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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2022
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). The adoption of the Black Scholes model in 2021 was driven by a review of option exercise history, which more closely aligned with the methodology of the Black Scholes model.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Weighted average fair value of grants | $52.91 |  | $45.44 |  | $41.90 |  | $38.86
Dividend yield | 1.16% |  | 0.96% |  | 1.14% |  | 1.01%
Volatility | 25.99% |  | 24.60% |  | 25.16% |  | 23.77%
Risk-free interest rate | 3.35% |  | 0.71% - 0.82% |  | 1.87% |  | 0.12% - 1.54%
Expected life (in years) | 4.90 |  | 4.90 |  | 4.90 |  | 5.70
Schedule of Compensation Cost for Stock Options | Total compensation cost for stock options is recorded in the Condensed Consolidated Statements of Income as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Cost of goods sold | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.4 |  |  | $ | 0.4 |
Selling, general and administrative expenses | 0.7 |  |  | 1.8 |  |  | 6.6 |  |  | 6.3 |
Total expense before income taxes | 0.8 |  |  | 1.9 |  |  | 7.0 |  |  | 6.7 |
Income tax benefit | (0.1) |  |  | (0.2) |  |  | (0.6) |  |  | (0.6) |
Total expense after income taxes | $ | 0.7 |  |  | $ | 1.7 |  |  | $ | 6.4 |  |  | $ | 6.1 |
Schedule of Stock Option Activity | A summary of the Company’s stock option activity as of September 30, 2022 and changes during the nine months ended September 30, 2022 are presented in the following table:
Stock Options | Shares |  | Weighted Average Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value
| (Dollars in millions except weighted average price)
Outstanding at January 1, 2022 | 1,008,586 |  |  | $ | 147.60 |  |  | 6.97 |  | $ | 89.5 |
Granted | 272,530 |  |  | 189.64 |  |  |  |  |
Exercised | (75,104) |  |  | 120.41 |  |  |  |  |
Forfeited | (85,764) |  |  | 183.32 |  |  |  |  |
Outstanding at September 30, 2022 | 1,120,248 |  |  | $ | 156.92 |  |  | 6.95 |  | $ | 48.4 |
Vested and expected to vest as of September 30, 2022 | 1,080,032 |  |  | $ | 155.67 |  |  | 6.88 |  | $ | 48.0 |
Exercisable at September 30, 2022 | 560,148 |  |  | $ | 127.47 |  |  | 5.34 |  | $ | 40.6 |
Schedule of Restricted Stock Activity | A summary of the Company’s restricted stock activity as of September 30, 2022 and changes during the nine months ended September 30, 2022 are presented in the following table:
Restricted Stock | Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2022 | 107,475 |  |  | $ | 169.58 |
Granted | 43,180 |  |  | 189.44 |
Vested | (26,684) |  |  | 153.41 |
Forfeited | (13,147) |  |  | 179.66 |
Unvested at September 30, 2022 | 110,824 |  |  | $ | 180.01 |
Schedule of Compensation Cost for Restricted Stock | Total compensation cost for restricted stock is recorded in the Condensed Consolidated Statements of Income as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Cost of goods sold | $ | — |  |  | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | 0.3 |
Selling, general and administrative expenses | 2.2 |  |  | 1.3 |  |  | 5.4 |  |  | 3.9 |
Total expense before income taxes | 2.2 |  |  | 1.4 |  |  | 5.6 |  |  | 4.2 |
Income tax benefit | (0.4) |  |  | (0.3) |  |  | (1.0) |  |  | (0.9) |
Total expense after income taxes | $ | 1.8 |  |  | $ | 1.1 |  |  | $ | 4.6 |  |  | $ | 3.3 |
Schedule of Unvested Cash-settled Restricted Stock Activity | The service period for certain retiree eligible participants is accelerated. 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. Dividend equivalents are paid on certain cash-settled restricted stock awards. A summary of the Company’s unvested cash-settled restricted stock activity as of September 30, 2022 and changes during the nine months ended September 30, 2022 are presented in the following table:
Cash-Settled Restricted Stock | Shares |  | Weighted-Average Fair Value
Unvested at January 1, 2022 | 57,949 |  |  | $ | 236.32 |
Granted | 23,070 |  |  | 189.41 |
Vested | (20,676) |  |  | 190.67 |
Forfeited | (5,762) |  |  | 199.85 |
Unvested at September 30, 2022 | 54,581 |  |  | $ | 199.85 |
Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock | Total compensation (benefit) cost for cash-settled restricted stock is recorded in the Condensed Consolidated Statements of Income as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Cost of goods sold | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.4 |
Selling, general and administrative expenses | 1.1 |  |  | 0.4 |  |  | 1.1 |  |  | 2.7 |
Total expense before income taxes(1) | 1.1 |  |  | 0.4 |  |  | 1.1 |  |  | 3.1 |
Income tax benefit | — |  |  | — |  |  | — |  |  | (0.2) |
Total expense after income taxes | $ | 1.1 |  |  | $ | 0.4 |  |  | $ | 1.1 |  |  | $ | 2.9 |
(1) The three and nine months ended September 30, 2021 amount was previously included in Share-based compensation expense on the Condensed Consolidated Statements of Cash Flows. This amount has been reclassified to Accrued expenses and Other-net such that the amount presented in Share-based compensation expense on the Condensed Consolidated Statements of Cash Flows relates solely to non-cash awards for both periods presented. There was no change to the reported amount of net cash flows provided by operating activities for three and nine months ended September 30, 2021 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 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,
| 2022 |  | 2021
Weighted average fair value of grants | $235.54 |  | $247.49
Dividend yield | —% |  | —%
Volatility | 28.09% |  | 28.6%
Risk-free interest rate | 1.73% |  | 0.33%
Expected life (in years) | 2.93 |  | 2.93
Schedule of Performance Shares Units Activity | A summary of the Company’s performance share unit activity as of September 30, 2022 and changes during the nine months ended September 30, 2022 are presented in the following table:
Performance Share Units | Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2022 | 52,025 |  |  | $ | 236.75 |
Granted | 31,370 |  |  | 235.54 |
Vested | — |  |  | — |
Forfeited | (12,240) |  |  | 235.90 |
Unvested at September 30, 2022 | 71,155 |  |  | $ | 236.66 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Total compensation cost for performance share units is recorded in the Condensed Consolidated Statements of Income as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Cost of goods sold | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Selling, general and administrative expenses | 0.2 |  |  | 1.7 |  |  | 4.0 |  |  | 4.6 |
Total expense before income taxes | 0.2 |  |  | 1.7 |  |  | 4.0 |  |  | 4.6 |
Income tax benefit | — |  |  | (0.1) |  |  | (0.1) |  |  | (0.2) |
Total expense after income taxes | $ | 0.2 |  |  | $ | 1.6 |  |  | $ | 3.9 |  |  | $ | 4.4 |

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