XML 59 R45.htm IDEA: XBRL DOCUMENT v3.21.2
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 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 (for options granted before March 2021) or the Black Scholes valuation model (for options granted after February 2021).
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Weighted average fair value of grants$43.89$29.26$38.63$34.26
Dividend yield0.94%1.34%1.01%1.15%
Volatility24.67%22.17%23.74%22.01%
Risk-free interest rate
0.76% - 0.91%
0.95% - 1.12%
0.10% - 1.56%
1.42% - 1.68%
Expected life (in years)4.905.765.735.80
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,
 2021202020212020
Cost of goods sold$109 $97 $336 $282 
Selling, general and administrative expenses1,786 2,127 4,480 5,272 
Total expense before income taxes1,895 2,224 4,816 5,554 
Income tax benefit(175)(218)(448)(585)
Total expense after income taxes$1,720 $2,006 $4,368 $4,969 
Schedule of Stock Option Activity
A summary of the Company’s stock option activity as of June 30, 2021 and changes during the six months ended June 30, 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 
Granted269,420 197.28 
Exercised(98,393)108.61 
Forfeited(32,942)117.93 
Outstanding at June 30, 20211,101,811 $143.63 7.27$84,203,605 
Vested and expected to vest as of June 30, 20211,044,315 $141.56 7.17$81,973,948 
Exercisable at June 30, 2021526,876 $106.77 5.56$59,683,365 
Schedule of Restricted Stock Activity A summary of the Company’s restricted stock activity as of June 30, 2021 and changes during the six months ended June 30, 2021 are presented as follows:
Restricted StockSharesWeighted-Average
Grant Date Fair
Value
Unvested at January 1, 2021111,300 $147.13 
Granted29,235 201.85 
Vested(26,686)135.57 
Forfeited(4,515)162.12 
Unvested at June 30, 2021109,334 $164.35 
Schedule of Compensation Cost for Restricted Stock
Total compensation cost for restricted stock awards is as follows:
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Cost of goods sold$66 $77 $233 $186 
Selling, general and administrative expenses1,120 864 2,566 1,846 
Total expense before income taxes1,186 941 2,799 2,032 
Income tax benefit(246)(197)(582)(426)
Total expense after income taxes$940 $744 $2,217 $1,606 
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, 2021 and changes during the six months ended June 30, 2021 are presented in the following table:
Cash-Settled Restricted StockSharesWeighted-Average
Fair Value
Unvested at January 1, 202163,940 $199.20 
Granted19,755 197.45 
Vested(22,781)199.67 
Forfeited(1,960)220.05 
Unvested at June 30, 202158,954 $220.05 
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,
 2021202020212020
Cost of goods sold$144 $241 $354 $312 
Selling, general and administrative expenses1,061 925 2,331 1,114 
Total expense before income taxes1,205 1,166 2,685 1,426 
Income tax benefit(99)(120)(212)(136)
Total expense after income taxes$1,106 $1,046 $2,473 $1,290 
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,
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 June 30, 2021 and changes during the six months ended June 30, 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(5,850)212.44 
Unvested at June 30, 202181,865 $227.90 
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Total compensation cost for performance share units is as follows:
 Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Cost of goods sold$— $— $— $— 
Selling, general and administrative expenses1,207 2,604 2,945 4,653 
Total expense before income taxes1,207 2,604 2,945 4,653 
Income tax benefit(78)(59)(111)(108)
Total expense after income taxes$1,129 $2,545 $2,834 $4,545