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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [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,
|  | 2017 |  | 2016
Weighted average fair value of option grants |  | $24.11 |  | $18.40
Dividend yield |  | 1.45% |  | 1.70%
Volatility |  | 29.41% |  | 29.71%
Risk-free forward interest rate |  | 0.82% - 3.04% |  | 0.53% - 2.50%
Expected life (in years) |  | 5.83 |  | 5.91
Schedule of Compensation Cost for Stock Options | Total compensation cost for stock options is as follows:
|  | Three Months Ended March 31,
|  | 2017 |  | 2016
Cost of goods sold |  | $ | 186 |  |  | $ | 119 |
Selling, general and administrative expenses |  | 2,284 |  |  | 2,295 |
Total expense before income taxes |  | 2,470 |  |  | 2,414 |
Income tax benefit |  | (747 | ) |  | (760 | )
Total expense after income taxes |  | $ | 1,723 |  |  | $ | 1,654 |
Schedule of Stock Option Activity | A summary of the Company’s stock option activity as of March 31, 2017, and changes during the three months ended March 31, 2017, are presented in the following table:
Stock Options | Shares |  | Weighted Average Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Outstanding at January 1, 2017 | 1,987,946 |  |  | $ | 61.83 |  |  | 6.84 |  | $ | 56,144,876 |
Granted | 427,895 |  |  | 93.17 |  |  |  |  |
Exercised | (110,112 | ) |  | 55.17 |  |  |  |  |
Forfeited | (25,755 | ) |  | 77.15 |  |  |  |  |
Outstanding at March 31, 2017 | 2,279,974 |  |  | $ | 67.87 |  |  | 7.25 |  | $ | 58,471,654 |
Vested and expected to vest as of March 31, 2017 | 2,117,100 |  |  | $ | 66.61 |  |  | 7.10 |  | $ | 56,949,565 |
Exercisable at March 31, 2017 | 1,188,689 |  |  | $ | 54.28 |  |  | 5.67 |  | $ | 46,633,546 |
Schedule of Restricted Stock Activity | A summary of the Company’s restricted stock activity as of March 31, 2017, and changes during the three months ended March 31, 2017, are presented as follows:
Restricted Stock | Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2017 | 217,898 |  |  | $ | 76.19 |
Granted | 55,440 |  |  | 93.05 |
Vested | (62,994 | ) |  | 71.02 |
Forfeited | (11,725 | ) |  | 79.24 |
Unvested at March 31, 2017 | 198,619 |  |  | $ | 82.36 |
Schedule of Compensation Cost for Restricted Stock | Total compensation cost for restricted shares is as follows:
|  | Three Months Ended March 31,
|  | 2017 |  | 2016
Cost of goods sold |  | $ | 152 |  |  | $ | 128 |
Selling, general and administrative expenses |  | 1,253 |  |  | 1,530 |
Total expense before income taxes |  | 1,405 |  |  | 1,658 |
Income tax benefit |  | (439 | ) |  | (513 | )
Total expense after income taxes |  | $ | 966 |  |  | $ | 1,145 |
Schedule of Unvested Cash-settled Restricted Stock Activity | A summary of the Company’s unvested cash-settled restricted stock activity as of March 31, 2017, and changes during the three months ended March 31, 2017, are presented in the following table:
Cash-Settled Restricted Stock | Shares |  | Weighted-Average Fair Value
Unvested at January 1, 2017 | 103,790 |  |  | $ | 90.06 |
Granted | 33,505 |  |  | 93.51 |
Vested | (26,300 | ) |  | 91.96 |
Forfeited | (7,550 | ) |  | 93.51 |
Unvested at March 31, 2017 | 103,445 |  |  | $ | 93.51 |
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,
|  | 2017 |  | 2016
Cost of goods sold |  | $ | 248 |  |  | $ | 189 |
Selling, general and administrative expenses |  | 430 |  |  | 500 |
Total expense before income taxes |  | 678 |  |  | 689 |
Income tax benefit |  | (142 | ) |  | (98 | )
Total expense after income taxes |  | $ | 536 |  |  | $ | 591 |
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,
|  | 2017 |  | 2016
Weighted average fair value of performance share units |  | $115.74 |  | $111.42
Dividend yield |  | —% |  | —%
Volatility |  | 17.36% |  | 17.99%
Risk-free forward interest rate |  | 1.45% |  | 0.89%
Expected life (in years) |  | 2.85 |  | 2.86
Schedule of Performance Shares Units Activity | A summary of the Company’s performance share unit activity as of March 31, 2017, and changes during the three months ended March 31, 2017, are presented in the following table:
Performance Share Units | Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2017 | 137,055 |  |  | $ | 104.18 |
Granted | 65,530 |  |  | 115.76 |
Vested | — |  |  | — |
Forfeited and other | (3,925 | ) |  | 100.95 |
Unvested at March 31, 2017 | 198,660 |  |  | $ | 108.06 |
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,
|  | 2017 |  | 2016
Cost of goods sold |  | $ | — |  |  | $ | — |
Selling, general and administrative expenses |  | 1,606 |  |  | 1,681 |
Total expense before income taxes |  | 1,606 |  |  | 1,681 |
Income tax benefit |  | (507 | ) |  | (535 | )
Total expense after income taxes |  | $ | 1,099 |  |  | $ | 1,146 |

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- Definition Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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