Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 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   September 30,		Nine Months Ended   September 30,
	2018	2017	2018	2017
Weighted average fair value of grants	$40.83	$30.46	$38.14	$24.17
Dividend yield	1.14%	1.27%	1.07%	1.45%
Volatility	27.81%	29.35%	28.47%	29.41%
Risk-free interest rate	2.47% - 3.07%	1.24% - 2.80%	2.02% - 3.17%	0.83% - 3.04%
Expected life (in years)	5.81	5.83	5.83	5.83

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,
	2018			2017			2018			2017
Cost of goods sold	$	91		$	67		$	388		$	341
Selling, general and administrative expenses	1,929			1,721			6,334			5,604
Total expense before income taxes	2,020			1,788			6,722			5,945
Income tax benefit	(385		)	(593		)	(1,219		)	(1,887		)
Total expense after income taxes	$	1,635		$	1,195		$	5,503		$	4,058

Schedule of Stock Option Activity

A summary of the Company’s stock option activity as of September 30, 2018, and changes during the nine months endedSeptember 30, 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	310,675		138.38
Exercised	(438,500	)	61.10
Forfeited	(57,876	)	97.29
Outstanding at September 30, 2018	1,738,982		$	84.74	6.92	$	114,648,578
Vested and expected to vest as of September 30, 2018	1,642,142		$	83.24	6.82	$	110,726,803
Exercisable at September 30, 2018	841,746		$	65.82	5.44	$	71,413,569

Schedule of Restricted Stock Activity

A summary of the Company’s restricted stock activity as of September 30, 2018, and changes during the nine months endedSeptember 30, 2018, are presented as follows:

Restricted Stock	Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1, 2018	182,023		$	83.37
Granted	41,570		138.57
Vested	(62,580	)	78.57
Forfeited	(10,760	)	95.64
Unvested at September 30, 2018	150,253		$	99.76

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,
	2018			2017			2018			2017
Cost of goods sold	$	77		$	46		$	316		$	265
Selling, general and administrative expenses	902			1,163			3,155			3,722
Total expense before income taxes	979			1,209			3,471			3,987
Income tax benefit	(177		)	(370		)	(620		)	(1,295		)
Total expense after income taxes	$	802		$	839		$	2,851		$	2,692

Schedule of Unvested Cash-settled Restricted Stock Activity

A summary of the Company’s unvested cash-settled restricted stock activity as of September 30, 2018, and changes during the nine months endedSeptember 30, 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	28,925		138.08
Vested	(27,880	)	137.11
Forfeited	(6,835	)	150.66
Unvested at September 30, 2018	88,940		$	150.66

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,
	2018			2017			2018			2017
Cost of goods sold	$	381		$	327		$	896		$	963
Selling, general and administrative expenses	1,064			696			2,776			2,203
Total expense before income taxes	1,445			1,023			3,672			3,166
Income tax benefit	(158		)	(175		)	(368		)	(557		)
Total expense after income taxes	$	1,287		$	848		$	3,304		$	2,609

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,
	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 September 30, 2018, and changes during the nine months endedSeptember 30, 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	(8,095	)	139.17
Unvested at September 30, 2018	181,150		$	142.68

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,
	2018			2017			2018			2017
Cost of goods sold	$	—		$	—		$	—		$	—
Selling, general and administrative expenses	2,118			1,725			5,949			5,045
Total expense before income taxes	2,118			1,725			5,949			5,045
Income tax benefit	(418		)	(597		)	(1,123		)	(1,690		)
Total expense after income taxes	$	1,700		$	1,128		$	4,826		$	3,355