v3.26.3
Equity Incentive Program (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of 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
20262025
Risk-free interest rate3.66 %4.35 %
Dividend yield0.90 %1.02 %
Expected life (years)5.55.5
Volatility23.47 %30.50 %
Grant price
$231.63$202.33
Fair value per share at date of grant
$61.59$66.39
The assumptions used in the Monte Carlo model to determine the fair value of the PSAs granted in the respective periods were as follows:
PSAs
20262025
Risk-free interest rate3.39 %4.21 %
Dividend yield0.90 %1.02 %
Expected life (years)2.92.9
Volatility25.10 %23.10 %
Grant price$231.63$202.33
Fair value per share at date of grant$403.67$318.38
Schedule of 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,
2026202520262025
Pre-tax stock-based compensation expense$5,653 $6,728 $33,412 $37,605 
Tax benefit(456)(70)(3,351)(3,297)
Total stock-based compensation expense, net of tax$5,197 $6,658 $30,061 $34,308