Equity and Cash Incentive Program (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

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

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

The assumptions used in determining the fair value of the PSAs granted were as follows:

	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

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

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

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

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

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