Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

STOCK-BASED COMPENSATION EXPENSE

Stock-based compensation expense consisted of the following:

	Year Ended December 31,
(in thousands)	2022		2021		2020
Cost of sales	$	312	$	313	$	303
SG&A expenses	20,709		18,813		17,475
Pre-tax stock-based compensation expense	21,021		19,126		17,778
Income tax benefits	(4,867)		(4,465)		(4,015)
Total stock-based compensation expense, net of tax	$	16,154	$	14,661	$	13,763

Schedule of Weighted Average Assumptions

	Year Ended December 31,
	2022	2021	2020
Expected option term	4.36 years	4.35 years	4.39 years
Expected stock price volatility	25.38%	24.88%	21.19%
Risk-free interest rate	1.72%	0.54%	1.14%
Expected annual dividend yield	1.26%	1.09%	1.13%
Weighted average grant date fair value per stock option granted	$18.33	$17.95	$14.67

Summary of Stock Option Activity

The following table summarizes stock option activity under the Plan:

	Number of Options	Weighted  Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (1) (in thousands)
Options outstanding as of December 31, 2019	1,479,674	$	66.74	7.11	$	49,930
Granted	660,071	87.25
Forfeited or expired	(78,163)	83.76
Exercised	(142,419)	48.58
Options outstanding as of December 31, 2020	1,919,163	74.45		7.19	29,489
Granted	687,772	95.90
Forfeited or expired	(213,444)	89.96
Exercised	(459,957)	62.58
Options outstanding as of December 31, 2021	1,933,534	83.19		7.26	29,889
Granted	561,295	89.25
Forfeited or expired	(223,813)	91.09
Exercised	(116,109)	56.75
Options outstanding as of December 31, 2022	2,154,907	$	85.37	7.02	$	13,929
Options vested and expected to vest as of December 31, 2022	2,070,905	$	85.12	6.95	$	13,855
Options exercisable as of December 31, 2022	958,748	$	77.38	5.42	$	12,735

Summary of Restricted Stock Unit Activity

The following table summarizes the restricted stock unit activity under the Plan:

	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value Per Unit
Restricted stock units outstanding as of December 31, 2019	405,104	$	76.45
Granted	216,318	78.90
Vested(1)	(160,229)	68.72
Forfeited	(35,918)	79.36
Restricted stock units outstanding as of December 31, 2020	425,275	80.37
Granted	176,804	96.07
Vested(1)	(164,088)	75.61
Forfeited	(68,399)	86.38
Restricted stock units outstanding as of December 31, 2021	369,592	88.88
Granted	247,860	85.27
Vested(1)	(141,674)	87.64
Forfeited	(64,925)	89.29
Restricted stock units outstanding as of December 31, 2022	410,853	$	87.07