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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock-Based Compensation Expense

The consolidated statements of operations for the years ended December 31, 2018, 2017 and 2016 include the following stock-based compensation expense related to stock option awards, restricted stock awards, restricted stock unit awards, performance stock unit awards and the employee stock purchase plan (in thousands):

		2018				2017				2016
Cost of sales		$	2,212			$	3,032			$	2,738
Selling and administrative expenses			30,443				33,335				34,451
Research and development expenses			4,886				3,069				3,809
Total stock-based compensation		$	37,541			$	39,436			$	40,998

Relevant Data Used to Determine the Value of Stock Options Granted During the Period

The relevant data used to determine the value of the stock options granted during the year ended December 31, 2018, 2017 and 2016 are as follows:

Options Issued and Significant Assumptions Used to Estimate Option Fair Values		2018				2017				2016
Options issued in thousands			321				389				324
Risk-free interest rate			2.7	%			2.2	%			1.9	%
Expected life in years			6				6				6
Expected volatility			25.3	%			22.7	%			24.7	%
Expected dividends			—				—				—

Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant		2018				2017				2016
Exercise price		$	196.78			$	170.24			$	135.02
Fair value		$	59.89			$	45.73			$	37.44

Stock Options Outstanding Roll Forward

The following table summarizes stock option activity for the plans for the year ended December 31, 2018 (in thousands, except per share data):

		Number of Shares				Exercise Price per Share												Weighted- Average Exercise Price per Share
Outstanding at December 31, 2017			2,039			$	38.09				to			$	194.26			$	124.41
Granted			321			$	188.26				to			$	208.47			$	196.78
Exercised			(433	)		$	38.09				to			$	154.33			$	102.92
Canceled			(137	)		$	98.21				to			$	154.33			$	125.93
Outstanding at December 31, 2018			1,790			$	38.09				to			$	208.47			$	142.47

Stock Options Outstanding by Exercise Price Range

The following table details the options outstanding at December 31, 2018 by range of exercise prices (in thousands, except per share data):

Exercise Price Range		Number of Shares Outstanding				Weighted- Average Exercise Price				Remaining Contractual Life  of Options Outstanding				Number of Shares Exercisable				Weighted- Average Exercise Price
$38.09 to $123.55			575			$	103.24				5.1				450			$	99.53
$123.56 to $141.74			597			$	133.21				7.4				290			$	132.29
$141.75 to $208.47			618			$	187.92				9.0				54			$	182.46
Total			1,790			$	142.47				7.2				794			$	117.08

Restricted Stock Units Unvested Roll Forward

The following table summarizes the unvested restricted stock unit award activity for the year ended December 31, 2018 (in thousands, except per share data):

		Shares				Weighted-Average Fair Value per Share
Unvested at December 31, 2017			374			$	124.81
Granted			91			$	207.85
Vested			(139	)		$	115.75
Forfeited			(22	)		$	131.72
Unvested at December 31, 2018			304			$	153.31

Relevant Data Used to Determine the Value of Performance Shares

The relevant data used to determine the value of the performance stock units granted during the year ended December 31, 2018, 2017 and 2016 are as follows:

Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values		2018				2017				2016
Performance stock units issued in thousands			40				40				27
Risk-free interest rate			2.4	%			1.6	%			1.4	%
Expected life in years			3.0				3.0				3.0
Expected volatility			22.0	%			20.9	%			23.3	%
Average volatility of peer companies			25.9	%			25.6	%			26.1	%
Correlation Coefficient			35.9	%			37.8	%			38.6	%
Expected dividends			—				—				—

Performance Stock Units Unvested Roll Forward

The following table summarizes the unvested performance stock unit award activity for the year ended December 31, 2018 (in thousands, except per share data):

		Shares				Weighted-Average Fair Value per Share
Unvested at December 31, 2017			64			$	196.29
Granted			40			$	235.63
Forfeited			(4	)		$	188.45
Unvested at December 31, 2018			100			$	212.34

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