Equity and Cash Incentive Program (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Stock-based Incentive Plans Compensation Expense |
Stock-based compensation costs are reported within selling, general and administrative expenses in the consolidated statements of earnings. The following table summarizes the Company's compensation expense relating to all stock-based incentive plans: | | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | | 2023 | | 2022 | | 2021 | | Pre-tax stock-based compensation expense | $ | 31,465 | | | $ | 30,821 | | | $ | 31,111 | | | Tax benefit | (3,266) | | | (2,993) | | | (2,859) | | | Total stock-based compensation expense, net of tax | $ | 28,199 | | | $ | 27,828 | | | $ | 28,252 | |
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| Schedule of Assumptions Used in Determining the Fair Value |
The fair value of each SAR grant was estimated on the date of grant using a Black-Scholes option-pricing model with the following assumptions: | | | | | | | | | | | | | | | | | | | | 2023 | | 2022 | | 2021 | | Risk-free interest rate | 3.91 | % | | 1.86 | % | | 0.59 | % | | Dividend yield | 1.32 | % | | 1.25 | % | | 1.62 | % | | Expected life (years) | 5.4 | | 5.4 | | 5.5 | | Volatility | 30.65 | % | | 29.46 | % | | 30.49 | % | Grant price | $153.25 | | $160.21 | | $122.73 | Fair value per share at date of grant | $47.27 | | $42.07 | | $29.08 |
| | | | | | | | | | | | | | | | | | | 2023 | | 2022 | | 2021 | | Risk-free interest rate | 4.28 | % | | 1.68 | % | | 0.19 | % | | Dividend yield | 1.32 | % | | 1.25 | % | | 1.62 | % | | Expected life (years) | 2.9 | | 2.9 | | 2.9 | | Volatility | 27.30 | % | | 31.10 | % | | 31.90 | % | | | | | | | | Grant price | $153.25 | | $160.21 | | $122.73 | | Fair value per share at date of grant | $249.48 | | $196.40 | | $148.29 |
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| Schedule of Activity Relating to SARs and Stock Options |
A summary of activity relating to SARs granted under the 2021 Plan and the 2012 Plan for the year ended December 31, 2023 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | SARs | | | Number of Shares | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term (Years) | | Aggregate Intrinsic Value | Outstanding at January 1, 2023 | 2,444,542 | | | $ | 98.70 | | | | | | Granted | 359,715 | | | 153.25 | | | | | | | | | | | | | | | | | | | | | | | Forfeited / expired | (65,178) | | | 142.25 | | | | | | | Exercised | (329,469) | | | 69.93 | | | | | | Outstanding at December 31, 2023 | 2,409,610 | | | 109.65 | | | 5.8 | | $ | 108,242 | | | | | | | | | | Exercisable at December 31, 2023 | 1,446,739 | | | $ | 86.31 | | | 4.3 | | $ | 97,651 | |
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| Schedule of Other Information for SARs and Stock Options |
Other information regarding the exercise of SARs is listed below: | | | | | | | | | | | | | | | | | | | 2023 | | 2022 | | 2021 | Fair value of SARs that became exercisable | $ | 7,492 | | | $ | 8,939 | | | $ | 10,199 | | | Aggregate intrinsic value of SARs exercised | $ | 26,041 | | | $ | 11,992 | | | $ | 62,895 | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Schedule of Activity for Performance Share Awards |
A summary of activity for PSAs for the year ended December 31, 2023 is as follows: | | | | | | | | | | | | | | Number of Shares | | Weighted Average Grant-Date Fair Value | Unvested at January 1, 2023 | 85,807 | | | $ | 170.03 | | Granted | 43,656 | | | 249.48 | | | | | | | | | | | Forfeited | (7,360) | | | 197.65 | | | Vested | (44,342) | | | 148.29 | | Unvested at December 31, 2023 | 77,761 | | | $ | 224.42 | |
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| Schedule of Activity for Restricted Stock Units |
A summary of activity for RSUs for the year ended December 31, 2023 is as follows: | | | | | | | | | | | | | | Number of Shares | | Weighted Average Grant-Date Fair Value | Unvested at January 1, 2023 | 147,676 | | | $ | 135.98 | | Granted | 91,439 | | | 153.25 | | | | | | | | | | | Forfeited | (12,513) | | | 148.95 | | | Vested | (73,628) | | | 133.83 | | Unvested at December 31, 2023 | 152,974 | | | $ | 145.45 | | | | | |
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| Schedule of Shares Granted to Directors |
The Company issued the following shares to its non-employee directors as partial compensation for serving as directors of the Company: | | | | | | | | | | | | | | | | | | | | Years ended December 31, | | | 2023 | | 2022 | | 2021 | | Aggregate shares granted | 11,309 | | | 10,730 | | | 7,917 | | Deferred stock units | (7,487) | | | (7,247) | | | (5,322) | | | | | | | | | Net shares issued | 3,822 | | | 3,483 | | | 2,595 | |
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