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Equity Incentive Program (Tables)
 6 Months Ended
Jun. 30, 2012
Share-based Compensation [Abstract]  
Assumptions used in determining fair value of stock appreciation rights and performance shares awarded during the period
The fair value of each SARs grant was estimated on the date of grant using the Black-Scholes option pricing model. The performance share awards are market condition awards and have been assessed at fair value on the date of grant using the Monte Carlo simulation model. The following assumptions were used in determining the fair value of the SARs and performance shares awarded during the respective periods:
 
SARs
 
Performance Shares
 
2012
 
2011
 
2012
 
2011
Risk-free interest rate
1.05
%
 
2.68
%
 
0.37
%
 
1.34
%
Dividend yield
2.03
%
 
1.70
%
 
2.03
%
 
1.61
%
Expected life (years)
5.7

 
5.8

 
2.9

 
2.9

Volatility
36.41
%
 
33.56
%
 
34.10
%
 
40.48
%
Grant price
$
65.38

 
$
66.59

 
n/a

 
n/a

Fair value at date of grant
$
18.51

 
$
20.13

 
$
71.98

 
$
91.41
Stock-based incentive plans compensation expense
Stock-based compensation is reported within selling and administrative expenses in the accompanying Unaudited Condensed Consolidated Statements of Comprehensive Earnings. 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,
 
2012
 
2011
 
2012
 
2011
Pre-tax compensation expense
$
7,532

 
$
5,974

 
$
16,106

 
$
14,007

Tax benefit
(2,580
)
 
(2,091
)
 
(5,687
)
 
(4,902
)
Total stock-based compensation expense, net of tax
$
4,952

 
$
3,883

 
$
10,419

 
$
9,105