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Share-Based Compensation/Equity Awards and Purchase Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 |  | 89,760 |  |  | $ | 410.50 |  |  |  |  |
Granted |  | 50,907 |  |  | $ | 343.76 |  |  |  |  |
Exercised |  | (8,500) |  |  | $ | 277.77 |  |  |  |  |
Forfeited |  | (30,925) |  |  | $ | 463.19 |  |  |  |  |
Outstanding, December 31, 2024 |  | 101,242 |  |  | $ | 371.99 |  |  | 6.06 |  | $ | 2.0 |
Unvested, December 31, 2024 |  | 38,692 |  |  | $ | 367.21 |  |  | 9.06 |  | $ | — |
Exercisable, December 31, 2024 |  | 62,550 |  |  | $ | 374.95 |  |  | 4.21 |  | $ | 2.0 |
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, 2024:
|  | Year Ended December 31,
|  | 2024 |  |  |  |
Expected volatility |  | 32.5% |  |  |  |
Risk-free interest rate |  | 4.07% |  |  |  |
Expected life (in years) |  | 6.3 |  |  |  |
Expected dividend |  | — |  |  |  |
Weighted-average fair value of options granted |  | $ | 137.14 |  |  |  |
Resticted Stock Activity | The following tables summarize restricted 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, 2024 |  | 344,593 |  |  | $ | 460.22 |  |  |  |  |
Granted |  | 247,367 |  |  | $ | 328.56 |  |  |  |  |
Vested |  | (119,848) |  |  | $ | 475.00 |  |  |  |  |
Forfeited |  | (43,690) |  |  | $ | 448.94 |  |  |  |  |
Outstanding, December 31, 2024 |  | 428,422 |  |  | $ | 381.21 |  |  | 1.87 |  | $ | 140.7 |
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,
| 2024 |  | 2023 |  | 2022
Expected volatility | 32.4 | % |  | 35.4 | % |  | 41.3 | %
Risk-free interest rate | 5.29 | % |  | 5.15 | % |  | 1.71 | %
Expected life (in years) | 0.25 |  | 0.24 |  | 0.25
Expected dividend | — |  |  | — |  |  | — |
Weighted-average fair value |  |  |  |  |
of purchase rights | $ | 68.78 |  |  | $ | 90.11 |  |  | $ | 124.26 |
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,
|  | 2024 |  | 2023 |  | 2022
Cost of goods sold |  | $ | 6.5 |  |  | $ | 6.1 |  |  | $ | 5.4 |
Selling, general and administrative expense |  | 42.9 |  |  | 43.9 |  |  | 45.6 |
Research and development expense |  | 12.9 |  |  | 11.3 |  |  | 9.9 |
Share-based compensation expense |  | $ | 62.3 |  |  | $ | 61.3 |  |  | $ | 60.9 |

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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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