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EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

Stock-based compensation expense included on the Company’s Consolidated Statements of Operations for all stock-based compensation arrangements was as follows:

			Years Ended December 31,
			2021						2020						2019
Cost of sales			$	22,357					$	26,246					$	16,146
Research and development			67,196						61,942						56,649
Selling, general and administrative			107,710						101,523						87,070
Total stock-based compensation expense			$	197,263					$	189,711					$	159,865

Summary of Restricted Stock Unit Activity

Below is a summary of activity related to RSUs with service-based vesting conditions under the plan for the year ended December 31, 2021:

			Shares						Weighted Average Grant Date Fair Value
Non-vested units as of December 31, 2020			4,173,124						$	83.41
Granted			2,338,270						$	78.46
Vested			(1,499,408)						$	85.74
Forfeited			(574,474)						$	80.57
Non-vested units as of December 31, 2021			4,437,512						$	80.38

Below is a summary of activity related to Revenue PRSUs under the Company's equity plan for the year ended December 31, 2021:

			Shares						Weighted Average Grant Date Fair Value
Non-vested units as of December 31, 2020			99,351						$	90.31
Granted			—						$	—
Vested			(68,773)						$	88.44
Forfeited			—						$	—
Non-vested units as of December 31, 2021			30,578						$	94.53

Below is a summary of activity related to RSUs with vesting conditions based on other performance targets under the Company's equity plan for the year ended December 31, 2021:

			Shares						Weighted Average Grant Date Fair Value
Non-vested units as of December 31, 2020			220,665						$	83.83
Granted			234,120						$	78.09
Vested			(8,310)						$	116.83
Forfeited			(40,004)						$	61.09
Non-vested units as of December 31, 2021			406,471						$	70.82

Below is a summary of activity related to RSUs with market-based vesting conditions under the Company's equity plan for the year ended December 31, 2021:

			Shares						Weighted Average Grant Date Fair Value
Non-vested units as of December 31, 2020			220,990						$	127.23
Granted			141,610						$	117.52
Vested			—						$	—
Forfeited			(11,740)						$	114.94
Non-vested units as of December 31, 2021			350,860						$	123.73

Summary of TSR-RSU Valuation Assumptions

The grant date fair values and assumptions used to determine the grant date fair value of TSR-RSUs granted during the periods presented were as follows:

			Years Ended December 31,
			2021						2020						2019
Grant date fair value			$117.52						$112.12 – $217.65						$143.92
Expected volatility			24.7% – 161.7%						21.3% – 159.9%						21.7% – 155.6%
Dividend yield			0.0%						0.0%						0.0%
Expected term			2.8 years						2.5 – 2.8 years						2.8 years
Risk-free interest rate			0.3%						0.2 – 0.4%						2.4%

Summary of Stock Option Activity

The following table summarizes activity under the Company’s stock option plans for the year ended December 31, 2021. All stock option grants presented in the table had exercise prices not less than the fair value of the underlying common stock on the grant date:

			Shares						Weighted Average Exercise Price						Weighted Average Remaining Years						Aggregate Intrinsic Value (1)
Options outstanding as of December 31, 2020			6,829,437						$	73.19											$	119,607
Granted			665,610						$	78.33
Exercised			(892,890)						$	34.99
Expired and forfeited			(152,465)						$	82.26
Options outstanding as of December 31, 2021			6,449,692						$	78.79					4.8						$	80,857
Options unvested as of December 31, 2021			1,287,835						$	79.82					8.6						$	12,334
Exercisable at December 31, 2021			5,161,857						$	78.54					3.8						$	68,523

(1)The aggregate intrinsic value for outstanding options is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock on the Nasdaq Global Select Market as of the last trading day for the respective year. The aggregate intrinsic value of options outstanding and exercisable includes options with an exercise price below $88.35, the closing price of the Company’s common stock on the Nasdaq Global Select Market on December 31, 2021.

Stock Option Valuation Assumptions

The assumptions used to estimate the per share fair value of stock options granted during the periods presented were as follows:

Years Ended December 31,

2021

2020

2019

Expected volatility

39.4 – 41.6%

36.5 – 42.2%

37.1 – 37.4%

Dividend yield

0.0%

0.0%

0.0%

Expected term

4.7 – 6.0 years

4.6 – 5.9 years

4.6 – 5.8 years

Risk-free interest rate

0.7 – 1.3%

0.3 – 1.7%

2.2 – 3.0%

Employee Stock Purchase Plan Valuation Assumptions

The assumptions used to estimate the per share fair value of stock purchase rights granted under the ESPP were as follows:

Years Ended December 31,

2021

2020

2019

Expected volatility

23.7 – 69.2%

30.6 – 69.2%

27.7% – 35.0%

Dividend yield

0.00%

0.00%

0.00%

Expected term

0.5 – 2.0 years

0.5 – 2.0 years

0.5 – 2.0 years

Risk-free interest rate

0.04% – 2.4%

0.1 – 2.8%

1.2 – 2.8%

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