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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020, 2019 and 2018 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):

		2020				2019				2018
Cost of sales		$	2,485			$	2,271			$	2,212
Selling and administrative expenses			29,711				30,907				30,443
Research and development expenses			4,669				5,399				4,886
Total stock-based compensation		$	36,865			$	38,577			$	37,541

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, 2020, 2019 and 2018 are as follows:

Options Issued and Significant Weighted-Average  Assumptions Used to Estimate Option Fair Values		2020				2019				2018
Options issued in thousands			267				146				321
Risk-free interest rate			1.2	%			2.5	%			2.7	%
Expected life in years			6				5				6
Expected volatility			27.8	%			24.5	%			25.3	%
Expected dividends			—				—				—

Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant		2020				2019				2018
Exercise price		$	215.12			$	230.37			$	196.78
Fair value		$	63.14			$	61.75			$	59.89

Stock Options Outstanding Roll Forward

The following table summarizes stock option activity for the plans for the year ended December 31, 2020 (in thousands, except per share data):

		Number of Shares				Exercise Price per Share												Weighted- Average Exercise Price per Share
Outstanding at December 31, 2019			1,455			$	61.63				to			$	238.52			$	158.61
Granted			267			$	188.63				to			$	235.06			$	215.12
Exercised			(456	)		$	61.63				to			$	208.47			$	128.43
Canceled			(199	)		$	128.93				to			$	238.52			$	192.08
Outstanding at December 31, 2020			1,067			$	75.94				to			$	238.52			$	179.59

Stock Options Outstanding by Exercise Price Range

The following table details the options outstanding at December 31, 2020 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
$75.94 to $154.33			363			$	127.38				4.9				296			$	123.41
$154.34 to $203.37			410			$	194.29				7.8				162			$	191.60
$203.38 to $238.52			294			$	223.55				8.4				45			$	221.51
Total			1,067			$	179.59				7.0				503			$	154.16

Restricted Stock Units Unvested Roll Forward

The following table summarizes the unvested restricted stock unit award activity for the year ended December 31, 2020 (in thousands, except per share data):

		Shares				Weighted-Average Grant Date Fair Value per Share
Unvested at December 31, 2019			260			$	184.70
Granted			119			$	206.99
Vested			(88	)		$	162.43
Forfeited			(20	)		$	180.90
Unvested at December 31, 2020			271			$	202.00

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, 2020, 2019 and 2018 are as follows:

Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values		2020				2019				2018
Performance stock units issued in thousands			58				13				40
Risk-free interest rate			1.3	%			2.4	%			2.4	%
Expected life in years			2.9				2.8				3.0
Expected volatility			25.1	%			23.5	%			22.0	%
Average volatility of peer companies			26.1	%			26.2	%			25.9	%
Correlation Coefficient			36.6	%			34.2	%			35.9	%
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, 2020 (in thousands, except per share data):

		Shares				Weighted-Average Fair Value per Share
Unvested at December 31, 2019			105			$	233.11
Granted			58			$	190.45
Vested			(36	)		$	184.51
Forfeited			(32	)		$	218.63
Unvested at December 31, 2020			95			$	230.36

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