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EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of 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,
			2023						2022						2021
Cost of sales			$	17,604					$	17,709					$	22,357
Research and development			65,714						61,702						67,196
Selling, general and administrative			123,781						116,897						107,710
Total stock-based compensation expense			$	207,099					$	196,308					$	197,263

Schedule of Restricted Stock Unit Activity

Below is a summary of activity related to RSUs with service-based vesting conditions for the year ended December 31, 2023:

			Shares						Weighted Average Grant Date Fair Value
Non-vested units as of December 31, 2022			4,519,746						$	79.55
Granted			2,150,561						$	88.96
Vested			(1,666,477)						$	80.68
Forfeited			(300,005)						$	81.35
Non-vested units as of December 31, 2023			4,703,825						$	83.39

Below is a summary of activity related to RSUs with vesting conditions based on performance targets for the year ended December 31, 2023:

			Shares						Weighted Average Grant Date Fair Value
Non-vested units as of December 31, 2022			447,662						$	78.78
Granted			230,019						$	89.22
Vested			(231,346)						$	78.30
Forfeited			(10,235)						$	78.36
Non-vested units as of December 31, 2023			436,100						$	83.33

Below is a summary of activity related to RSUs with market-based vesting conditions for the year ended December 31, 2023:

			Shares						Weighted Average Grant Date Fair Value
Non-vested units as of December 31, 2022			396,120						$	119.61
Granted			261,570						$	132.56
Vested			(248,940)						$	116.05
Forfeited			(4,850)						$	121.04
Non-vested units as of December 31, 2023			403,900						$	128.95

Schedule of Fair Value of TSR-RSUs Granted Assumptions

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

			Years Ended December 31,
			2023						2022						2021
Grant date fair value			$132.56						124.67						$117.52
Expected volatility			22.4 – 152.1%						24.5 – 157.6%						24.7 – 161.7%
Dividend yield			0.0%						0.0%						0.0%
Expected term			2.8 years						2.8 years						2.8 years
Risk-free interest rate			3.8%						2.0%						0.3%

Schedule of Stock Option Activity

The following table summarizes activity under the Company’s stock option plans for the year ended December 31, 2023. 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, 2022			5,943,535						$	82.41											$	132,395
Granted			704,589						$	89.47
Exercised			(837,623)						$	68.82
Expired and forfeited			(90,370)						$	82.69
Options outstanding as of December 31, 2023			5,720,131						$	85.26					5.0						$	74,704
Options unvested as of December 31, 2023			1,260,219						$	84.63					8.7						$	15,139
Exercisable at December 31, 2023			4,459,912						$	85.44					4.0						$	59,566

(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 $96.42, the closing price of the Company’s common stock on the Nasdaq Global Select Market on December 29, 2023.

Schedule of Fair Value of Stock Options Granted 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,

2023

2022

2021

Expected volatility

37.8 – 40.3%

38.1 – 40.5%

39.4 – 41.6%

Dividend yield

0.0%

0.0%

0.0%

Expected term

4.7 – 6.2 years

4.7 – 6.1 years

4.7 – 6.0 years

Risk-free interest rate

3.5 – 4.6%

2.1 – 4.2%

0.7 – 1.3%

Schedule of Fair Value of Stock Purchase Rights Granted Under the ESPP

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,

2023

2022

2021

Expected volatility

24.0 – 48.0%

28.6 – 69.2%

23.7 – 69.2%

Dividend yield

0.0%

0.0%

0.0%

Expected term

0.5 – 2.0 years

0.5 – 2.0 years

0.5 – 2.0 years

Risk-free interest rate

0.06 – 5.5%

0.04 – 4.8%

0.04 – 2.4%

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