Stock-Based Compensation (Tables)

12 Months Ended

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