Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 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 as follows:

	Years Ended December 31,
	2019	2018	2017
Weighted average fair value of grants	$35.15	$38.13	$24.19
Dividend yield	1.18%	1.07%	1.45%
Volatility	24.77%	28.46%	29.41%
Risk-free interest rate	2.53% - 3.04%	2.03% - 3.17%	0.83% - 3.04%
Expected life (in years)	5.87	5.83	5.83

Schedule of Stock Option Activity

A summary of the Company’s stock option activity as of December 31, 2019, and changes during the year ended December 31, 2019 is presented as follows:

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	336,385		144.97
Exercised	(559,725	)	69.34
Forfeited/Expired	(104,124	)	116.94
Outstanding at December 31, 2019	1,386,539		$	103.58	6.95	$	94,764,140
Vested and expected to vest at December 31, 2019	1,275,591		$	66.82	6.93	$	88,158,634
Exercisable at December 31, 2019	578,542		$	79.52	5.57	$	53,502,516

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,
	2019			2018			2017
	(In thousands)
Cost of goods sold	$	445		$	470		$	428
Selling, general and administrative expenses	8,705			8,313			7,347
Total expense before income taxes	9,150			8,783			7,775
Income tax benefit	(1,209		)	(1,616		)	(2,485		)
Total expense after income taxes	$	7,941		$	7,167		$	5,290

Schedule of Restricted Stock Activity

A summary of the Company’s restricted stock activity as of December 31, 2019, and changes during the year ending December 31, 2019 is as follows:

Restricted Stock	Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1, 2019	148,041		$	101.50
Granted	49,260		148.12
Vested	(51,253	)	80.64
Forfeited	(15,800	)	124.54
Unvested at December 31, 2019	130,248		$	124.61

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,
	2019			2018			2017
	(In thousands)
Cost of goods sold	$	261		$	367		$	335
Selling, general and administrative expenses	4,527			4,201			4,772
Total expense before income taxes	4,788			4,568			5,107
Income tax benefit	(920		)	(825		)	(1,654		)
Total expense after income taxes	$	3,868		$	3,743		$	3,453

Schedule of Unvested Cash-settled Restricted Stock Activity

A summary of the Company’s unvested cash-settled restricted stock activity as of December 31, 2019, and changes during the year ending December 31, 2019 is as follows:

Cash-Settled Restricted Stock	Shares		Weighted-Average Fair Value
Unvested at January 1, 2019	88,225		$	126.26
Granted	25,950		145.38
Vested	(29,445	)	141.89
Forfeited	(10,170	)	159.78
Unvested at December 31, 2019	74,560		$	172.08

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,
	2019			2018			2017
	(In thousands)
Cost of goods sold	$	1,230		$	809		$	1,357
Selling, general and administrative expenses	4,118			2,391			3,241
Total expense before income taxes	5,348			3,200			4,598
Income tax benefit	(509		)	(337		)	(808		)
Total expense after income taxes	$	4,839		$	2,863		$	3,790

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,
	2019	2018	2017
Weighted average fair value of grants	$207.26	$216.59	$115.74
Dividend yield	—%	—%	—%
Volatility	19.11%	17.42%	17.36%
Risk-free interest rate	2.49%	2.40%	1.45%
Expected life (in years)	2.83	2.85	2.85

Schedule of Performance Shares Units Activity

A summary of the Company’s performance share unit activity as of December 31, 2019, and changes during the year ending December 31, 2019, is as follows:

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	(54,545	)	249.44
Forfeited	(12,895	)	125.03
Unvested at December 31, 2019	100,575		$	178.97

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,
	2019			2018			2017
	(In thousands)
Cost of goods sold	$	—		$	—		$	—
Selling, general and administrative expenses	8,383			8,203			6,925
Total expense before income taxes	8,383			8,203			6,925
Income tax benefit	(641		)	(1,586		)	(2,342		)
Total expense after income taxes	$	7,742		$	6,617		$	4,583