The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during 2025, 2024 and 2023, using the Black-Scholes valuation model: | | | | | | | | | | | | | | | | | | | | | | | 2025 | | 2024 | | 2023 | Expected term of stock-settled SARs (in years) | | 4.11 | | 4.20 | | 4.08 | | Expected volatility factor | | 23.79% | | 23.80% | | 24.68% | | Expected dividend yield | | 2.52% | | 2.77% | | 2.60% | | Risk-free interest rate | | 4.39% | | 4.22% | | 3.87% |
The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during 2025, 2024 and 2023, using the Black-Scholes valuation model: | | | | | | | | | | | | | | | | | | | | | | | 2025 | | 2024 | | 2023 | Expected term of cash-settled SARs (in years) | | 3.34 | | 3.37 | | 3.30 | | Expected volatility factor | | 23.21% | | 24.25% | | 22.51% | | Expected dividend yield | | 2.78% | | 2.49% | | 2.58% | | Risk-free interest rate | | 3.55% | | 4.36% | | 4.01% |
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