Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2019

Share-based Payment Arrangement [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   June 30,		Six Months Ended   June 30,
	2019	2018	2019	2018
Weighted average fair value of grants	$34.82	$37.22	$35.16	$38.09
Dividend yield	1.18%	1.24%	1.18%	1.07%
Volatility	23.31%	28.01%	24.78%	28.49%
Risk-free interest rate	2.37% - 2.62%	2.28% - 3.11%	2.53% - 3.04%	2.01% - 3.17%
Expected life (in years)	5.86	5.82	5.87	5.83

Schedule of Compensation Cost for Stock Options

Total compensation cost for stock options is as follows:

	Three Months Ended   June 30,						Six Months Ended   June 30,
	2019			2018			2019			2018
Cost of goods sold	$	90		$	91		$	282		$	297
Selling, general and administrative expenses	1,986			1,881			4,526			4,405
Total expense before income taxes	2,076			1,972			4,808			4,702
Income tax benefit	(284		)	(364		)	(652		)	(834		)
Total expense after income taxes	$	1,792		$	1,608		$	4,156		$	3,868

Schedule of Stock Option Activity

A summary of the Company’s stock option activity as of June 30, 2019 and changes during the six months ended June 30, 2019 are presented in the following table:

Stock Options	Shares		Weighted Average Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2019	1,714,003		$	85.08	6.70	$	74,191,783
Granted	334,430		144.89
Exercised	(298,167	)	69.54
Forfeited	(61,098	)	112.34
Outstanding at June 30, 2019	1,689,168		$	98.68	7.06	$	124,043,143
Vested and expected to vest as of June 30, 2019	1,587,297		$	95.88	6.88	$	121,043,268
Exercisable at June 30, 2019	860,924		$	75.87	5.64	$	82,885,109

Schedule of Restricted Stock Activity

A summary of the Company’s restricted stock activity as of June 30, 2019 and changes during the six months ended June 30, 2019 are presented as follows:

Restricted Stock	Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1, 2019	148,041		$	101.50
Granted	40,890		146.25
Vested	(35,552	)	74.88
Forfeited	(8,400	)	125.11
Unvested at June 30, 2019	144,979		$	119.70

Schedule of Compensation Cost for Restricted Stock

Total compensation cost for restricted shares is as follows:

	Three Months Ended   June 30,						Six Months Ended   June 30,
	2019			2018			2019			2018
Cost of goods sold	$	64		$	83		$	202		$	239
Selling, general and administrative expenses	1,037			964			2,325			2,253
Total expense before income taxes	1,101			1,047			2,527			2,492
Income tax benefit	(205		)	(186		)	(480		)	(443		)
Total expense after income taxes	$	896		$	861		$	2,047		$	2,049

Schedule of Unvested Cash-settled Restricted Stock Activity

Cash-settled restricted stock awards are recorded at fair value on a quarterly basis using the market price of the Company’s stock on the last day of the quarter. A summary of the Company’s unvested cash-settled restricted stock activity as of June 30, 2019 and changes during the six months ended June 30, 2019 are presented in the following table:

Cash-Settled Restricted Stock	Shares		Weighted-Average Fair Value
Unvested at January 1, 2019	88,225		$	126.26
Granted	25,585		145.18
Vested	(27,900	)	144.12
Forfeited	(4,360	)	155.18
Unvested at June 30, 2019	81,550		$	172.14

Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock

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

	Three Months Ended   June 30,						Six Months Ended   June 30,
	2019			2018			2019			2018
Cost of goods sold	$	336		$	102		$	836		$	515
Selling, general and administrative expenses	1,167			508			2,697			1,712
Total expense before income taxes	1,503			610			3,533			2,227
Income tax benefit	(159		)	(51		)	(346		)	(210		)
Total expense after income taxes	$	1,344		$	559		$	3,187		$	2,017

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.

	Six Months Ended   June 30,
	2019	2018
Weighted average fair value of grants	$207.26	$216.59
Dividend yield	—%	—%
Volatility	19.11%	17.42%
Risk-free interest rate	2.49%	2.40%
Expected life (in years)	2.83	2.85

Schedule of Performance Shares Units Activity

A summary of the Company’s performance share unit activity as of June 30, 2019 and changes during the six months ended June 30, 2019 are presented in the following table:

Performance Share Units	Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1, 2019	111,155		$	142.42
Granted	56,860		207.26
Vested	—		—
Forfeited	(9,850	)	163.68
Unvested at June 30, 2019	158,165		$	179.06

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   June 30,						Six Months Ended   June 30,
	2019			2018			2019			2018
Cost of goods sold	$	—		$	—		$	—		$	—
Selling, general and administrative expenses	2,173			1,971			3,545			3,831
Total expense before income taxes	2,173			1,971			3,545			3,831
Income tax benefit	(203		)	(388		)	(251		)	(705		)
Total expense after income taxes	$	1,970		$	1,583		$	3,294		$	3,126