Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2018

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,
	2018	2017
Weighted average fair value of grants	$37.96	$24.11
Dividend yield	1.07%	1.45%
Volatility	28.49%	29.41%
Risk-free interest rate	2.01% - 3.17%	0.82% - 3.04%
Expected life (in years)	5.78	5.83

Schedule of Compensation Cost for Stock Options

Total compensation cost for stock options is as follows:

	Three Months Ended   March 31,
	2018			2017
Cost of goods sold	$	206		$	186
Selling, general and administrative expenses	2,524			2,284
Total expense before income taxes	2,730			2,470
Income tax benefit	(470		)	(747		)
Total expense after income taxes	$	2,260		$	1,723

Schedule of Stock Option Activity

A summary of the Company’s stock option activity as of March 31, 2018, and changes during the three months endedMarch 31, 2018, are presented in the following table:

Stock Options	Shares		Weighted Average Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2018	1,924,683		$	71.07	6.87	$	117,209,218
Granted	300,495		138.12
Exercised	(104,754	)	62.91
Forfeited	(16,746	)	90.72
Outstanding at March 31, 2018	2,103,678		$	80.90	7.12	$	129,612,247
Vested and expected to vest as of March 31, 2018	1,967,982		$	79.10	6.99	$	124,784,752
Exercisable at March 31, 2018	1,149,993		$	63.95	5.77	$	90,343,139

Schedule of Restricted Stock Activity

A summary of the Company’s restricted stock activity as of March 31, 2018, and changes during the three months endedMarch 31, 2018, are presented as follows:

Restricted Stock	Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1, 2018	182,023		$	83.37
Granted	28,555		138.06
Vested	(52,650	)	78.82
Forfeited	(3,250	)	84.78
Unvested at March 31, 2018	154,678		$	94.98

Schedule of Compensation Cost for Restricted Stock

Total compensation cost for restricted shares is as follows:

	Three Months Ended   March 31,
	2018			2017
Cost of goods sold	$	156		$	152
Selling, general and administrative expenses	1,289			1,253
Total expense before income taxes	1,445			1,405
Income tax benefit	(257		)	(439		)
Total expense after income taxes	$	1,188		$	966

Schedule of Unvested Cash-settled Restricted Stock Activity

A summary of the Company’s unvested cash-settled restricted stock activity as of March 31, 2018, and changes during the three months endedMarch 31, 2018, are presented in the following table:

Cash-Settled Restricted Stock	Shares		Weighted-Average Fair Value
Unvested at January 1, 2018	94,730		$	131.97
Granted	25,880		138.12
Vested	(24,935	)	136.83
Forfeited	(1,310	)	142.51
Unvested at March 31, 2018	94,365		$	142.51

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,
	2018			2017
Cost of goods sold	$	413		$	248
Selling, general and administrative expenses	1,204			430
Total expense before income taxes	1,617			678
Income tax benefit	(159		)	(142		)
Total expense after income taxes	$	1,458		$	536

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,
	2018	2017
Weighted average fair value of grants	$216.59	$115.74
Dividend yield	—%	—%
Volatility	17.42%	17.36%
Risk-free interest rate	2.40%	1.45%
Expected life (in years)	2.85	2.85

Schedule of Performance Shares Units Activity

A summary of the Company’s performance share unit activity as of March 31, 2018, and changes during the three months endedMarch 31, 2018, are presented in the following table:

Performance Share Units	Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1, 2018	136,870		$	113.81
Granted	52,375		216.59
Vested	—		—
Forfeited	(2,385	)	134.85
Unvested at March 31, 2018	186,860		$	142.57

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,
	2018			2017
Cost of goods sold	$	—		$	—
Selling, general and administrative expenses	1,860			1,606
Total expense before income taxes	1,860			1,606
Income tax benefit	(317		)	(507		)
Total expense after income taxes	$	1,543		$	1,099