XML 77 R55.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Stock-Based Compensation Expense (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-Based Compensation Expense | Compensation expense related to stock-based awards was recorded as follows:
| Year Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Cost of revenue | $ | 0.4 |  |  | $ | 0.4 |  |  | $ | 0.5 |
Research and development | 11.5 |  |  | 8.9 |  |  | 7.6 |
Selling, general and administrative | 36.4 |  |  | 31.6 |  |  | 26.3 |
Total | $ | 48.3 |  |  | $ | 40.9 |  |  | $ | 34.4 |
Schedule of Stock Option Activity | The following summarizes the activity under the Company’s stock option plans:
| Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2022 | 695,588 |  |  | $ | 109.73 |  |  |  |  |
Granted | 72,209 |  |  | $ | 276.36 |  |  |  |  |
Exercised | (250,192) |  |  | $ | 67.30 |  |  |  |  | $ | 52.7 |
Forfeited and canceled | (81,511) |  |  | $ | 250.47 |  |  |  |  |
Outstanding at December 31, 2023 | 436,094 |  |  | $ | 135.37 |  |  | 3.8 |  | $ | 43.2 |
Vested, December 31, 2023 | 335,862 |  |  | $ | 95.35 |  |  | 2.4 |  | $ | 43.1 |
Vested or expected to vest, December 31, 2023 | 420,190 |  |  | $ | 130.18 |  |  | 3.6 |  | $ | 43.2 |
Schedule of Assumptions Used for Options Granted | The assumptions used in the Black-Scholes pricing model for options granted during each year, along with the weighted-average grant-date fair values, were as follows:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Risk-free interest rate | 4.3% |  | 1.8% |  | 0.5% - 0.6%
Expected life of options (in years) | 4.2 |  | 4.2 |  | 4.2 - 4.4
Dividend yield | —% |  | —% |  | —%
Expected stock price volatility | 45.7% |  | 42.8% |  | 41.4% - 41.6%
Fair value per option | $ | 115.32 |  |  | $ | 93.26 |  |  | $ | 95.92 |
Schedule of Restricted Stock Units | Activity for RSUs is as follows:
| Number of Shares |  | Weighted Average Fair Value
Outstanding at December 31, 2022 | 232,726 |  |  | $ | 249.60 |
Granted | 149,234 |  |  | $ | 259.86 |
Vested | (98,373) |  |  | $ | 245.14 |
Forfeited | (34,393) |  |  | $ | 266.65 |
Outstanding at December 31, 2023 | 249,194 |  |  | $ | 255.31 |
Schedule of Performance Stock Units | Activity for PSUs is as follows:
| Number of Shares |  | Weighted Average Fair Value
Outstanding at December 31, 2022 | 180,301 |  |  | $ | 249.10 |
Granted(1) | 60,587 |  |  | $ | 276.36 |
Vested | (40,023) |  |  | $ | 217.34 |
Forfeited | (78,399) |  |  | $ | 272.53 |
Outstanding at December 31, 2023(2) | 122,466 |  |  | $ | 261.65 |
(1) Includes a 7,636 share adjustment to awards granted in 2020 for the three-year performance cycle award period ended 2022, based on the actual performance achievement of 84%. (2) Based on 111% achievement of the performance metrics, approximately 18,000 shares of Insulet were earned for awards that were granted in 2021 for the performance period ended December 31, 2023. These shares vested in February 2024.
Schedule of Estimated Fair Value of Share Purchase Under ESPP | The estimated fair value of shares purchased under the ESPP were based on the following assumptions:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Risk-free interest rate | 5.3% - 5.4% |  | 1.6% - 4.7% |  | 0.04% - 0.1%
Expected term (in years) | 0.5 |  | 0.5 |  | 0.5
Dividend yield | —% |  | —% |  | —%
Expected stock price volatility | 29.1% - 47.0% |  | 44.3% - 50.1% |  | 19.4% - 31.7%

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardEmployeeStockPurchasePlanValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of number and weighted-average grant date fair value for nonvested performance shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration