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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%

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