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Stockholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Schedule of Equity Compensation Goals | The program includes seven substantially equal tranches that will vest upon certification by the Compensation Committee upon achievement of three independent vesting conditions, described in the following table:
|  | Operational Goals(1) (in millions) |  | Stock Price Goal |  |  | Minimum Service Requirement |  |
Tranche |  | Revenue |  | Adj. EBITDA(2) |  |  |  | Employee XSP |  | CEO Award |  | Goal Expiration
1 |  | $1,834 | or | $382 | and | $247.40 | and |  | June 2025 |  | December 2028 |  | December 31, 2026
2 |  | 2,293 | or | 497 | and | 309.25 | and |  | December 2025 |  | December 2028 |  | December 31, 2027
3 |  | 2,866 | or | 644 | and | 386.56 | and |  | June 2026 |  | December 2029 |  | December 31, 2028
4 |  | 3,583 | or | 834 | and | 483.20 | and |  | December 2026 |  | December 2029 |  | December 31, 2029
5 |  | 4,479 | or | 1,077 | and | 604.00 | and |  | June 2027 |  | December 2030 |  | December 31, 2030
6 |  | 5,599 | or | 1,389 | and | 755.00 | and |  | December 2027 |  | December 2030 |  | December 31, 2031
7 |  | 6,999 | or | 1,739 | and | 943.75 | and |  | June 2028 |  | December 2030 |  | December 31, 2032
(1) Operational goals are measured, as of any date, for the previous four consecutive fiscal quarters, beginning with the Company's first full fiscal quarter ending after the fiscal quarter in which the grant date occurred (2) In connection with certain acquisitions which were completed during fiscal year 2024, the Adjusted EBITDA goals were adjusted as required by the terms of the 2024 Employee XSP and 2024 CEO Performance Award
Schedule of Restricted Stock Unit Activity | The following table summarizes RSU activity for the years ended December 31 (number of units and aggregate intrinsic value in thousands):
| 2024 |  | 2023 |  | 2022
| Number of Units |  | Weighted Average Grant-Date Fair Value |  | Number of Units |  | Weighted Average Grant-Date Fair Value |  | Number of Units |  | Weighted Average Grant-Date Fair Value
Units outstanding, beginning of year | 1,615 |  |  | $ | 193.09 |  |  | 1,565 |  |  | $ | 145.48 |  |  | 1,115 |  |  | $ | 133.40 |
Granted | 1,131 |  |  | 440.76 |  |  | 915 |  |  | 227.62 |  |  | 1,142 |  |  | 143.03 |
Released | (909) |  |  | 196.35 |  |  | (740) |  |  | 140.81 |  |  | (541) |  |  | 117.49 |
Forfeited | (153) |  |  | 208.12 |  |  | (125) |  |  | 157.95 |  |  | (151) |  |  | 138.99 |
Units outstanding, end of year | 1,684 |  | 356.31 |  |  | 1,615 |  | 193.09 |  |  | 1,565 |  | 145.48 |
Aggregate intrinsic value at year end | $ | 1,000,769 |  |  |  |  |  |  |  |  |  |  |
Schedule of Performance Stock Unit Activity | The following table summarizes PSU activity, inclusive of XSUs, for the years ended December 31 (number of units and aggregate intrinsic value in thousands):
| 2024 |  | 2023 |  | 2022
| Number of Units |  | Weighted Average Grant-Date Fair Value |  | Number of Units |  | Weighted Average Grant-Date Fair Value |  | Number of Units |  | Weighted Average Grant-Date Fair Value
Units outstanding, beginning of year | 394 |  |  | $ | 201.61 |  |  | 1,369 |  |  | $ | 43.43 |  |  | 1,499 |  |  | $ | 39.86 |
Granted | 4,888 |  |  | 263.13 |  |  | 319 |  |  | 218.04 |  |  | 158 |  |  | 106.57 |
Released | (23) |  |  | 140.90 |  |  | (1,238) |  |  | 37.98 |  |  | (78) |  |  | 107.58 |
Forfeited | (394) |  |  | 232.94 |  |  | (56) |  |  | 48.40 |  |  | (210) |  |  | 41.62 |
Units outstanding, end of year | 4,865 |  |  | 261.18 |  |  | 394 |  |  | 201.61 |  |  | 1,369 |  |  | 43.43 |
Aggregate intrinsic value at year end | $ | 2,891,142 |  |  |  |  |  |  |  |  |  |  |
Schedule of the Company's Stock Options Activity | The following table summarizes stock option activity for the years ended December 31 (number of options in thousands):
| 2024 |  | 2023 |  | 2022
| Number of Options |  | Weighted Average Exercise Price |  | Number of Options |  | Weighted Average Exercise Price |  | Number of Options |  | Weighted Average Exercise Price
Options outstanding, beginning of year | 531 |  |  | $ | 28.58 |  |  | 2,438 |  |  | $ | 28.58 |  |  | 2,438 |  |  | $ | 28.58 |
Granted | — |  |  | — |  | — |  |  |  |  | — |  |  | — |
Exercised | (510) |  |  | 28.58 |  |  | (1,907) |  |  | 28.58 |  |  | — |  |  | — |
Expired / terminated | — |  | — |  | — |  |  |  | — |  | — |
Options outstanding, end of year | 21 |  |  | 28.58 |  |  | 531 |  |  | 28.58 |  |  | 2,438 |  |  | 28.58 |
Options exercisable, end of year | 21 |  |  | 28.58 |  |  | 531 |  |  | 28.58 |  |  | 1,377 |  |  | 28.58 |
Schedule of Stock Options Outstanding and Exercisable | The following tab le summarizes information about stock options that were fully vested or expected to vest as of December 31, 2024 (number of options in thousands):
| Options Outstanding |  | Options Exercisable
Range of Exercise Price | Number of Options Outstanding |  | Weighted Average Exercise Price |  | Average Remaining Contractual Life (Years) |  | Weighted Number of Options Exercisable |  | Average Exercise Price |  | Average Remaining Contractual Life (Years)
$28.58 | 21 |  | $ | 28.58 |  |  | 3.15 |  | 21 |  | $ | 28.58 |  |  | 3.15
Schedule of Reported Share-based Compensation | We account for stock-based compensation using the fair-value method. Reported stock-based compensation expense was classified as follows for the years ended December 31 (in thousands):
| 2024 |  | 2023 |  | 2022
Cost of product and service sales | $ | 60,089 |  |  | $ | 6,595 |  |  | $ | 4,607 |
Selling, general and administrative expenses | 190,561 |  |  | 58,533 |  |  | 51,301 |
Research and development expenses | 131,954 |  |  | 66,230 |  |  | 50,268 |
Total stock-based compensation expense | $ | 382,604 |  |  | $ | 131,358 |  |  | $ | 106,176 |
Income tax benefit | $ | 79,275 |  |  | $ | 13,509 |  |  | $ | 25,154 |

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