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Share-Based Compensation/Equity Awards and Purchase Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Stock Options Activity | The following table summarizes stock option activity:
|  | Shares |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding, January 1, 2023 |  | 206,420 |  |  | $ | 270.03 |  |  |  |  |
Granted |  | — |  |  | $ | — |  |  |  |  |
Exercised |  | (108,350) |  |  | $ | 129.89 |  |  |  |  |
Forfeited |  | (8,310) |  |  | $ | 579.93 |  |  |  |  |
Outstanding, December 31, 2023 |  | 89,760 |  |  | $ | 410.50 |  |  | 5.49 |  | $ | 2.3 |
Unvested, December 31, 2023 |  | 15,576 |  |  | $ | 583.87 |  |  | 6.76 |  | $ | 0.1 |
Exercisable, December 31, 2023 |  | 74,184 |  |  | $ | 374.10 |  |  | 5.22 |  | $ | 2.2 |
Stock Options Valuation Assumptions | No stock options were granted during the years ended December 31, 2023 and 2022. The weighted-average fair value of stock options granted was estimated using a Black-Scholes option-pricing model with the following weighted-average assumptions for the year ended December 31, 2021:
|  | Year Ended December 31,
|  | 2021
Expected volatility |  | 27 | %
Risk-free interest rate |  | 1.05 | %
Expected life (in years) |  | 7.3
Expected dividend |  | — |
Weighted-average fair value of options granted |  | $ | 251.93 |
Resticted Stock Activity | The following tables summarize restricted stock units and performance-based stock units activity:
|  | Restricted Stock Units |  | Weighted- Average Grant-Date Fair Value |  | Weighted-Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding, January 1, 2023 |  | 314,242 |  |  | $ | 516.85 |  |  |  |  |
Granted |  | 193,937 |  |  | $ | 393.16 |  |  |  |  |
Vested |  | (113,419) |  |  | $ | 485.12 |  |  |  |  |
Forfeited |  | (50,167) |  |  | $ | 499.45 |  |  |  |  |
Outstanding, December 31, 2023 |  | 344,593 |  |  | $ | 460.22 |  |  | 1.78 |  | $ | 111.3 |
|  | Performance-based Stock Units |  | Weighted- Average Grant-Date Fair Value |  | Weighted-Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding, January 1, 2023 |  | 11,391 |  |  | $ | 486.25 |  |  |  |  |
Granted |  | 16,296 |  |  | $ | 366.47 |  |  |  |  |
Vested |  | — |  |  | $ | — |  |  |  |  |
Forfeited |  | (4,520) |  |  | $ | 427.84 |  |  |  |  |
Outstanding, December 31, 2023 |  | 23,167 |  |  | $ | 413.39 |  |  | 1.54 |  | $ | 7.5 |
Employee Stock Purchase Plan, Valuation Assumptions | The fair value of the employees’ purchase rights under the 2011 ESPP was estimated using a Black-Scholes model with the following weighted-average assumptions:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Expected volatility | 35 | % |  | 41 | % |  | 25 | %
Risk-free interest rate | 5.15 | % |  | 1.71 | % |  | 0.05 | %
Expected life (in years) | 0.24 |  | 0.25 |  | 0.25
Expected dividend | — |  |  | — |  |  | — |
Weighted-average fair value |  |  |  |  |
of purchase rights | $ | 90.11 |  |  | $ | 124.26 |  |  | $ | 127.16 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | Share-based compensation expense is allocated in the consolidated statements of income (loss) as follows (in millions):
|  | Year ended December 31,
|  | 2023 |  | 2022 |  | 2021
Cost of goods sold |  | $ | 6.1 |  |  | $ | 5.4 |  |  | $ | 4.9 |
Selling, general and administrative expense |  | 43.9 |  |  | 45.6 |  |  | 38 |
Research and development expense |  | 11.3 |  |  | 9.9 |  |  | 8.3 |
Share-based compensation expense |  | $ | 61.3 |  |  | $ | 60.9 |  |  | $ | 51.2 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (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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- 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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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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- Definition Tabular disclosure of the weighted-average grant-date fair value of equity options or other equity instruments granted during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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