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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | STOCK-BASED COMPENSATION EXPENSE Stock-based compensation expense consisted of the following:
|  | Year Ended December 31,
(in thousands) |  | 2023 |  | 2022 |  | 2021
Cost of sales |  | $ | 311 |  |  | $ | 312 |  |  | $ | 313 |
SG&A expenses |  | 22,740 |  |  | 20,709 |  |  | 18,813 |
Pre-tax stock-based compensation expense |  | 23,051 |  |  | 21,021 |  |  | 19,126 |
Income tax benefits |  | (5,365) |  |  | (4,867) |  |  | (4,465) |
Total stock-based compensation expense, net of tax |  | $ | 17,686 |  |  | $ | 16,154 |  |  | $ | 14,661 |
Schedule of Weighted Average Assumptions |
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Expected option term |  | 4.39 years |  | 4.36 years |  | 4.35 years
Expected stock price volatility |  | 27.37% |  | 25.38% |  | 24.88%
Risk-free interest rate |  | 4.03% |  | 1.72% |  | 0.54%
Expected annual dividend yield |  | 1.36% |  | 1.26% |  | 1.09%
Weighted average grant date fair value per stock option granted |  | $22.61 |  | $18.33 |  | $17.95
Summary of Stock Option Activity | The following table summarizes stock option activity under the Plan:
|  | Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life |  | Aggregate Intrinsic Value (1) (in thousands)
Options outstanding as of December 31, 2020 |  | 1,919,163 |  |  | $ | 74.45 |  |  | 7.19 |  | $ | 29,489 |
Granted |  | 687,772 |  |  | 95.90 |  |  |  |  |
Forfeited or expired |  | (213,444) |  |  | 89.96 |  |  |  |  |
Exercised |  | (459,957) |  |  | 62.58 |  |  |  |  |
Options outstanding as of December 31, 2021 |  | 1,933,534 |  |  | 83.19 |  |  | 7.26 |  | 29,889 |
Granted |  | 561,295 |  |  | 89.25 |  |  |  |  |
Forfeited or expired |  | (223,813) |  |  | 91.09 |  |  |  |  |
Exercised |  | (116,109) |  |  | 56.75 |  |  |  |  |
Options outstanding as of December 31, 2022 |  | 2,154,907 |  |  | 85.37 |  |  | 7.02 |  | 13,929 |
Granted |  | 500,219 |  |  | 88.39 |  |  |  |  |
Forfeited or expired |  | (246,104) |  |  | 90.60 |  |  |  |  |
Exercised |  | (129,008) |  |  | 57.00 |  |  |  |  |
Options outstanding as of December 31, 2023 |  | 2,280,014 |  |  | $ | 87.08 |  |  | 6.72 |  | $ | 10,051 |
Options vested and expected to vest as of December 31, 2023 |  | 2,208,014 |  |  | $ | 87.01 |  |  | 6.66 |  | $ | 9,979 |
Options exercisable as of December 31, 2023 |  | 1,250,833 |  |  | $ | 84.88 |  |  | 5.48 |  | $ | 9,038 |
Summary of Restricted Stock Unit Activity | The following table summarizes the restricted stock unit activity under the Plan:
|  | Number of Restricted Stock Units |  | Weighted Average Grant Date Fair Value Per Unit
Restricted stock units outstanding as of December 31, 2020 |  | 425,275 |  |  | $ | 80.37 |
Granted |  | 176,804 |  |  | 96.07 |
Vested(1) |  | (164,088) |  |  | 75.61 |
Forfeited |  | (68,399) |  |  | 86.38 |
Restricted stock units outstanding as of December 31, 2021 |  | 369,592 |  |  | 88.88 |
Granted |  | 247,860 |  |  | 85.27 |
Vested(1) |  | (141,674) |  |  | 87.64 |
Forfeited |  | (64,925) |  |  | 89.29 |
Restricted stock units outstanding as of December 31, 2022 |  | 410,853 |  |  | 87.07 |
Granted |  | 289,172 |  |  | 82.49 |
Vested(1) |  | (158,616) |  |  | 86.38 |
Forfeited |  | (62,394) |  |  | 85.11 |
Restricted stock units outstanding as of December 31, 2023 |  | 479,015 |  |  | $ | 84.79 |

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