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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024, 2023 and 2022 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):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Cost of sales |  | $ | 2,587 |  |  | $ | 2,014 |  |  | $ | 3,498 |
Selling and administrative expenses |  |  | 36,160 |  |  |  | 31,012 |  |  |  | 32,192 |
Research and development expenses |  |  | 5,962 |  |  |  | 3,842 |  |  |  | 6,874 |
Total stock-based compensation |  | $ | 44,709 |  |  | $ | 36,868 |  |  | $ | 42,564 |
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, 2024, 2023 and 2022 are as follows:
Options Issued and Significant Weighted-Average Assumptions Used to Estimate Option Fair Values |  | 2024 |  |  | 2023 |  |  | 2022 |
Options issued in thousands |  |  | 128 |  |  |  | 132 |  |  |  | 138 |
Risk-free interest rate |  |  | 4.1 | % |  |  | 3.9 | % |  |  | 2.0 | %
Expected life in years |  |  | 6 |  |  |  | 6 |  |  |  | 6 |
Expected volatility |  |  | 31.9 | % |  |  | 31.1 | % |  |  | 30.7 | %
Expected dividends |  |  | — |  |  |  | — |  |  |  | — |
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant |  | 2024 |  |  | 2023 |  |  | 2022 |
Exercise price |  | $ | 325.45 |  |  | $ | 331.76 |  |  | $ | 321.15 |
Fair value |  | $ | 127.93 |  |  | $ | 126.73 |  |  | $ | 107.99 |
Stock Options Outstanding Roll Forward | The following table summarizes stock option activity for the plans for the twelve months ended December 31, 2024 (in thousands, except per share data):
|  | Number of Shares |  |  | Exercise Price per Share |  |  | Weighted- Average Exercise Price per Share |
Outstanding at December 31, 2023 |  |  | 587 |  |  | $ | 113.88 |  |  |  | to |  |  | $ | 371.64 |  |  | $ | 265.17 |
Granted |  |  | 128 |  |  | $ | 130.94 |  |  |  | to |  |  | $ | 355.95 |  |  | $ | 325.45 |
Exercised |  |  | (98 | ) |  | $ | 113.88 |  |  |  | to |  |  | $ | 342.29 |  |  | $ | 216.13 |
Canceled |  |  | (24 | ) |  | $ | 203.37 |  |  |  | to |  |  | $ | 364.59 |  |  | $ | 303.28 |
Outstanding at December 31, 2024 |  |  | 593 |  |  | $ | 128.93 |  |  |  | to |  |  | $ | 371.64 |  |  | $ | 284.74 |
Stock Options Outstanding by Exercise Price Range | The following table d eta ils the options outstanding at December 31, 2024 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 |
$128.93 to $279.90 |  |  | 212 |  |  | $ | 217.63 |  |  |  | 4.6 |  |  |  | 171 |  |  | $ | 211.25 |
$279.91 to $323.54 |  |  | 211 |  |  | $ | 311.05 |  |  |  | 7.8 |  |  |  | 60 |  |  | $ | 301.00 |
$323.55 to $371.64 |  |  | 170 |  |  | $ | 335.77 |  |  |  | 8.3 |  |  |  | 44 |  |  | $ | 340.04 |
Total |  |  | 593 |  |  | $ | 284.74 |  |  |  | 6.8 |  |  |  | 275 |  |  | $ | 251.63 |
Restricted Stock Units Unvested Roll Forward | The following table summarizes the unvested restricted stock unit award activity for the twelve months ended December 31, 2024 (in thousands, except per share data):
|  | Shares |  |  | Weighted-Average Grant Date Fair Value per Share |
Unvested at December 31, 2023 |  |  | 235 |  |  | $ | 297.18 |
Granted |  |  | 121 |  |  | $ | 331.19 |
Vested |  |  | (70 | ) |  | $ | 279.82 |
Forfeited |  |  | (25 | ) |  | $ | 311.31 |
Unvested at December 31, 2024 |  |  | 261 |  |  | $ | 316.27 |
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, 2024, 2023 and 2022 are as follows:
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values |  | 2024 |  |  | 2023 |  |  | 2022 |
Performance stock units issued in thousands |  |  | 43 |  |  |  | 45 |  |  |  | 40 |
Risk-free interest rate |  |  | 4.7 | % |  |  | 4.8 | % |  |  | 1.6 | %
Expected life in years |  |  | 2.9 |  |  |  | 2.9 |  |  |  | 2.9 |
Expected volatility |  |  | 30.4 | % |  |  | 33.3 | % |  |  | 25.4 | %
Average volatility of peer companies |  |  | 29.6 | % |  |  | 32.8 | % |  |  | 34.5 | %
Correlation Coefficient |  |  | 33.4 | % |  |  | 38.2 | % |  |  | 43.0 | %
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, 2024 (in thousands, except per share data):
|  | Shares |  |  | Weighted-Average Grant-Date Fair Value |
Unvested at December 31, 2023 |  |  | 108 |  |  | $ | 337.22 |
Granted |  |  | 43 |  |  | $ | 340.20 |
Vested |  |  | (48 | ) |  | $ | 360.58 |
Forfeited |  |  | (11 | ) |  | $ | 342.58 |
Change in performance shares in the year due to exceeding performance targets |  |  | 18 |  |  | $ | 360.00 |
Unvested at December 31, 2024 |  |  | 110 |  |  | $ | 331.55 |

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