Nature of Business and Significant Accounting Policies Nature of Business and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Nature of Business and Significant Accounting Policies [Abstract]

Reconciliation of the numerator and denominator utilized in the computation of basic and diluted earnings per share

The following table sets forth the reconciliation of the numerator and denominator utilized in the computation of basic and diluted earnings per share (in thousands):

	Year Ended December 31,
	2015		2014		2013
Numerator for earnings per share:
Net earnings for basic and diluted earnings per share	$	241,686	$	200,261	$	177,015
Denominator for earnings per share:
Weighted average number of common shares outstanding	139,353		141,143		142,446
Assumed exercise of stock options and vesting of restricted stock awards, net of shares assumed reacquired under the treasury stock method	1,421		2,426		2,149
Diluted shares outstanding	140,774		143,569		144,595

Supplemental cash flow disclosure

Supplemental cash flow disclosure (in thousands)

	Year Ended December 31,
	2015		2014		2013
Cash paid for:
Interest	$	13,039	$	13,410	$	12,922
Taxes	$	68,534	$	47,434	$	88,277

Stock-based compensation expense and related tax benefit recognized in the Consolidated Statements of Income and capitalized in the Consolidated Balance Sheets

The following table sets forth the stock-based compensation expense and related tax benefit recognized in the Consolidated Statements of Income for the years ended December 31, 2015, 2014 and 2013 (in thousands):

	Year Ended December 31,
	2015			2014			2013
Cost of goods sold	$	3,001		$	2,706		$	2,591
Research and development	4,694			5,218			4,938
Selling, general and administrative	18,053			22,864			20,294
Stock-based compensation expense before income taxes	25,748			30,788			27,823
Income tax benefit	(7,441		)	(7,475		)	(8,598		)
Total stock-based compensation expense after income taxes	$	18,307		$	23,313		$	19,225

Stock-based compensation expense capitalized in the Consolidated Balance Sheets as of December 31, 2015, 2014 and 2013 is as follows (in thousands):

	December 31,
	2015		2014		2013
Capitalized in inventory	$	691	$	713	$	734

Fair value of the stock-based awards granted weighted-average assumptions

The fair value of the stock-based awards granted in the years ended December 31, 2015, 2014 and 2013 was estimated with the following weighted-average assumptions:

	2015		2014		2013
Stock option awards:
Risk-free interest rate	0.2	%	1.0	%	0.3	%
Expected dividend yield	1.4	%	1.2	%	1.5	%
Expected term	4.1 years		4.4 years		4.3 years
Expected volatility	26.6	%	28.7	%	33.7	%
Market-based restricted stock awards:
Risk-free interest rate	0.9	%	—		0.3	%
Expected dividend yield	0.0	%	—		0.0	%
Expected term	4.0 years		—		2.2 years
Expected volatility	27.5	%	—		28.8	%
Expected volatility of S&P 500	23.4	%	—		18.1	%
Employee stock purchase plan:
Risk-free interest rate	0.4	%	0.3	%	0.1	%
Expected dividend yield	1.5	%	1.2	%	1.4	%
Expected term	6 months		6 months		6 months
Expected volatility	21.5	%	23.9	%	28.1	%

Weighted-average fair value of stock-based compensation awards granted and vested, and the intrinsic value of options exercised

The weighted-average fair value of stock-based compensation awards granted and vested, and the intrinsic value of options exercised during the period were (in thousands, except per share amounts):

	Years Ended December 31,
	2015		2014		2013
Stock option awards:
Weighted average grant date fair value per share	$	5.60	$	7.41	$	5.92
Total fair value of awards granted	$	4,170	$	4,947	$	6,095
Total fair value of awards vested	$	4,290	$	4,662	$	5,059
Total intrinsic value of options exercised	$	15,585	$	35,663	$	4,642
Restricted stock unit awards:
Weighted average grant date fair value per share	$	29.12	$	32.80	$	23.94
Total fair value of awards granted	$	27,150	$	22,484	$	28,239
Total fair value of awards vested	$	24,458	$	30,277	$	13,846
Employee stock purchase plan:
Weighted average grant date fair value per share	$	5.83	$	7.38	$	5.94
Total fair value of shares estimated to be issued	$	951	$	1,144	$	1,169

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table sets forth the changes in the balances of each component of accumulated other comprehensive earnings (loss) for the year ended December 31, 2015:

	Pension Plans Items			Cash Flow Hedge Items			Foreign Currency Items			Total
December 31, 2014	$	(2,378	)	$	925		$	(61,956	)	$	(63,409	)
Other comprehensive income (loss) before reclassifications, net of tax	500			(1,135		)	(61,776		)	(62,411		)
Amounts reclassified from accumulated other comprehensive earnings (loss), net of tax	161			533			—			694
Net current period other comprehensive income (loss), net of tax	661			(602		)	(61,776		)	(61,717		)
Balance, December 31, 2015	$	(1,717	)	$	323		$	(123,732	)	$	(125,126	)

Components of accumulated other comprehensive earnings (loss) related to the Company’s pension plans as of December 31, 2015 and 2014 are as follows (in thousands):

	December 31,
	2015			2014
Net loss	$	(1,708	)	$	(2,208	)
Prior service cost	(9		)	(170		)
	$	(1,717	)	$	(2,378	)