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Equity Incentive Program (Tables)
 3 Months Ended
Mar. 31, 2025
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
 20252024
Risk-free interest rate4.35 %4.13 %
Dividend yield1.02 %1.28 %
Expected life (years)5.55.5
Volatility30.50 %31.32 %
Grant price
$202.33$160.11
Fair value per share at date of grant
$66.39$51.17
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
20252024
Risk-free interest rate4.21 %4.37 %
Dividend yield1.02 %1.15 %
Expected life (years)2.92.8
Volatility23.10 %23.30 %
Grant price$202.33$177.19
Fair value per share at date of grant$318.38$287.62
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 March 31,
 20252024
Pre-tax stock-based compensation expense$23,874 $14,690 
Tax benefit(2,504)(1,600)
Total stock-based compensation expense, net of tax$21,370 $13,090