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Stock-Based Compensation (Tables)

12 Months Ended

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 details 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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