Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 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   September 30,		Nine Months Ended   September 30,
	2017	2016	2017	2016
Weighted average fair value of option grants	$30.46	$21.88	$24.17	$18.47
Dividend yield	1.27%	1.53%	1.45%	1.69%
Volatility	29.35%	29.60%	29.41%	29.71%
Risk-free forward interest rate	1.24% - 2.80%	0.51% - 2.01%	0.83% - 3.04%	0.53% - 2.50%
Expected life (in years)	5.83	5.91	5.83	5.91

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,
	2017			2016			2017			2016
Cost of goods sold	$	67		$	92		$	341		$	354
Selling, general and administrative expenses	1,721			1,278			5,604			5,084
Total expense before income taxes	1,788			1,370			5,945			5,438
Income tax benefit	(593		)	(441		)	(1,887		)	(1,727		)
Total expense after income taxes	$	1,195		$	929		$	4,058		$	3,711

Schedule of Stock Option Activity

A summary of the Company’s stock option activity as of September 30, 2017, and changes during the nine months endedSeptember 30, 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	440,825		93.40
Exercised	(360,986	)	52.58
Forfeited	(47,046	)	78.67
Outstanding at September 30, 2017	2,020,739		$	69.98	6.99	$	104,045,261
Vested and expected to vest as of September 30, 2017	1,897,772		$	69.00	6.88	$	99,579,316
Exercisable at September 30, 2017	968,929		$	55.72	5.35	$	63,709,269

Schedule of Restricted Stock Activity

A summary of the Company’s restricted stock activity as of September 30, 2017, and changes during the nine months endedSeptember 30, 2017, are presented as follows:

Restricted Stock	Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1, 2017	217,898		$	76.19
Granted	59,010		93.59
Vested	(75,099	)	72.15
Forfeited	(10,280	)	79.19
Unvested at September 30, 2017	191,529		$	82.97

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,
	2017			2016			2017			2016
Cost of goods sold	$	46		$	64		$	265		$	325
Selling, general and administrative expenses	1,163			751			3,722			3,249
Total expense before income taxes	1,209			815			3,987			3,574
Income tax benefit	(370		)	(216		)	(1,295		)	(1,053		)
Total expense after income taxes	$	839		$	599		$	2,692		$	2,521

Schedule of Unvested Cash-settled Restricted Stock Activity

A summary of the Company’s unvested cash-settled restricted stock activity as of September 30, 2017, and changes during the nine months endedSeptember 30, 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	34,290		93.68
Vested	(27,050	)	92.44
Forfeited	(15,220	)	121.47
Unvested at September 30, 2017	95,810		$	121.47

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,
	2017			2016			2017			2016
Cost of goods sold	$	327		$	307		$	963		$	627
Selling, general and administrative expenses	696			881			2,203			1,842
Total expense before income taxes	1,023			1,188			3,166			2,469
Income tax benefit	(175		)	(170		)	(557		)	(354		)
Total expense after income taxes	$	848		$	1,018		$	2,609		$	2,115

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.

	Nine months ended September 30,
	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 September 30, 2017, and changes during the nine months endedSeptember 30, 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		115.74
Vested	—		95.07
Forfeited and other	(5,625	)	109.75
Unvested at September 30, 2017	196,960		$	108.33

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,
	2017			2016			2017			2016
Cost of goods sold	$	—		$	—		$	—		$	—
Selling, general and administrative expenses	1,725			348			5,045			3,844
Total expense before income taxes	1,725			348			5,045			3,844
Income tax benefit	(597		)	(98		)	(1,690		)	(1,266		)
Total expense after income taxes	$	1,128		$	250		$	3,355		$	2,578