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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022, 2021 and 2020 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):
|  | 2022 |  |  | 2021 |  |  | 2020 |
Cost of sales |  | $ | 3,498 |  |  | $ | 2,500 |  |  | $ | 2,485 |
Selling and administrative expenses |  |  | 32,192 |  |  |  | 21,727 |  |  |  | 29,711 |
Research and development expenses |  |  | 6,874 |  |  |  | 5,691 |  |  |  | 4,669 |
Total stock-based compensation |  | $ | 42,564 |  |  | $ | 29,918 |  |  | $ | 36,865 |
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 twelve months ended December 31, 2022, 2021 and 2020 are as follows:
Options Issued and Significant Weighted-Average Assumptions Used to Estimate Option Fair Values |  | 2022 |  |  | 2021 |  |  | 2020 |
Options issued in thousands |  |  | 138 |  |  |  | 160 |  |  |  | 267 |
Risk-free interest rate |  |  | 2.0 | % |  |  | 0.8 | % |  |  | 1.2 | %
Expected life in years |  |  | 6 |  |  |  | 6 |  |  |  | 6 |
Expected volatility |  |  | 30.7 | % |  |  | 32.4 | % |  |  | 27.8 | %
Expected dividends |  |  | — |  |  |  | — |  |  |  | — |
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant |  | 2022 |  |  | 2021 |  |  | 2020 |
Exercise price |  | $ | 321.15 |  |  | $ | 281.33 |  |  | $ | 215.12 |
Fair value |  | $ | 107.99 |  |  | $ | 91.48 |  |  | $ | 63.14 |
Stock Options Outstanding Roll Forward | The following table summarizes stock option activity for the plans for the twelve months ended December 31, 2022 (in thousands, except per share data):
|  | Number of Shares |  |  | Exercise Price per Share |  |  | Weighted- Average Exercise Price per Share |
Outstanding at December 31, 2021 |  |  | 691 |  |  | $ | 88.71 |  |  |  | to |  |  | $ | 371.64 |  |  | $ | 202.24 |
Granted |  |  | 138 |  |  | $ | 270.49 |  |  |  | to |  |  | $ | 364.59 |  |  | $ | 321.15 |
Exercised |  |  | (192 | ) |  | $ | 88.71 |  |  |  | to |  |  | $ | 279.90 |  |  | $ | 164.76 |
Canceled |  |  | (40 | ) |  | $ | 188.63 |  |  |  | to |  |  | $ | 364.59 |  |  | $ | 252.25 |
Outstanding at December 31, 2022 |  |  | 597 |  |  | $ | 99.22 |  |  |  | to |  |  | $ | 371.64 |  |  | $ | 238.43 |
Stock Options Outstanding by Exercise Price Range | The following table details the options outstanding at December 31, 2022 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 |
$99.22 to $208.47 |  |  | 213 |  |  | $ | 168.12 |  |  |  | 4.7 |  |  |  | 157 |  |  | $ | 155.59 |
$208.48 to $279.90 |  |  | 191 |  |  | $ | 243.60 |  |  |  | 7.3 |  |  |  | 82 |  |  | $ | 236.58 |
$279.91 to $371.64 |  |  | 193 |  |  | $ | 310.91 |  |  |  | 9.0 |  |  |  | 11 |  |  | $ | 294.55 |
Total |  |  | 597 |  |  | $ | 238.43 |  |  |  | 6.9 |  |  |  | 250 |  |  | $ | 188.21 |
Restricted Stock Units Unvested Roll Forward | The following table summarizes the unvested restricted stock unit award activity for the twelve months ended December 31, 2022 (in thousands, except per share data):
|  | Shares |  |  | Weighted-Average Grant Date Fair Value per Share |
Unvested at December 31, 2021 |  |  | 245 |  |  | $ | 234.97 |
Granted |  |  | 98 |  |  | $ | 322.99 |
Vested |  |  | (77 | ) |  | $ | 219.49 |
Forfeited |  |  | (28 | ) |  | $ | 257.26 |
Unvested at December 31, 2022 |  |  | 238 |  |  | $ | 273.60 |
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 twelve months ended December 31, 2022, 2021 and 2020 are as follows:
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values |  | 2022 |  |  | 2021 |  |  | 2020 |
Performance stock units issued in thousands |  |  | 40 |  |  |  | 41 |  |  |  | 58 |
Risk-free interest rate |  |  | 1.6 | % |  |  | 0.2 | % |  |  | 1.3 | %
Expected life in years |  |  | 2.9 |  |  |  | 2.9 |  |  |  | 2.9 |
Expected volatility |  |  | 25.4 | % |  |  | 38.7 | % |  |  | 25.1 | %
Average volatility of peer companies |  |  | 34.5 | % |  |  | 34.7 | % |  |  | 26.1 | %
Correlation Coefficient |  |  | 43.0 | % |  |  | 45.8 | % |  |  | 36.6 | %
Expected dividends |  |  | — |  |  |  | — |  |  |  | — |
Performance Stock Units Unvested Roll Forward | The following table summarizes the unvested performance stock unit award activity for the twelve months ended December 31, 2022 (in thousands, except per share data):
|  | Shares |  |  | Weighted-Average Fair Value per Share |
Unvested at December 31, 2021 |  |  | 87 |  |  | $ | 285.73 |
Granted |  |  | 40 |  |  | $ | 313.21 |
Vested |  |  | (24 | ) |  | $ | 308.71 |
Forfeited |  |  | 8 |  |  | $ | 381.32 |
Unvested at December 31, 2022 |  |  | 111 |  |  | $ | 297.55 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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