Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Weighted Average Option Fair Values and Assumptions

Weighted average option fair values and assumptions for the periods specified are disclosed below. The fair value of each option grant was estimated on the date of the grant using the Binomial lattice option pricing model.

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2016	2015	2016	2015
Weighted average fair value of option grants	$21.88	$19.98	$18.47	$20.34
Dividend yield	1.53%	1.65%	1.69%	1.44%
Volatility	29.60%	29.64%	29.71%	29.91%
Risk-free forward interest rate	0.51% - 2.01%	0.29% - 3.37%	0.53% - 2.50%	0.24% - 2.82%
Expected life (in years)	5.91	6.16	5.91	5.93

Schedule of Compensation Cost for Stock Options

Total compensation cost for stock options is as follows:

	Three Months Ended   September 30,						Nine Months Ended   September 30,
	2016			2015			2016			2015
Cost of goods sold	$	92		$	91		$	354		$	441
Selling, general and administrative expenses	1,278			1,297			5,084			4,987
Total expense before income taxes	1,370			1,388			5,438			5,428
Income tax benefit	(441		)	(440		)	(1,727		)	(1,709		)
Total expense after income taxes	$	929		$	948		$	3,711		$	3,719

Schedule of Stock Option Activity

A summary of the Company’s stock option activity as of September 30, 2016, and changes during the nine months endedSeptember 30, 2016, are presented in the following table:

Stock Options	Shares		Weighted Average Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2016	2,266,433		$	54.05	6.58	$	51,918,028
Granted	558,420		75.01
Exercised	(526,918	)	43.52
Forfeited	(162,969	)	72.69
Outstanding at September 30, 2016	2,134,966		$	60.71	6.95	$	70,154,123
Vested and expected to vest as of September 30, 2016	2,013,213		$	59.83	6.84	$	67,927,238
Exercisable at September 30, 2016	1,092,881		$	48.34	5.40	$	49,426,856

Schedule of Restricted Stock Activity

A summary of the Company’s restricted stock activity as of September 30, 2016, and changes during the nine months endedSeptember 30, 2016, are presented as follows:

Restricted Stock	Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1, 2016	272,755		$	65.90
Granted	75,640		78.66
Vested	(104,427	)	51.73
Forfeited	(25,440	)	74.54
Unvested at September 30, 2016	218,528		$	76.08

Schedule of Compensation Cost for Restricted Stock

Total compensation cost for restricted shares is as follows:

	Three Months Ended   September 30,						Nine Months Ended   September 30,
	2016			2015			2016			2015
Cost of goods sold	$	64		$	9		$	325		$	245
Selling, general and administrative expenses	751			449			3,249			3,962
Total expense before income taxes	815			458			3,574			4,207
Income tax benefit	(216		)	(184		)	(1,053		)	(1,239		)
Total expense after income taxes	$	599		$	274		$	2,521		$	2,968

Schedule of Unvested Cash-settled Restricted Stock Activity

A summary of the Company’s unvested cash-settled restricted stock activity as of September 30, 2016, and changes during the nine months endedSeptember 30, 2016, are presented in the following table:

Cash-Settled Restricted Stock	Shares		Weighted-Average Fair Value
Unvested at January 1, 2016	110,860		$	76.61
Granted	39,450		93.57
Vested	(35,960	)	72.54
Forfeited	(9,465	)	93.57
Unvested at September 30, 2016	104,885		$	93.57

Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock

Total compensation cost for cash-settled restricted stock is as follows:

	Three Months Ended   September 30,						Nine Months Ended   September 30,
	2016			2015			2016			2015
Cost of goods sold	$	307		$	29		$	627		$	533
Selling, general and administrative expenses	881			164			1,842			1,089
Total expense before income taxes	1,188			193			2,469			1,622
Income tax benefit	(170		)	(28		)	(354		)	(251		)
Total expense after income taxes	$	1,018		$	165		$	2,115		$	1,371

Schedule of Weighted Average Performance Share Units Fair Values and Assumptions

Weighted average performance share unit fair values and assumptions for the period specified are disclosed below. The performance share units are market condition awards and have been assessed at fair value on the date of grant using a Monte Carlo simulation model.

	Three and Nine Months Ended September 30,
	2016	2015
Weighted average fair value of performance share units	$111.42	$95.07
Dividend yield	—%	—%
Volatility	17.99%	19.14%
Risk-free forward interest rate	0.89%	1.01%
Expected life (in years)	2.86	2.86

Schedule of Performance Shares Units Activity

A summary of the Company’s performance share unit activity as of September 30, 2016, and changes during the nine months endedSeptember 30, 2016, are presented in the following table:

Performance Share Units	Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1, 2016	146,275		$	94.80
Granted	85,130		111.42
Vested	—		—
Forfeited	(31,025	)	99.52
Unvested at September 30, 2016	200,380		$	101.13

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

Total compensation cost for performance share units is as follows:

	Three Months Ended   September 30,						Nine Months Ended   September 30,
	2016			2015			2016			2015
Cost of goods sold	$	—		$	—		$	—		$	—
Selling, general and administrative expenses	348			953			3,844			3,478
Total expense before income taxes	348			953			3,844			3,478
Income tax benefit	(98		)	(323		)	(1,266		)	(1,161		)
Total expense after income taxes	$	250		$	630		$	2,578		$	2,317