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Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Summary of Option Activity
Stock option activity for the years ended December 31, 2023, 2022 and 2021 is summarized as follows:
 202320222021
(Shares in thousands)Number of
shares		Weighted
average
exercise
price		Number of
shares		Weighted
average
exercise
price		Number of
shares		Weighted
average
exercise
price
Options outstanding, beginning of year1,839 $62.59 657 $55.32 1,082 $33.38 
Granted232 81.79 146 128.44 167 98.11 
Assumed in CMC acquisition— — 1,178 55.8 — — 
Exercised(715)51.04 (141)40.00 (592)27.32 
Cancelled or forfeited(42)76.02 (1)61.42 — — 
Options outstanding, end of year1,314 $71.83 1,839 $62.59 657 $55.32 
Options exercisable, end of year900 $63.08 1,386 $54.53 111 $34.54 
Summary of Options Outstanding
Options outstanding under the Company’s stock plans at December 31, 2023 are summarized as follows:
(Shares in thousands)Options outstandingOptions exercisable
Range of exercise pricesNumber
outstanding		Weighted
average
remaining life
in years		Weighted-
average
exercise
price		Number
exercisable		Weighted
average
exercise
price
$0.00 to $31.10
99 1.5 years$27.45 99 $27.45 
$31.11 to $43.47
164 2.4 years33.54 164 33.54 
$43.48 to $55.72
200 3.3 years54.33 153 53.91 
$55.73 to $80.00
303 5.4 years69.47 303 69.47 
$80.01 to $128.44
548 5.1 years98.90 181 106.16 
1,314 4.3 years$71.83 900 $63.08 
Weighted Average Assumptions Used In Valuation And Resulting Weighted Average Fair Value Per Option Granted
The fair value of each stock option grant was estimated at the date of grant using a Black-Scholes option pricing model. The following table presents the weighted-average assumptions used in the valuation and the resulting weighted-average fair value per option granted for the years ended December 31, 2023, 2022 and 2021:
Employee stock options:202320222021
Volatility46.5 %40.9 %38.0 %
Risk-free interest rate3.7 %1.5 %0.4 %
Dividend yield0.5 %0.3 %0.3 %
Expected life (years)4.74.24.6
Weighted average fair value per option$34.40 $43.47 $30.69 
Summary of Restricted Stock Activity
Restricted stock units are awards of common stock made under the Stock Plans that are subject to a risk of forfeiture if the awardee terminates employment with the Company prior to the lapse of the restrictions. The value of such restricted stock units is determined using the market price on the grant date. Compensation expense for restricted stock units is generally recognized using the straight-line single-option method. A summary of the Company’s restricted stock unit activity for the years ended December 31, 2023, 2022 and 2021 is presented in the following table:
202320222021
(Shares in thousands)
Number
of
shares		Weighted
average
grant date
fair value		Number
of
shares		Weighted
average
grant date
fair value		Number
of
shares		Weighted
average
grant date
fair value
Unvested, beginning of year844 $90.37 897 $62.69 1,083 $41.31 
Granted640 80.45 366 117.82 293 101.04 
Assumed in CMC acquisition— — 155 92.96 — — 
Vested(389)78.17 (523)64.77 (439)35.58 
Forfeited(90)89.23 (51)85.16 (40)57.39 
Unvested, end of year1,005 89.08 844 90.37 897 62.69 
Summary of Allocation of Share Based Compensation Expense The following table summarizes the allocation of share-based compensation expense related to employee stock options, restricted stock awards, performance-based restricted stock awards and grants under the employee stock purchase plan for the
years ended December 31, 2023, 2022 and 2021:
(In thousands)202320222021
Cost of sales$8,896 $5,780 $3,844 
Engineering, research and development expenses7,999 4,596 3,504 
Selling, general and administrative expenses44,476 56,201 22,536 
Share-based compensation expense$61,371 $66,577 $29,884 
Tax benefit12,472 13,977 5,488 
Share-based compensation expense, net of tax$48,899 $52,600 $24,396