Share-Based Compensation (Tables)

12 Months Ended

Dec. 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 period are as follows:

	Years Ended December 31,
	2018	2017	2016
Weighted average fair value of grants	$38.13	$24.19	$18.56
Dividend yield	1.07%	1.45%	1.69%
Volatility	28.46%	29.41%	29.70%
Risk-free interest rate	2.03% - 3.17%	0.83% - 3.04%	0.53% - 2.49%
Expected life (in years)	5.83	5.83	5.91

Schedule of Stock Option Activity

A summary of the Company’s stock option activity as of December 31, 2018, and changes during the year ended December 31, 2018 is presented as follows:

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	314,895		138.40
Exercised	(455,558	)	60.81
Forfeited/Expired	(70,017	)	97.68
Outstanding at December 31, 2018	1,714,003		$	85.08	6.70	$	74,191,783
Vested and expected to vest at December 31, 2018	1,635,247		$	83.77	6.61	$	72,632,325
Exercisable at December 31, 2018	836,917		$	66.52	5.26	$	50,027,326

Schedule of Compensation Cost for Stock Options

Total compensation cost for stock options is recorded in the Consolidated Statements of Operations as follows:

	Years Ended December 31,
	2018			2017			2016
	(In thousands)
Cost of goods sold	$	470		$	428		$	427
Selling, general and administrative expenses	8,313			7,347			6,561
Total expense before income taxes	8,783			7,775			6,988
Income tax benefit	(1,616		)	(2,485		)	(2,213		)
Total expense after income taxes	$	7,167		$	5,290		$	4,775

Schedule of Restricted Stock Activity

A summary of the Company’s restricted stock activity as of December 31, 2018, and changes during the year ending December 31, 2018 is as follows:

Restricted Stock	Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1, 2018	182,023		$	83.37
Granted	46,460		138.30
Vested	(68,172	)	79.19
Forfeited	(12,270	)	95.79
Unvested at December 31, 2018	148,041		$	101.50

Schedule of Compensation Cost for Restricted Stock

Total compensation cost for restricted stock is recorded in the Consolidated Statements of Operations as follows:

	Years Ended December 31,
	2018			2017			2016
	(In thousands)
Cost of goods sold	$	367		$	335		$	390
Selling, general and administrative expenses	4,201			4,772			4,401
Total expense before income taxes	4,568			5,107			4,791
Income tax benefit	(825		)	(1,654		)	(1,410		)
Total expense after income taxes	$	3,743		$	3,453		$	3,381

Schedule of Unvested Cash-settled Restricted Stock Activity

A summary of the Company’s unvested cash-settled restricted stock activity as of December 31, 2018, and changes during the year ending December 31, 2018 is as follows:

Cash-Settled Restricted Stock	Shares		Weighted-Average Fair Value
Unvested at January 1, 2018	94,730		$	131.97
Granted	30,795		137.82
Vested	(27,880	)	137.11
Forfeited	(9,420	)	126.26
Unvested at December 31, 2018	88,225		$	126.26

Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock

Total compensation cost for cash-settled restricted stock is recorded in the Consolidated Statements of Operations as follows:

	Years Ended December 31,
	2018			2017			2016
	(In thousands)
Cost of goods sold	$	809		$	1,357		$	764
Selling, general and administrative expenses	2,391			3,241			2,224
Total expense before income taxes	3,200			4,598			2,988
Income tax benefit	(337		)	(808		)	(419		)
Total expense after income taxes	$	2,863		$	3,790		$	2,569

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 as follows:

	Years Ended December 31,
	2018	2017	2016
Weighted average fair value of grants	$216.59	$115.74	$111.42
Dividend yield	—%	—%	—%
Volatility	17.42%	17.36%	17.99%
Risk-free interest rate	2.40%	1.45%	0.89%
Expected life (in years)	2.85	2.85	2.86

Schedule of Performance Shares Units Activity

A summary of the Company’s performance share unit activity as of December 31, 2018, and changes during the year ending December 31, 2018, is as follows:

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	(69,995	)	111.42
Forfeited	(8,095	)	139.17
Unvested at December 31, 2018	111,155		$	142.42

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

Total compensation cost for performance share units is as follows:

	Years Ended December 31,
	2018			2017			2016
	(In thousands)
Cost of goods sold	$	—		$	—		$	—
Selling, general and administrative expenses	8,203			6,925			5,559
Total expense before income taxes	8,203			6,925			5,559
Income tax benefit	(1,586		)	(2,342		)	(1,859		)
Total expense after income taxes	$	6,617		$	4,583		$	3,700