Equity Incentive Program (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement, Noncash Expense [Abstract]

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
	2022		2021
Risk-free interest rate	1.86	%	0.59	%
Dividend yield	1.25	%	1.62	%
Expected life (years)	5.4		5.5
Volatility	29.46	%	30.49	%
Grant price	$160.21		$122.73
Fair value per share at date of grant	$42.07		$29.08

The assumptions used in determining the fair value of the performance shares granted in the respective periods were as follows:

	Performance Shares
	2022		2021
Risk-free interest rate	1.68	%	0.19	%
Dividend yield	1.25	%	1.62	%
Expected life (years)	2.9		2.9
Volatility	31.10	%	31.90	%
Grant price	$160.21		$122.73
Fair value per share at date of grant	$196.40		$148.29

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Pre-tax stock-based compensation expense	$	6,326	$	6,660	$	24,657	$	25,053
Tax benefit	(591)		(576)		(2,437)		(2,357)
Total stock-based compensation expense, net of tax	$	5,735	$	6,084	$	22,220	$	22,696