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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 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 as follows:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Weighted average fair value of grants | $42.66 |  | $38.88 |  | $34.22
Dividend yield | 1.14% |  | 1.01% |  | 1.15%
Volatility | 25.23% |  | 23.78% |  | 22.04%
Risk-free interest rate | 2.01% |  | 0.12% - 1.54% |  | 1.39% - 1.66%
Expected life (in years) | 4.90 |  | 5.70 |  | 5.80
Schedule of Stock Option Activity | A summary of the Company’s stock option activity as of December 31, 2022, and changes during the year ended December 31, 2022 is presented as follows:
| Shares |  | Weighted Average Price |  | Weighted-Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value
| (Dollars in millions except weighted average price)
Stock Options |  |  |  |  |  |  |
Outstanding at January 1, 2022 | 1,008,586 |  |  | $ | 147.60 |  |  | 6.97 |  | $ | 89.5 |
Granted | 288,855 |  |  | 190.43 |  |  |  |  |
Exercised | (171,061) |  |  | 112.67 |  |  |  |  |
Forfeited/Expired | (110,808) |  |  | 186.25 |  |  |  |  |
Outstanding at December 31, 2022 | 1,015,572 |  |  | $ | 161.45 |  |  | 6.94 |  | $ | 67.9 |
Vested and expected to vest at December 31, 2022 | 982,705 |  |  | $ | 160.46 |  |  | 6.88 |  | $ | 66.7 |
Exercisable at December 31, 2022 | 489,720 |  |  | $ | 134.20 |  |  | 5.41 |  | $ | 46.1 |
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,
| 2022 |  | 2021 |  | 2020
| (In millions)
Cost of goods sold | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | 0.5 |
Selling, general and administrative expenses | 8.7 |  |  | 8.0 |  |  | 7.6 |
Total expense before income taxes | 9.2 |  |  | 8.5 |  |  | 8.1 |
Income tax benefit | (0.8) |  |  | (0.8) |  |  | (0.9) |
Total expense after income taxes | $ | 8.4 |  |  | $ | 7.7 |  |  | $ | 7.2 |
Schedule of Restricted Stock Activity | A summary of the Company’s restricted stock activity as of December 31, 2022, and changes during the year ended December 31, 2022 is as follows:
Restricted Stock | Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2022 | 107,475 |  |  | $ | 169.58 |
Granted | 56,200 |  |  | 192.72 |
Vested | (30,786) |  |  | 157.63 |
Forfeited | (28,507) |  |  | 191.95 |
Unvested at December 31, 2022 | 104,382 |  |  | $ | 179.45 |
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,
| 2022 |  | 2021 |  | 2020
| (In millions)
Cost of goods sold | $ | 0.3 |  |  | $ | 0.4 |  |  | $ | 0.3 |
Selling, general and administrative expenses | 6.4 |  |  | 5.1 |  |  | 3.9 |
Total expense before income taxes | 6.7 |  |  | 5.5 |  |  | 4.2 |
Income tax benefit | (1.2) |  |  | (1.1) |  |  | (0.9) |
Total expense after income taxes | $ | 5.5 |  |  | $ | 4.4 |  |  | $ | 3.3 |
Schedule of Unvested Cash-settled Restricted Stock Activity | A summary of the Company’s unvested cash-settled restricted stock activity as of December 31, 2022, and changes during the year ended December 31, 2022 is as follows:
Cash-Settled Restricted Stock | Shares |  | Weighted-Average Fair Value
Unvested at January 1, 2022 | 57,949 |  |  | $ | 236.32 |
Granted | 27,375 |  |  | 196.20 |
Vested | (20,676) |  |  | 190.67 |
Forfeited | (7,292) |  |  | 228.33 |
Unvested at December 31, 2022 | 57,356 |  |  | $ | 228.33 |
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,
| 2022 |  | 2021 |  | 2020
| (In millions)
Cost of goods sold | $ | 0.1 |  |  | $ | 0.7 |  |  | $ | 0.9 |
Selling, general and administrative expenses | 2.6 |  |  | 4.3 |  |  | 3.7 |
Total expense before income taxes | 2.7 |  |  | 5.0 |  |  | 4.6 |
Income tax benefit | (0.2) |  |  | (0.4) |  |  | (0.4) |
Total expense after income taxes | $ | 2.5 |  |  | $ | 4.6 |  |  | $ | 4.2 |
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,
| 2022 |  | 2021 |  | 2020
Weighted average fair value of grants | $235.54 |  | $247.49 |  | $224.14
Dividend yield | —% |  | —% |  | —%
Volatility | 28.09% |  | 28.60% |  | 19.50%
Risk-free interest rate | 1.73% |  | 0.33% |  | 1.30%
Expected life (in years) | 2.93 |  | 2.93 |  | 2.94
Schedule of Performance Shares Units Activity | A summary of the Company’s performance share unit activity as of December 31, 2022, and changes during the year ended December 31, 2022, is as follows:
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(1) | — |  |  | — |
Forfeited | (12,480) |  |  | 235.88 |
Unvested at December 31, 2022 | 70,915 |  |  | $ | 236.66 |
(1) The performance period for the 2020 grants ended as of January 31, 2023. The 2020 grants achieved a 173% payout factor and the Company issued 31,334 common shares in February 2023 for awards that vested in 2023.
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Total compensation cost for performance share units is recorded in the Consolidated Statements of Income as follows:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In millions)
Cost of goods sold | $ | — |  |  | $ | — |  |  | $ | — |
Selling, general and administrative expenses | 6.0 |  |  | 6.4 |  |  | 2.6 |
Total expense before income taxes | 6.0 |  |  | 6.4 |  |  | 2.6 |
Income tax benefit | (0.2) |  |  | (0.3) |  |  | (0.2) |
Total expense after income taxes | $ | 5.8 |  |  | $ | 6.1 |  |  | $ | 2.4 |

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