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Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2021
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 March 31,
 20212020
Weighted average fair value of grants$38.59$34.34
Dividend yield1.01%1.15%
Volatility23.73%22.01%
Risk-free interest rate
0.09% - 1.57%
1.43% - 1.68%
Expected life (in years)5.745.80
Schedule of Compensation Cost for Stock Options
Total compensation cost for stock options is as follows:
 Three Months Ended March 31,
 20212020
Cost of goods sold$227 $185 
Selling, general and administrative expenses2,694 3,145 
Total expense before income taxes2,921 3,330 
Income tax benefit(273)(367)
Total expense after income taxes$2,648 $2,963 
Schedule of Stock Option Activity
A summary of the Company’s stock option activity as of March 31, 2021 and changes during the three months ended March 31, 2021 are presented in the following table:
Stock OptionsSharesWeighted
Average
Price		Weighted-Average
Remaining
Contractual Term		Aggregate
Intrinsic
Value
Outstanding at January 1, 2021963,726 $125.70 6.94$70,829,529 
Granted266,985 197.12 
Exercised(34,500)93.65 
Forfeited(10,191)160.30 
Outstanding at March 31, 20211,186,020 $142.42 7.47$79,349,107 
Vested and expected to vest as of March 31, 20211,117,282 $140.14 7.36$77,293,221 
Exercisable at March 31, 2021589,346 $107.82 5.86$59,819,281 
Schedule of Restricted Stock Activity A summary of the Company’s restricted stock activity as of March 31, 2021 and changes during the three months ended March 31, 2021 are presented as follows:
Restricted StockSharesWeighted-Average
Grant Date Fair
Value
Unvested at January 1, 2021111,300 $147.13 
Granted22,535 197.05 
Vested(18,909)132.53 
Forfeited(2,610)158.07 
Unvested at March 31, 2021112,316 $159.73 
Schedule of Compensation Cost for Restricted Stock
Total compensation cost for restricted stock awards is as follows:
 Three Months Ended March 31,
 20212020
Cost of goods sold$167 $109 
Selling, general and administrative expenses1,446 982 
Total expense before income taxes1,613 1,091 
Income tax benefit(336)(229)
Total expense after income taxes$1,277 $862 
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 March 31, 2021 and changes during the three months ended March 31, 2021 are presented in the following table:
Cash-Settled Restricted StockSharesWeighted-Average
Fair Value
Unvested at January 1, 202163,940 $199.20 
Granted19,480 197.10 
Vested(19,806)196.77 
Forfeited(395)209.32 
Unvested at March 31, 202163,219 $209.32 
Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock Total compensation cost for cash-settled restricted stock is as follows:
 Three Months Ended March 31,
 20212020
Cost of goods sold$210 $71 
Selling, general and administrative expenses1,270 189 
Total expense before income taxes1,480 260 
Income tax benefit(113)(16)
Total expense after income taxes$1,367 $244 
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.
 Three Months Ended March 31,
20212020
Weighted average fair value of grants$247.49$224.14
Dividend yield—%—%
Volatility28.6%19.5%
Risk-free interest rate0.33%1.30%
Expected life (in years)2.932.94
Schedule of Performance Shares Units Activity
A summary of the Company’s performance share unit activity as of March 31, 2021 and changes during the three months ended March 31, 2021 are presented in the following table:
Performance Share UnitsSharesWeighted-Average
Grant Date Fair
Value
Unvested at January 1, 202158,695 $218.16 
Granted29,020 247.49 
Vested— — 
Forfeited(1,590)212.77 
Unvested at March 31, 202186,125 $227.13 
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Total compensation cost for performance share units is as follows:
 Three Months Ended March 31,
20212020
Cost of goods sold$— $— 
Selling, general and administrative expenses1,738 2,049 
Total expense before income taxes1,738 2,049 
Income tax benefit(33)(49)
Total expense after income taxes$1,705 $2,000