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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of Weighted Average Option Fair Values and Assumptions | Weighted average option fair values and assumptions for the period are as follows:
| Years Ended December 31,
| 2016 |  | 2015 |  | 2014
Weighted average fair value of grants | $18.56 |  | $20.32 |  | $19.52
Dividend yield | 1.69% |  | 1.45% |  | 1.27%
Volatility | 29.70% |  | 29.90% |  | 30.36%
Risk-free interest rate | 0.53% - 2.49% |  | 0.24% - 2.82% |  | 0.12% - 4.65%
Expected life (in years) | 5.91 |  | 5.93 |  | 5.89
Schedule of Stock Option Activity | A summary of the Company’s stock option activity as of December 31, 2016, and changes during the year ended December 31, 2016 is presented as follows:
Stock Options | Shares |  | Weighted Average Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Outstanding at January 1, 2016 | 2,266,433 |  |  | $ | 54.05 |  |  | 6.58 |  | $ | 51,918,028 |
Granted | 570,250 |  |  | 75.35 |  |  |  |  |
Exercised | (675,525 | ) |  | 44.44 |  |  |  |  |
Forfeited/Expired | (173,212 | ) |  | 72.30 |  |  |  |  |
Outstanding at December 31, 2016 | 1,987,946 |  |  | $ | 61.83 |  |  | 6.84 |  | $ | 56,144,876 |
Vested and expected to vest at December 31, 2016 | 1,884,401 |  |  | $ | 61.06 |  |  | 6.74 |  | $ | 54,671,036 |
Exercisable at December 31, 2016 | 945,265 |  |  | $ | 48.53 |  |  | 5.17 |  | $ | 39,252,480 |
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,
| 2016 |  | 2015 |  | 2014
| (In thousands)
Cost of goods sold | $ | 427 |  |  | $ | 543 |  |  | $ | 581 |
Selling, general and administrative expenses | 6,561 |  |  | 6,488 |  |  | 6,245 |
Total expense before income taxes | 6,988 |  |  | 7,031 |  |  | 6,826 |
Income tax benefit | (2,213 | ) |  | (2,208 | ) |  | (2,194 | )
Total expense after income taxes | $ | 4,775 |  |  | $ | 4,823 |  |  | $ | 4,632 |
Schedule of Restricted Stock Activity | A summary of the Company’s restricted stock activity as of December 31, 2016, and changes during the year ending December 31, 2016 is as follows:
Restricted Stock | Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2016 | 272,755 |  |  | $ | 65.90 |
Granted | 76,970 |  |  | 78.86 |
Vested | (105,382 | ) |  | 51.90 |
Forfeited | (26,445 | ) |  | 74.61 |
Unvested at December 31, 2016 | 217,898 |  |  | $ | 76.19 |
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,
| 2016 |  | 2015 |  | 2014
| (In thousands)
Cost of goods sold | $ | 390 |  |  | $ | 341 |  |  | $ | 369 |
Selling, general and administrative expenses | 4,401 |  |  | 5,213 |  |  | 6,182 |
Total expense before income taxes | 4,791 |  |  | 5,554 |  |  | 6,551 |
Income tax benefit | (1,410 | ) |  | (1,604 | ) |  | (1,630 | )
Total expense after income taxes | $ | 3,381 |  |  | $ | 3,950 |  |  | $ | 4,921 |
Schedule of Unvested Cash-settled Restricted Stock Activity | A summary of the Company’s unvested cash-settled restricted stock activity as of December 31, 2016, and changes during the year ending December 31, 2016 is as follows:
Cash-Settled Restricted Stock | Shares |  | Weighted-Average Fair Value
Unvested at January 1, 2016 | 110,860 |  |  | $ | 76.61 |
Granted | 41,060 |  |  | 90.06 |
Vested | (36,660 | ) |  | 72.91 |
Forfeited | (11,470 | ) |  | 90.06 |
Unvested at December 31, 2016 | 103,790 |  |  | $ | 90.06 |
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,
| 2016 |  | 2015 |  | 2014
| (In thousands)
Cost of goods sold | $ | 764 |  |  | $ | 753 |  |  | $ | 1,384 |
Selling, general and administrative expenses | 2,224 |  |  | 1,765 |  |  | 2,735 |
Total expense before income taxes | 2,988 |  |  | 2,518 |  |  | 4,119 |
Income tax benefit | (419 | ) |  | (355 | ) |  | (603 | )
Total expense after income taxes | $ | 2,569 |  |  | $ | 2,163 |  |  | $ | 3,516 |
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,
| 2016 |  | 2015 |  | 2014
Weighted average fair value of grants | $111.42 |  | $95.07 |  | $94.55
Dividend yield | —% |  | —% |  | —%
Volatility | 17.99% |  | 19.14% |  | 26.41%
Risk-free interest rate | 0.89% |  | 1.01% |  | 0.65%
Expected life (in years) | 2.86 |  | 2.86 |  | 2.88
Schedule of Performance Shares Units Activity | A summary of the Company’s performance share unit activity as of December 31, 2016, and changes during the year ending December 31, 2016 is as follows:
Performance Share Units | Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2016 | 146,275 |  |  | $ | 94.80 |
Granted | 85,130 |  |  | 111.42 |
Vested | (63,325 | ) |  | 94.55 |
Forfeited | (31,025 | ) |  | 99.52 |
Unvested at December 31, 2016 | 137,055 |  |  | $ | 104.18 |
Performance Shares Units |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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,
| 2016 |  | 2015 |  | 2014
| (In thousands)
Cost of goods sold | $ | — |  |  | $ | — |  |  | $ | — |
Selling, general and administrative expenses | 5,559 |  |  | 4,946 |  |  | 3,220 |
Total expense before income taxes | 5,559 |  |  | 4,946 |  |  | 3,220 |
Income tax benefit | (1,859 | ) |  | (1,670 | ) |  | (1,081 | )
Total expense after income taxes | $ | 3,700 |  |  | $ | 3,276 |  |  | $ | 2,139 |

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