Nature of Business and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Reconciliation of the numerator and denominator utilized in the computation of basic and diluted earnings per share

The following table sets forth the reconciliation of the numerator and denominator utilized in the computation of basic and diluted earnings per share (in thousands): 

Note 1. Nature of Business and Significant Accounting Policies - (Continued)

Earnings per share - (Continued)

	Year Ended December 31,
	2019		2018		2017
Numerator for earnings per share:
Net earnings for basic and diluted earnings per share	$	171,597	$	282,425	$	107,223
Denominator for earnings per share:
Weighted average number of common shares outstanding	135,016		137,815		137,456
Assumed exercise of stock options and vesting of restricted stock awards, net of shares assumed reacquired under the treasury stock method	1,621		2,394		2,190
Diluted shares outstanding	136,637		140,209		139,646

The effect of stock-based compensation awards for the years ended December 31, 2019, 2018 and 2017 that aggregated 33,000, 10,000 and 39,000 shares, respectively, have been excluded for purposes of diluted earnings per share since the effect of their inclusion would have been anti-dilutive.

Supplemental cash flow disclosure

Supplemental cash flow disclosure (in thousands)

	Year Ended December 31,
	2019		2018		2017
Cash paid for:
Interest	$	21,544	$	14,183	$	15,394
Taxes	$	52,146	$	83,259	$	72,340

Stock-based compensation expense and related tax benefit recognized in the Consolidated Statements of Income and capitalized in the Consolidated Balance Sheets

The following table sets forth the stock-based compensation expense recognized in the Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017 (in thousands):

	Year Ended December 31,
	2019		2018		2017
Cost of goods sold	$	3,704	$	3,157	$	2,665
Research and development	6,595		6,697		5,068
Selling, general and administrative	26,390		24,316		23,285
Stock-based compensation expense before income taxes	$	36,689	$	34,170	$	31,018

Note 1. Nature of Business and Significant Accounting Policies - (Continued)

Stock-based compensation - (Continued)

Stock-based compensation expense capitalized in the Consolidated Balance Sheets as of December 31, 2019, 2018 and 2017 is as follows (in thousands):

	December 31,
	2019		2018		2017
Capitalized in inventory	$	1,122	$	1,080	$	1,062

Fair value of the stock-based awards granted weighted-average assumptions

The fair value of the stock-based awards granted in the years ended December 31, 2019, 2018 and 2017 was estimated with the following weighted-average assumptions:

	2019		2018		2017
Stock option awards:
Risk-free interest rate	—		—		1.8	%
Expected dividend yield	—		—		1.6	%
Expected term	—		—		6.0 years
Expected volatility	—		—		26.6	%
Performance-based restricted stock awards:
Expected dividend yield	1.3	%	1.2	%	1.6	%
Employee stock purchase plan:
Risk-free interest rate	2.0	%	2.3	%	1.0	%
Expected dividend yield	1.3	%	1.3	%	1.6	%
Expected term	6 months		6 months		6 months
Expected volatility	25.0	%	26.4	%	20.9	%
Discount for illiquidity	—		10.5	%	10.5	%

Fair value of the stock-based awards granted and vested, and intrinsic value of options exercised

The weighted-average fair value of stock-based compensation awards granted and vested, and the intrinsic value of options exercised during the period were (in thousands, except per share amounts):

	Years Ended December 31,
	2019		2018		2017
Stock option awards:
Weighted average grant date fair value per share	—		$	—	$	8.55
Total fair value of awards granted	—		$	—	$	2,824
Total fair value of awards vested	$	1,340	$	2,529	$	4,203
Total intrinsic value of options exercised	$	16,124	$	24,652	$	20,631
Restricted stock unit awards:
Weighted average grant date fair value per share	$	50.31	$	52.79	$	35.90
Total fair value of awards granted	$	51,578	$	40,675	$	37,906
Total fair value of awards vested	$	39,287	$	48,705	$	27,489
Employee stock purchase plan:
Weighted average grant date fair value per share	$	11.72	$	10.01	$	7.66
Total fair value of shares estimated to be issued	$	2,399	$	1,330	$	1,087

Changes in the balances of each component of accumulated other comprehensive earnings (loss)

The following table sets forth the changes in the balances of each component of accumulated other comprehensive earnings (loss) for the year ended December 31, 2019:

	Pension Plans Items			Interest Rate Swap Contracts			Available-For-Sale Items			Foreign Currency Items			Total
Balance, December 31, 2018	$	(682	)	$	—		$	(4	)	$	(148,406	)	$	(149,092	)
Other comprehensive loss before reclassifications, net of tax	(58		)	(796		)	4			(16,003		)	(16,853		)
Balance, December 31, 2019	$	(740	)	$	(796	)	$	—		$	(164,409	)	$	(165,945	)