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Equity Incentive Program (Tables)
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
 2025202420252024
Pre-tax stock-based compensation expense$7,003 $9,420 $30,877 $24,110 
Tax benefit(723)(812)(3,227)(2,412)
Total stock-based compensation expense, net of tax$6,280 $8,608 $27,650 $21,698