Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense consisted of the following:

	Year Ended December 31,
(in thousands)	2021		2020		2019
Cost of sales	$	313	$	303	$	278
SG&A expense	18,813		17,475		17,554
Pre-tax stock-based compensation expense	19,126		17,778		17,832
Income tax benefits	(4,465)		(4,015)		(4,009)
Total stock-based compensation expense, net of tax	$	14,661	$	13,763	$	13,823

Schedule of Weighted Average Assumptions

	Year Ended December 31,
	2021	2020	2019
Expected option term	4.35 years	4.39 years	4.50 years
Expected stock price volatility	24.88%	21.19%	27.14%
Risk-free interest rate	0.54%	1.14%	2.49%
Expected annual dividend yield	1.09%	1.13%	1.03%
Weighted average grant date fair value per stock option granted	$17.95	$14.67	$22.51

Summary of Stock Option Activity

The following table summarizes stock option activity under the Plan:

	Number of Shares	Weighted  Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (1) (in thousands)
Options outstanding at January 1, 2019	1,604,621	$	53.86	6.95	$	48,703
Granted	395,653	93.98
Cancelled	(68,275)	74.10
Exercised	(452,325)	43.76
Options outstanding at December 31, 2019	1,479,674	66.74		7.11	49,930
Granted	660,071	87.25
Cancelled	(78,163)	83.76
Exercised	(142,419)	48.58
Options outstanding at December 31, 2020	1,919,163	74.45		7.19	29,489
Granted	687,772	95.90
Cancelled	(213,444)	89.96
Exercised	(459,957)	62.58
Options outstanding at December 31, 2021	1,933,534	$	83.19	7.26	$	29,889
Options vested and expected to vest at December 31, 2021	1,844,333	$	82.67	7.18	$	29,397
Options exercisable at December 31, 2021	773,731	$	69.79	5.40	$	21,744

Schedule Of Weighted Average Assumptions for Restricted Stock Units

The weighted average assumptions for restricted stock units granted and resulting fair value are as follows:

	Year Ended December 31,
	2021	2020	2019
Vesting period	3.77 years	3.79 years	3.76 years
Expected annual dividend yield	1.04%	1.18%	0.97%
Weighted average grant date fair value per restricted stock unit granted	$96.07	$78.90	$94.58

Summary of Restricted Stock Unit Activity

The following table summarizes the restricted stock unit activity under the Plan:

	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Restricted stock units outstanding at January 1, 2019	424,001	$	62.38
Granted	177,618	94.58
Vested(1)	(163,195)	60.45
Forfeited	(33,320)	72.35
Restricted stock units outstanding at December 31, 2019	405,104	76.45
Granted	216,318	78.90
Vested(1)	(160,229)	68.72
Forfeited	(35,918)	79.36
Restricted stock units outstanding at 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 at December 31, 2021	369,592	$	88.88