Tax benefit | (3,792) |  |  | (3,106) |  |  | (2,827) |
Total stock-based compensation expense, net of tax | $ | 36,567 |  |  | $ | 27,660 |  |  | $ | 27,248 |
Schedule of Assumptions Used in Determining the Fair Value | 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:
| 2024 |  | 2023 |  | 2022
Risk-free interest rate | 4.13 | % |  | 3.91 | % |  | 1.86 | %
Dividend yield | 1.28 | % |  | 1.32 | % |  | 1.25 | %
Expected life (years) | 5.5 |  | 5.4 |  | 5.4
Volatility | 31.32 | % |  | 30.65 | % |  | 29.46 | %
Grant price | $160.11 |  | $153.25 |  | $160.21
Fair value per share at date of grant | $51.17 |  | $47.27 |  | $42.07
The assumptions used in the Monte Carlo model to determine the fair value of the PSAs granted in the respective periods were as follows:
| 2024 |  | 2023 |  | 2022
Risk-free interest rate | 4.37 | % |  | 4.28 | % |  | 1.68 | %
Dividend yield | 1.15 | % |  | 1.32 | % |  | 1.25 | %
Expected life (years) | 2.8 |  | 2.9 |  | 2.9
Volatility | 23.30 | % |  | 27.30 | % |  | 31.10 | %
Grant price | $177.19 |  | $153.25 |  | $160.21
Fair value per share at date of grant | $287.62 |  | $249.48 |  | $196.40
Schedule of Activity Relating to SARs and Stock Options | A summary of activity relating to SARs granted under the 2021 Plan and the 2012 Plan for the year ended December 31, 2024 is as follows:
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding at January 1, 2024 | 2,409,610 |  |  | $ | 109.65 |  |  |  |  |
Granted | 355,685 |  |  | 160.11 |  |  |  |  |
Forfeited / expired | (53,889) |  |  | 157.74 |  |  |  |  |
Exercised | (309,760) |  |  | 86.27 |  |  |  |  |
Outstanding at December 31, 2024 | 2,401,646 |  |  | 119.11 |  |  | 5.6 |  | $ | 164,481 |
Exercisable at December 31, 2024 | 1,468,033 |  |  | $ | 94.54 |  |  | 4.0 |  | $ | 136,613 |
Schedule of Other Information for SARs and Stock Options | Other information regarding the exercise of SARs is listed below:
| 2024 |  | 2023 |  | 2022
Fair value of SARs that became exercisable | $ | 9,629 |  |  | $ | 7,492 |  |  | $ | 8,939 |
Aggregate intrinsic value of SARs exercised | 28,833 |  |  | 26,041 |  |  | 11,992 |
Schedule of Activity for Performance Share Awards | A summary of activity for PSAs for the year ended December 31, 2024 is as follows:
| Number of Shares |  | Weighted Average Grant-Date Fair Value
Unvested at January 1, 2024 | 77,761 |  |  | $ | 224.42 |
Granted | 43,602 |  |  | 232.41 |
Forfeited | (2,938) |  |  | 232.71 |
Vested | (39,350) |  |  | 200.18 |
Unvested at December 31, 2024 | 79,075 |  |  | $ | 240.59 |
Schedule of Activity for Restricted Stock Units | A summary of activity for RSUs for the year ended December 31, 2024 is as follows:
| Number of Shares |  | Weighted Average Grant-Date Fair Value
Unvested at January 1, 2024 | 152,974 |  |  | $ | 145.45 |
Granted | 94,307 |  |  | 160.11 |
Forfeited | (13,352) |  |  | 156.15 |
Vested | (70,329) |  |  | 145.52 |
Unvested at December 31, 2024 | 163,600 |  |  | $ | 155.62 |
Schedule of 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,
| 2024 |  | 2023 |  | 2022
Aggregate shares granted | 8,259 |  |  | 11,309 |  |  | 10,730 |
Deferred stock units | (5,242) |  |  | (7,487) |  |  | (7,247) |
Net shares issued | 3,017 |  |  | 3,822 |  |  | 3,483 |

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