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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023, 2022 and 2021 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):

		2023				2022				2021
Cost of sales		$	2,014			$	3,498			$	2,500
Selling and administrative expenses			31,012				32,192				21,727
Research and development expenses			3,842				6,874				5,691
Total stock-based compensation		$	36,868			$	42,564			$	29,918

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, 2023, 2022 and 2021 are as follows:

Options Issued and Significant Weighted-Average Assumptions Used to Estimate Option Fair Values		2023				2022				2021
Options issued in thousands			132				138				160
Risk-free interest rate			3.9	%			2.0	%			0.8	%
Expected life in years			6				6				6
Expected volatility			31.1	%			30.7	%			32.4	%
Expected dividends			—				—				—

Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant		2023				2022				2021
Exercise price		$	331.76			$	321.15			$	281.33
Fair value		$	126.73			$	107.99			$	91.48

Stock Options Outstanding Roll Forward

The following table summarizes stock option activity for the plans for the twelve months ended December 31, 2023 (in thousands, except per share data):

		Number of Shares				Exercise Price per Share												Weighted- Average Exercise Price per Share
Outstanding at December 31, 2022			597			$	99.22				to			$	371.64			$	238.43
Granted			132			$	253.64				to			$	345.59			$	331.76
Exercised			(99	)		$	99.22				to			$	314.98			$	178.31
Canceled			(43	)		$	195.75				to			$	345.59			$	291.54
Outstanding at December 31, 2023			587			$	113.88				to			$	371.64			$	265.17

Stock Options Outstanding by Exercise Price Range

The following table details the options outstanding at December 31, 2023 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
$113.88 to $235.06			192			$	187.37				4.7				150			$	181.57
$235.07 to $303.64			166			$	267.95				6.8				80			$	262.92
$303.65 to $371.64			229			$	328.38				8.6				29			$	331.66
Total			587			$	265.17				6.8				259			$	223.37

Restricted Stock Units Unvested Roll Forward

The following table summarizes the unvested restricted stock unit award activity for the twelve months ended December 31, 2023 (in thousands, except per share data):

		Shares				Weighted-Average Grant Date Fair Value per Share
Unvested at December 31, 2022			238			$	273.60
Granted			100			$	319.28
Vested			(74	)		$	254.61
Forfeited			(29	)		$	288.50
Unvested at December 31, 2023			235			$	297.18

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 years ended December 31, 2023, 2022 and 2021 are as follows:

Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values		2023				2022				2021
Performance stock units issued in thousands			45				40				41
Risk-free interest rate			4.8	%			1.6	%			0.2	%
Expected life in years			2.9				2.9				2.9
Expected volatility			33.3	%			25.4	%			38.7	%
Average volatility of peer companies			32.8	%			34.5	%			34.7	%
Correlation Coefficient			38.2	%			43.0	%			45.8	%
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, 2023 (in thousands, except per share data):

		Shares				Weighted-Average Fair Value per Share
Unvested at December 31, 2022			111			$	297.55
Granted			45			$	338.02
Vested			(46	)		$	208.35
Forfeited			(17	)		$	307.03
Change in performance shares in the year due to exceeding performance targets			15			$	205.72
Unvested at December 31, 2023			108			$	337.22

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