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Share-Based Compensation (Tables) | 9 Months Ended
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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,
| 2020 |  | 2019 |  | 2020 |  | 2019
Weighted average fair value of grants | $31.60 |  | $27.72 |  | $34.22 |  | $35.15
Dividend yield | 1.18% |  | 1.27% |  | 1.15% |  | 1.18%
Volatility | 23.71% |  | 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) | 5.81 |  | 4.65 |  | 5.80 |  | 5.87
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,
| 2020 |  | 2019 |  | 2020 |  | 2019
Cost of goods sold | $ | 107 |  |  | $ | 74 |  |  | $ | 389 |  |  | $ | 356 |
Selling, general and administrative expenses | 2,177 |  |  | 2,137 |  |  | 7,449 |  |  | 6,663 |
Total expense before income taxes | 2,284 |  |  | 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 Options | Shares |  | Weighted Average Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Outstanding at January 1, 2020 | 1,386,539 |  |  | $ | 103.58 |  |  | 6.95 |  | $ | 94,764,140 |
Granted | 351,780 |  |  | 172.87 |  |  |  |  |
Exercised | (364,063) |  |  | 78.91 |  |  |  |  |
Forfeited | (61,511) |  |  | 142.11 |  |  |  |  |
Outstanding at September 30, 2020 | 1,312,745 |  |  | $ | 127.20 |  |  | 7.30 |  | $ | 72,470,296 |
Vested and expected to vest as of September 30, 2020 | 1,231,073 |  |  | $ | 125.14 |  |  | 7.20 |  | $ | 70,508,425 |
Exercisable at September 30, 2020 | 570,901 |  |  | $ | 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 Stock | Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2020 | 130,248 |  |  | $ | 124.61 |
Granted | 38,795 |  |  | 168.28 |
Vested | (39,578) |  |  | 95.17 |
Forfeited | (16,435) |  |  | 140.96 |
Unvested at September 30, 2020 | 113,030 |  |  | $ | 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,
| 2020 |  | 2019 |  | 2020 |  | 2019
Cost of goods sold | $ | 69 |  |  | $ | (10) |  |  | $ | 255 |  |  | $ | 192 |
Selling, general and administrative expenses | 963 |  |  | 1,094 |  |  | 2,809 |  |  | 3,419 |
Total expense before income taxes | 1,032 |  |  | 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 Stock | Shares |  | Weighted-Average Fair Value
Unvested at January 1, 2020 | 74,560 |  |  | $ | 172.08 |
Granted | 20,670 |  |  | 173.21 |
Vested | (24,810) |  |  | 172.98 |
Forfeited | (5,020) |  |  | 182.41 |
Unvested at September 30, 2020 | 65,400 |  |  | $ | 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,
| 2020 |  | 2019 |  | 2020 |  | 2019
Cost of goods sold | $ | 283 |  |  | $ | 118 |  |  | $ | 595 |  |  | $ | 954 |
Selling, general and administrative expenses | 1,319 |  |  | 435 |  |  | 2,433 |  |  | 3,132 |
Total expense before income taxes | 1,602 |  |  | 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,
| 2020 |  | 2019
Weighted average fair value of grants | $224.14 |  | $207.26
Dividend yield | —% |  | —%
Volatility | 19.5% |  | 19.11%
Risk-free interest rate | 1.30% |  | 2.49%
Expected life (in years) | 2.94 |  | 2.83
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 Units | Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2020 | 100,575 |  |  | $ | 178.97 |
Granted | 42,690 |  |  | 224.14 |
Vested | — |  |  | — |
Forfeited | (6,095) |  |  | 212.47 |
Unvested at September 30, 2020 | 137,170 |  |  | $ | 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,
| 2020 |  | 2019 |  | 2020 |  | 2019
Cost of goods sold | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Selling, general and administrative expenses | 2,572 |  |  | 2,359 |  |  | 7,225 |  |  | 5,904 |
Total expense before income taxes | 2,572 |  |  | 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 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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