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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2020
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 September 30,Nine Months Ended September 30,
 2020201920202019
Weighted average fair value of grants$31.60$27.72$34.22$35.15
Dividend yield1.18%1.27%1.15%1.18%
Volatility23.71%22.33%22.04%24.78%
Risk-free interest rate
0.14% - 0.70%
1.75% - 1.77%
1.40% - 1.66%
2.53% - 3.04%
Expected life (in years)5.814.655.805.87
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,
 2020201920202019
Cost of goods sold$107 $74 $389 $356 
Selling, general and administrative expenses2,177 2,137 7,449 6,663 
Total expense before income taxes2,284 2,211 7,838 7,019 
Income tax benefit(216)(288)(801)(940)
Total expense after income taxes$2,068 $1,923 $7,037 $6,079 
Schedule of Stock Option Activity
A summary of the Company’s stock option activity as of September 30, 2020 and changes during the nine months ended September 30, 2020 are presented in the following table:
Stock OptionsSharesWeighted
Average
Price		Weighted-Average
Remaining
Contractual Term		Aggregate
Intrinsic
Value
Outstanding at January 1, 20201,386,539 $103.58 6.95$94,764,140 
Granted351,780 172.87 
Exercised(364,063)78.91 
Forfeited(61,511)142.11 
Outstanding at September 30, 20201,312,745 $127.20 7.30$72,470,296 
Vested and expected to vest as of September 30, 20201,231,073 $125.14 7.20$70,508,425 
Exercisable at September 30, 2020570,901 $96.07 5.75$49,295,129 
Schedule of Restricted Stock Activity A summary of the Company’s restricted stock activity as of September 30, 2020 and changes during the nine months ended September 30, 2020 are presented as follows:
Restricted StockSharesWeighted-Average
Grant Date Fair
Value
Unvested at January 1, 2020130,248 $124.61 
Granted38,795 168.28 
Vested(39,578)95.17 
Forfeited(16,435)140.96 
Unvested at September 30, 2020113,030 $147.08 
Schedule of Compensation Cost for Restricted Stock
Total compensation cost for restricted stock awards is as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Cost of goods sold$69 $(10)$255 $192 
Selling, general and administrative expenses963 1,094 2,809 3,419 
Total expense before income taxes1,032 1,084 3,064 3,611 
Income tax benefit(217)(204)(643)(684)
Total expense after income taxes$815 $880 $2,421 $2,927 
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 September 30, 2020 and changes during the nine months ended September 30, 2020 are presented in the following table:
Cash-Settled Restricted StockSharesWeighted-Average
Fair Value
Unvested at January 1, 202074,560 $172.08 
Granted20,670 173.21 
Vested(24,810)172.98 
Forfeited(5,020)182.41 
Unvested at September 30, 202065,400 $182.41 
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,
 2020201920202019
Cost of goods sold$283 $118 $595 $954 
Selling, general and administrative expenses1,319 435 2,433 3,132 
Total expense before income taxes1,602 553 3,028 4,086 
Income tax benefit(150)(67)(286)(413)
Total expense after income taxes$1,452 $486 $2,742 $3,673 
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,
20202019
Weighted average fair value of grants$224.14$207.26
Dividend yield—%—%
Volatility19.5%19.11%
Risk-free interest rate1.30%2.49%
Expected life (in years)2.942.83
Schedule of Performance Shares Units Activity
A summary of the Company’s performance share unit activity as of September 30, 2020 and changes during the nine months ended September 30, 2020 are presented in the following table:
Performance Share UnitsSharesWeighted-Average
Grant Date Fair
Value
Unvested at January 1, 2020100,575 $178.97 
Granted42,690 224.14 
Vested— — 
Forfeited(6,095)212.47 
Unvested at September 30, 2020137,170 $216.26 
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Total compensation cost for performance share units is as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Cost of goods sold$— $— $— $— 
Selling, general and administrative expenses2,572 2,359 7,225 5,904 
Total expense before income taxes2,572 2,359 7,225 5,904 
Income tax benefit(49)(196)(157)(447)
Total expense after income taxes$2,523 $2,163 $7,068 $5,457