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Share-Based Compensation/Equity Awards and Purchase Plans (Tables)

12 Months Ended

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

X

- Definition

Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

+ References

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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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.

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-Name Accounting Standards Codification
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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.

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Tabular disclosure of the weighted-average grant-date fair value of equity options or other equity instruments granted during the year.

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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