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Stock-Based Compensation (Tables)

12 Months Ended

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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