Employee Benefits (Tables)
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9 Months Ended |
Sep. 30, 2023 |
Postemployment Benefits [Abstract] |
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Summary of Workers' Compensation Known Claims and IBNR Reserves |
Workers’ compensation known claims and IBNR reserves included on the Condensed Consolidated Balance Sheets were as follows (in thousands): | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | Included in other current liabilities | $ | 8,760 | | | $ | 9,946 | | Included in other long-term liabilities | 17,404 | | | 13,730 | | | $ | 26,164 | | | $ | 23,676 | |
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Schedule of Insurance Receivable for Claims |
This receivable offsets an equal liability included within the reserve amounts noted above and was as follows (in thousands): | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | Included in other non-current assets | $ | 2,906 | | | $ | 2,318 | |
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Summary of Equity-based Awards for Employees |
Amounts and changes for each category of equity-based award were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Common Stock Awards | | Performance-Based Stock Awards | | Performance-Based Restricted Stock Units | | Awards | | Weighted Average Grant Date Fair Value Per Share | | Awards | | Weighted Average Grant Date Fair Value Per Share | | Units | | Weighted Average Grant Date Fair Value Per Share | Nonvested awards/units at December 31, 2022 | 157,117 | | | $ | 77.31 | | | 126,053 | | | $ | 103.37 | | | 15,711 | | | $ | 80.55 | | Granted | 75,928 | | | 111.03 | | | 69,281 | | | 109.09 | | | 14,730 | | | 111.84 | | Vested | (108,110) | | | 71.28 | | | (50,994) | | | 95.78 | | | (15,518) | | | 80.76 | | Forfeited/Cancelled | (1,722) | | | 98.85 | | | — | | | — | | | (495) | | | 96.61 | | Nonvested awards/units at September 30, 2023 | 123,213 | | | $ | 103.08 | | | 144,340 | | | $ | 108.80 | | | 14,428 | | | $ | 111.71 | |
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Summary of Stock Compensation Expenses |
The following table summarizes the share-based compensation expense recognized by award type (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Common Stock Awards | $ | 1,355 | | | $ | 1,420 | | | $ | 4,259 | | | $ | 4,718 | | Non-Employee Common Stock Awards | 177 | | | 147 | | | 485 | | | 396 | | Performance-Based Stock Awards | 1,496 | | | 1,237 | | | 4,638 | | | 3,863 | | Liability Performance-Based Stock Awards | 94 | | | 84 | | | 184 | | | 418 | | Performance-Based Restricted Stock Units | 394 | | | 324 | | | 1,071 | | | 895 | | | $ | 3,516 | | | $ | 3,212 | | | $ | 10,637 | | | $ | 10,290 | |
We recorded the following stock compensation expense by income statement category (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Cost of sales | $ | 253 | | | $ | 165 | | | $ | 658 | | | $ | 484 | | Selling | 91 | | | 126 | | | 316 | | | 329 | | Administrative | 3,172 | | | 2,921 | | | 9,663 | | | 9,477 | | | $ | 3,516 | | | $ | 3,212 | | | $ | 10,637 | | | $ | 10,290 | |
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Unrecognized Share-Based Compensation Expense Related to Unvested Awards |
Unrecognized share-based compensation expense related to unvested awards was as follows (in thousands): | | | | | | | | | | | | | As of September 30, 2023 | | Unrecognized Compensation Expense on Unvested Awards | | Weighted Average Remaining Vesting Period | Common Stock Awards | $ | 9,593 | | | 2.0 years | Performance-Based Stock Awards | 8,037 | | | 1.7 years | Performance-Based Restricted Stock Units | 845 | | | 0.6 years | Total unrecognized compensation expense related to unvested awards | $ | 18,475 | | | |
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