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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 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 as follows:
| Years Ended December 31,
| 2021 |  | 2020 |  | 2019
Weighted average fair value of grants | $38.88 |  | $34.22 |  | $35.15
Dividend yield | 1.01% |  | 1.15% |  | 1.18%
Volatility | 23.78% |  | 22.04% |  | 24.77%
Risk-free interest rate | 0.12% - 1.54% |  | 1.39% - 1.66% |  | 2.53% - 3.04%
Expected life (in years) | 5.70 |  | 5.80 |  | 5.87
Schedule of Stock Option Activity | A summary of the Company’s stock option activity as of December 31, 2021, and changes during the year ended December 31, 2021 is presented as follows:
| Shares |  | Weighted Average Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value
| (Dollars in millions except weighted average price)
Stock Options |  |  |  |  |  |  |
Outstanding at January 1, 2021 | 963,726 |  |  | $ | 125.70 |  |  | 6.94 |  | $ | 70.8 |
Granted | 279,785 |  |  | 198.29 |  |  |  |  |
Exercised | (186,897) |  |  | 105.22 |  |  |  |  |
Forfeited/Expired | (48,028) |  |  | 168.36 |  |  |  |  |
Outstanding at December 31, 2021 | 1,008,586 |  |  | $ | 147.60 |  |  | 6.97 |  | $ | 89.5 |
Vested and expected to vest at December 31, 2021 | 967,228 |  |  | $ | 145.97 |  |  | 6.90 |  | $ | 87.4 |
Exercisable at December 31, 2021 | 444,057 |  |  | $ | 108.60 |  |  | 5.22 |  | $ | 56.7 |
Schedule of Compensation Cost for Stock Options | Total compensation cost for stock options is recorded in the Consolidated Statements of Income as follows:
| Years Ended December 31,
| 2021 |  | 2020 |  | 2019
| (In millions)
Cost of goods sold | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | 0.5 |
Selling, general and administrative expenses | 8.0 |  |  | 7.6 |  |  | 8.7 |
Total expense before income taxes | 8.5 |  |  | 8.1 |  |  | 9.2 |
Income tax benefit | (0.8) |  |  | (0.9) |  |  | (1.2) |
Total expense after income taxes | $ | 7.7 |  |  | $ | 7.2 |  |  | $ | 8.0 |
Schedule of Restricted Stock Activity | A summary of the Company’s restricted stock activity as of December 31, 2021, and changes during the year ending December 31, 2021 is as follows:
Restricted Stock | Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2021 | 111,300 |  |  | $ | 147.13 |
Granted | 39,530 |  |  | 206.53 |
Vested | (34,680) |  |  | 140.73 |
Forfeited | (8,675) |  |  | 170.22 |
Unvested at December 31, 2021 | 107,475 |  |  | $ | 169.58 |
Schedule of Compensation Cost for Restricted Stock | Total compensation cost for restricted stock is recorded in the Consolidated Statements of Income as follows:
| Years Ended December 31,
| 2021 |  | 2020 |  | 2019
| (In millions)
Cost of goods sold | $ | 0.4 |  |  | $ | 0.3 |  |  | $ | 0.3 |
Selling, general and administrative expenses | 5.1 |  |  | 3.9 |  |  | 4.5 |
Total expense before income taxes | 5.5 |  |  | 4.2 |  |  | 4.8 |
Income tax benefit | (1.1) |  |  | (0.9) |  |  | (0.9) |
Total expense after income taxes | $ | 4.4 |  |  | $ | 3.3 |  |  | $ | 3.9 |
Schedule of Unvested Cash-settled Restricted Stock Activity | A summary of the Company’s unvested cash-settled restricted stock activity as of December 31, 2021, and changes during the year ending December 31, 2021 is as follows:
Cash-Settled Restricted Stock | Shares |  | Weighted-Average Fair Value
Unvested at January 1, 2021 | 63,940 |  |  | $ | 199.20 |
Granted | 22,385 |  |  | 198.85 |
Vested | (22,921) |  |  | 199.78 |
Forfeited | (5,455) |  |  | 236.32 |
Unvested at December 31, 2021 | 57,949 |  |  | $ | 236.32 |
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 Income as follows:
| Years Ended December 31,
| 2021 |  | 2020 |  | 2019
| (In millions)
Cost of goods sold | $ | 0.7 |  |  | $ | 0.9 |  |  | $ | 1.2 |
Selling, general and administrative expenses | 4.3 |  |  | 3.7 |  |  | 4.1 |
Total expense before income taxes(1) | 5.0 |  |  | 4.6 |  |  | 5.3 |
Income tax benefit | (0.4) |  |  | (0.4) |  |  | (0.5) |
Total expense after income taxes | $ | 4.6 |  |  | $ | 4.2 |  |  | $ | 4.8 |
(1) The 2020 and 2019 amounts were previously included in Share-based compensation expense on the Consolidated Statements of Cash Flows. These amounts have been reclassified to Accrued expenses and Other-net such that the amounts presented in Share-based compensation expense on the Consolidated Statements of Cash Flows relate solely to non-cash awards for all years presented. There was no change to the reported amount of net cash flows provided by operating activities for either 2020 or 2019 as a result of the reclassification.
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,
| 2021 |  | 2020 |  | 2019
Weighted average fair value of grants | $247.49 |  | $224.14 |  | $207.26
Dividend yield | —% |  | —% |  | —%
Volatility | 28.60% |  | 19.50% |  | 19.11%
Risk-free interest rate | 0.33% |  | 1.30% |  | 2.49%
Expected life (in years) | 2.93 |  | 2.94 |  | 2.83
Schedule of Performance Shares Units Activity | A summary of the Company’s performance share unit activity as of December 31, 2021, and changes during the year ending December 31, 2021, is as follows:
Performance Share Units | Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2021 | 58,695 |  |  | $ | 218.16 |
Granted | 29,020 |  |  | 247.49 |
Vested | (29,840) |  |  | 212.46 |
Forfeited | (5,850) |  |  | 212.44 |
Unvested at December 31, 2021 | 52,025 |  |  | $ | 236.75 |
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,
| 2021 |  | 2020 |  | 2019
| (In millions)
Cost of goods sold | $ | — |  |  | $ | — |  |  | $ | — |
Selling, general and administrative expenses | 6.4 |  |  | 2.6 |  |  | 8.4 |
Total expense before income taxes | 6.4 |  |  | 2.6 |  |  | 8.4 |
Income tax benefit | (0.3) |  |  | (0.2) |  |  | (0.6) |
Total expense after income taxes | $ | 6.1 |  |  | $ | 2.4 |  |  | $ | 7.8 |

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