Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2017

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   March 31,
	2017	2016
Weighted average fair value of option grants	$24.11	$18.40
Dividend yield	1.45%	1.70%
Volatility	29.41%	29.71%
Risk-free forward interest rate	0.82% - 3.04%	0.53% - 2.50%
Expected life (in years)	5.83	5.91

Schedule of Compensation Cost for Stock Options

Total compensation cost for stock options is as follows:

	Three Months Ended   March 31,
	2017			2016
Cost of goods sold	$	186		$	119
Selling, general and administrative expenses	2,284			2,295
Total expense before income taxes	2,470			2,414
Income tax benefit	(747		)	(760		)
Total expense after income taxes	$	1,723		$	1,654

Schedule of Stock Option Activity

A summary of the Company’s stock option activity as of March 31, 2017, and changes during the three months endedMarch 31, 2017, are presented in the following table:

Stock Options	Shares		Weighted Average Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2017	1,987,946		$	61.83	6.84	$	56,144,876
Granted	427,895		93.17
Exercised	(110,112	)	55.17
Forfeited	(25,755	)	77.15
Outstanding at March 31, 2017	2,279,974		$	67.87	7.25	$	58,471,654
Vested and expected to vest as of March 31, 2017	2,117,100		$	66.61	7.10	$	56,949,565
Exercisable at March 31, 2017	1,188,689		$	54.28	5.67	$	46,633,546

Schedule of Restricted Stock Activity

A summary of the Company’s restricted stock activity as of March 31, 2017, and changes during the three months endedMarch 31, 2017, are presented as follows:

Restricted Stock	Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1, 2017	217,898		$	76.19
Granted	55,440		93.05
Vested	(62,994	)	71.02
Forfeited	(11,725	)	79.24
Unvested at March 31, 2017	198,619		$	82.36

Schedule of Compensation Cost for Restricted Stock

Total compensation cost for restricted shares is as follows:

	Three Months Ended   March 31,
	2017			2016
Cost of goods sold	$	152		$	128
Selling, general and administrative expenses	1,253			1,530
Total expense before income taxes	1,405			1,658
Income tax benefit	(439		)	(513		)
Total expense after income taxes	$	966		$	1,145

Schedule of Unvested Cash-settled Restricted Stock Activity

A summary of the Company’s unvested cash-settled restricted stock activity as of March 31, 2017, and changes during the three months endedMarch 31, 2017, are presented in the following table:

Cash-Settled Restricted Stock	Shares		Weighted-Average Fair Value
Unvested at January 1, 2017	103,790		$	90.06
Granted	33,505		93.51
Vested	(26,300	)	91.96
Forfeited	(7,550	)	93.51
Unvested at March 31, 2017	103,445		$	93.51

Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock

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

	Three Months Ended   March 31,
	2017			2016
Cost of goods sold	$	248		$	189
Selling, general and administrative expenses	430			500
Total expense before income taxes	678			689
Income tax benefit	(142		)	(98		)
Total expense after income taxes	$	536		$	591

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 Months Ended March 31,
	2017	2016
Weighted average fair value of performance share units	$115.74	$111.42
Dividend yield	—%	—%
Volatility	17.36%	17.99%
Risk-free forward interest rate	1.45%	0.89%
Expected life (in years)	2.85	2.86

Schedule of Performance Shares Units Activity

A summary of the Company’s performance share unit activity as of March 31, 2017, and changes during the three months endedMarch 31, 2017, are presented in the following table:

Performance Share Units	Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1, 2017	137,055		$	104.18
Granted	65,530		115.76
Vested	—		—
Forfeited and other	(3,925	)	100.95
Unvested at March 31, 2017	198,660		$	108.06

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   March 31,
	2017			2016
Cost of goods sold	$	—		$	—
Selling, general and administrative expenses	1,606			1,681
Total expense before income taxes	1,606			1,681
Income tax benefit	(507		)	(535		)
Total expense after income taxes	$	1,099		$	1,146