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Equity (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Summary of Option Activity | Stock option activity for the years ended December 31, 2024, 2023 and 2022 is summarized as follows:
| 2024 |  | 2023 |  | 2022
(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 year | 1,314 |  |  | $ | 71.83 |  |  | 1,839 |  |  | $ | 62.59 |  |  | 657 |  |  | $ | 55.32 |
Granted | 135 |  |  | 140.62 |  |  | 232 |  |  | 81.79 |  |  | 146 |  |  | 128.44 |
Assumed in CMC acquisition | — |  |  | — |  |  | — |  |  | — |  |  | 1,178 |  |  | 55.80 |
Exercised | (281) |  |  | 52.19 |  |  | (715) |  |  | 51.04 |  |  | (141) |  |  | 40.00 |
Cancelled or forfeited | (2) |  |  | 88.11 |  |  | (42) |  |  | 76.02 |  |  | (1) |  |  | 61.42 |
Options outstanding, end of year | 1,166 |  |  | $ | 84.51 |  |  | 1,314 |  |  | $ | 71.83 |  |  | 1,839 |  |  | $ | 62.59 |
Options exercisable, end of year | 788 |  |  | $ | 71.76 |  |  | 900 |  |  | $ | 63.08 |  |  | 1,386 |  |  | $ | 54.53 |
Summary of Options Outstanding | Options outstanding under the Company’s stock plans at December 31, 2024 are summarized as follows:
(Shares in thousands) | Options outstanding |  | Options exercisable
Range of exercise prices | Number outstanding |  | Weighted average remaining life in years |  | Weighted- average exercise price |  | Number exercisable |  | Weighted average exercise price
$0.00 to $35.15 | 129 |  |  | 1.2 years |  | $ | 31.83 |  |  | 129 |  |  | $ | 31.83 |
$35.16 to $70.30 | 276 |  |  | 2.9 years |  | 58.20 |  |  | 275 |  |  | 58.20 |
$70.31 to $105.45 | 500 |  |  | 4.5 years |  | 86.29 |  |  | 311 |  |  | 87.07 |
$105.46 to $140.62 | 261 |  |  | 5.1 years |  | 134.73 |  |  | 73 |  |  | 128.44 |
| 1,166 |  |  | 3.9 years |  | $ | 84.51 |  |  | 788 |  |  | $ | 71.76 |
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, 2024, 2023 and 2022:
Employee stock options: | 2024 |  | 2023 |  | 2022
Volatility | 47.6 | % |  | 46.5 | % |  | 40.9 | %
Risk-free interest rate | 4.4 | % |  | 3.7 | % |  | 1.5 | %
Dividend yield | 0.3 | % |  | 0.5 | % |  | 0.3 | %
Expected life (years) | 4.6 |  | 4.7 |  | 4.2
Weighted average fair value per option | $ | 61.94 |  |  | $ | 34.40 |  |  | $ | 43.47 |
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, 2024, 2023 and 2022 is presented in the following table:
| 2024 |  | 2023 |  | 2022
(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 year | 1,005 |  |  | $ | 89.08 |  |  | 844 |  |  | $ | 90.37 |  |  | 897 |  |  | $ | 62.69 |
Granted | 484 |  |  | 138.44 |  |  | 640 |  |  | 80.45 |  |  | 366 |  |  | 117.82 |
Assumed in CMC acquisition | — |  |  | — |  |  | — |  |  | — |  |  | 155 |  |  | 92.96 |
Vested | (371) |  |  | 86.92 |  |  | (389) |  |  | 78.17 |  |  | (523) |  |  | 64.77 |
Forfeited | (61) |  |  | 101.31 |  |  | (90) |  |  | 89.23 |  |  | (51) |  |  | 85.16 |
Unvested, end of year | 1,057 |  |  | 111.81 |  |  | 1,005 |  |  | 89.08 |  |  | 844 |  |  | 90.37 |
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, 2024, 2023 and 2022:
(In thousands) | 2024 |  | 2023 |  | 2022
Cost of sales | $ | 11,086 |  |  | $ | 8,896 |  |  | $ | 5,780 |
Engineering, research and development expenses | 10,461 |  |  | 7,999 |  |  | 4,596 |
Selling, general and administrative expenses | 44,312 |  |  | 44,476 |  |  | 56,201 |
Share-based compensation expense | $ | 65,859 |  |  | $ | 61,371 |  |  | $ | 66,577 |
Tax benefit | 12,967 |  |  | 12,472 |  |  | 13,977 |
Share-based compensation expense, net of tax | $ | 52,892 |  |  | $ | 48,899 |  |  | $ | 52,600 |

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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: 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
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- 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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -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
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- 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
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